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Friday, Mar 23rd

TerraPay expands services to Tanzanian mobile wallets

TerraPay expands services to Tanzanian mobile wallets

Mobile-first international payment network TerraPay has obtained regulatory approval to launch international money transfer services to mobile wallets in Tanzania, further establishing the East Africa region as a leader in mobile payments and interoperability.

The licence granted by the Bank of Tanzania to TerraPay is a first of its kind, and allows TerraPay's partners across the world to send money directly to mobile wallets in Tanzania.

The company has also been licensed by Tanzania Communications Regulatory Authority for mobile-based domestic payments in Tanzania, in partnership with money aggregator Selcom, which allows TerraPay to send money to all the prominent mobile wallets in Tanzania.

Tanzania, and the East African region as a whole, is increasingly a hotbed for mobile remittances. According to World Bank, Tanzania received a total of US$390 million in remittances from over four million expatriates in 2015.

Mobile money is increasingly key to this, with experts saying Tanzania, along with Zambia and Zimbabwe, is challenging Kenyan operators for dominance of the sector. More and more players are entering the mobile remittances space, with Tigo launching an international remittance service and South African company Mama Money expanding to Tanzania earlier this year.

There is also interoperability between customers of MTN Mobile Money and Vodacom's M-Pesa, with the arrival of TerraPay - a global transaction service for mobile wallets that is part of the Mahindra Comviva group and provides interoperability engines - a further development in this regard.

The regulatory approval means Tanzania is now part of the TerraPay global network, which will allow partners from across the world to send money to mobile wallets in the country. Tanzanian diaspora in the UK, France, Italy, Canada, US, South Africa and elsewhere can send remittances directly to Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa Mobile Money accounts by visiting the nearest TerraPay partner store.

"Tanzania is one of the fastest growing countries in the mobile wallet space with a total of 18 million active mobile money subscribers," said Ambar Sur, founder and CEO of TerraPay.

"The Bank of Tanzania's recent move to provide TerraPay with a license to send international remittances to mobile wallets in the region will provide a boost to remittances in Tanzania. We are positive that other partners will join the TerraPay hub which will help to grow and sustain remittances to mobile wallet in the region."


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