The Bank of Uganda has licensed TerraPay to launch international money transfer services from its network partners across the world directly to mobile wallets in the East African nation.
The mobile payments switch provides an interoperable engine that enables customers to send receive realtime transactions across diverse instruments, platforms and regions.
Ambar Sur, Founder & CEO of TerraPay said, “Over the last few years mobile money has increasingly become a norm in Uganda, especially for those who were financially excluded earlier. We are delighted to bring the convenience of instant cross-border money transfer, directly to mobile wallets for the people of Uganda.”
Remittances play a crucial role in the Ugandan economy, contributing $1.08 billion in 2015 according to the World Bank. With over 21 million mobile money subscribers, Uganda is also one of the fastest-growing mobile money markets.
Its Diaspora sprawled across the world can now send remittances instantly to Airtel Money, MTN Mobile Money and Smart Pesa Mobile Money accounts by visiting the nearest TerraPay partner store.
Family and friends of migrants can now receive frequent small value transfers in their mobile wallets and avoid making several trips to agent stores to collect money.
In May 2017, the Bank of Tanzania licensed the company to operate a similar service in Tanzania.
An additional licence from the Tanzania Communications Regulatory Authority enabled TerraPay to roll out mobile-based domestic payments in the country as well through a partnership with leading mobile money aggregator in Tanzania, Selcom.
With additional operations in Kenya, TerraPay is the only licensed mobile payments switch equipped to deliver cross-border payments to mobile wallets in the East African region.