Mobile-first international payment network TerraPay has been licensed by the Bank of Tanzania to launch international money transfer services from its partners across the world directly to mobile wallets in Tanzania.
TerraPay provides an interoperable engine that enables customers to send receive realtime transactions across diverse instruments, platforms and regions.
Its unique model of digitizing the entire payments chain, connecting the expanding mobile wallet infrastructure and a low cost operations structure, makes low value cross-border payments affordable.
“Tanzania is one of the fastest growing countries in mobile wallet space with a total of 18 million active mobile money subscribers,” Ambar Sur, Founder and CEO, TerraPay noted saying his company’s entry will boost remittances to Tanzania.
Remittances are a big contributor to Tanzania’s economy with World Bank data showing the country received $390 million in 2015 from more than four million Tanzanians in the Diaspora.
An additional licence from the Tanzania Communications Regulatory Authority will enable TerraPay roll out mobile-based domestic payments in the country as well through a partnership with leading mobile money aggregator in Tanzania, Selcom.
Selcom’s Executive Director Sameer Hirji said access to TerraPay provides recipients in Tanzania with choice and convenience which tie into Selcom’s core mission of empowering Tanzanians through technology.
TerraPay’s licence is the first of its kind in Tanzania and the company expressed hope that more players would join to help grow and sustain remittances to mobile wallets in the region.