Mobile-first international payment network TerraPay and money transfer service Xpress Money have partnered to enable real-time international money transfers to mobile wallets in Africa.
TerraPay’s global clearing and settlement service for mobile wallets will power consumers to send money through Xpress Money’s extensive network of more than 200, 000 agent locations in 165 countries faster and more conveniently, in real time.
“TerraPay has brought mobile wallets mainstream by interconnecting them with the extensive global network of Xpress Money for cross-border money transfer,” Founder and CEO of TerraPay, Ambar Sur said.
The service will initially be rolled out in Nigeria and Tanzania where customers can send remittances to any mobile number or bank account in Nigeria and to Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa wallets in Tanzania by visiting the nearest Xpress money outlet across its global network.
In May this year, TerraPay was licensed by the Bank of Tanzania to launch international money transfer services from its partners across the world directly to mobile wallets in Tanzania partnering with leading money aggregator Selcom.
In Nigeria, it works with Paga, the country’s pioneering payments, and financial services company to enable cross-border remittances to mobile money accounts.
Sudhesh Giriyan, COO, Xpress Money highlighted the role of the convenience of mobile wallets in changing the company’s customers’ remittance patterns.
“Its advantages are not just restricted to convenience but also extend to offering customers lower fees and financial inclusion. In Africa today, Mobile Wallets are seen as a virtual bank account that enables customers to pay bills and transact, just like using a physical bank account; they work exceptionally well in places where the physical network of banks is limited,” Giriyan added.
He said Xpress Money is constantly investing in the mobile services space through inhouse innovations and partnerships with existing providers with proven technologies such as TerraPay to bring convenient remittance solutions to a wider audience.