Mobile payments switch TerraPay and money transfer company Instant Cash have teamed up to enable real-time cross border money transfers for migrants that want to send money back to Africa to recipients’ mobile wallets.
Powered by TerraPay’s global clearing and settlement service for mobile wallets, the partnership “will make cross-border money transfer faster and convenient for the migrants.”
In the initial rollout, TerraPay has enabled Instant Cash customers to send remittances to mobile wallets in Nigeria, Tanzania and Uganda. In Nigeria, migrants can send money to any mobile number as well as bank accounts. In Tanzania, migrants will be able to send remittances directly to Vodacom M-PESA, Tigo Pesa, Airtel Money and Zantel Ezy Pesa wallets. In Uganda, the friends and families of the migrants can receive money in their MTN and Airtel Money wallets.
The companies expect to expand the service “shortly” in other countries in Africa that have very high adoption of mobile money.
“Mobile Money plays an important role in bringing the financially excluded into the formal economy and drive remittances through formal channels,” says Ambar Sur, founder and CEO of TerraPay. “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.”
In July Visa it was partnering with several banks to expand mVisa in Africa, enabling free domestic mobile money transfer and QR code-based acceptance at merchant locations.
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