TerraPay, the Netherlands-based payment network, has launched international money transfers to mobile wallets in Uganda.
The company has received regulatory approval to this effect from Bank of Uganda.
TerraPay’s network partners across the globe will now be able to transfer funds to mobile wallets in the country.
The service allows migrants in the UK, Canada, US, Netherlands, Kenya, Tanzania and other countries to instantly send money to Airtel Money, MTN mobile money and Smart Pesa accounts by visiting the nearest TerraPay partner store.
According to World Bank, Uganda received $1.08bn in remittances in 2015 and has more than 21 million active mobile money subscribers.
TerraPay CEO and founder Ambar Sur 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. TerraPay is committed to providing a fully regulated and a seamless solution to enable cross-border transfers to mobile wallets across emerging markets.”