Dutch payment network TerraPay has teamed up with Instant Cash to enable real-time cross border money transfers to mobile wallets in Tanzania, Uganda and Nigeria.
The partnership will be powered by TerraPay’s global clearing and settlement service for mobile wallets.
TerraPay will initially enable Instant Cash customers to transfer money to mobile wallets in Nigeria, Tanzania and Uganda.
In Nigeria, migrants can transfer money to any mobile number as well as bank accounts, while in Tanzania, users will be able to send remittances directly to Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa wallets. In Uganda, migrants send money money to receiver’s MTN and Airtel Money wallets.
The firms said they intend to expand the service in other Africa countries as well shortly.
TerraPay founder & CEO Ambar Sur said: “We are excited to work with Instant Cash to provide millions of customers with access to fast, convenient and secure options to send money. Mobile Money plays an important role in bringing the financially excluded into the formal economy and drive remittances through formal channels.
“Our strategic partnership will bring the convenience of Mobile wallets to the global customer base of Instant Cash, making cross-border remittances faster, accessible and cheaper for the consumers.”