Africa Biz Construction and Business News
Xpress Money and TerraPay Enable Direct Transfer to Mobile Wallets in Africa
July 11, 2017
Xpress Money, a global world money transfer service and one of the businesses created and operated by UAE Exchange of the United Arab Emirates, now allows money transfers into mobile wallets in Africa via Amsterdam-based TerraPay.
TerraPay is a mobile payments switch service, to allow near-instantaneous transfer of funds into those mobile wallets. Powered by TerraPay's global clearing and settlement service for mobile wallets, the partnership will make it faster and convenient for Xpress Money consumers to send money to mobile accounts, in real time.
Through Xpress Money's extensive network of over 200,000 agent locations in 165 countries, migrants across the globe will be able to send remittances safely and instantly to widely used Mobile Money services in Africa. In the initial rollout, customers can send remittances to any mobile number or bank account in Nigeria as well as directly to Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa wallets in Tanzania by visiting the nearest Xpress money outlet across 165 countries.
Ambar Sur, Founder & CEO of TerraPay commented, "TerraPay has brought mobile wallets mainstream by interconnecting them with the extensive global network of Xpress Money for cross border money transfer. Our partnership will play a pivotal role in expanding our footprint into new markets and help friends and families of migrant workers receive small value remittances frequently through a cost-effective and convenient service."
Commenting on the partnership, Sudhesh Giriyan, COO, Xpress Money said, "The convenience of mobile wallets is slowly changing our 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 enable 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. Xpress Money is constantly investing in the mobile services space - either through in-house innovations or by partnering with existing providers with proven technologies such as TerraPay to bring convenient remittance solutions to a wider audience."
TerraPay has partnered with Paga, Nigeria's pioneering payments and financial services company and Selcom, a leading mobile money aggregator in Tanzania to launch cross border remittances to mobile money accounts in Nigeria and Tanzania respectively.