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ITWeb Africa

Tuesday, Oct 15th

TerraPay launches international mobile money transfers to Uganda

TerraPay launches international mobile money transfers to Uganda

Global mobile-first payments service TerraPay has confirmed approval from the Bank of Uganda to facilitate international money transfers to mobile wallets in the African country.

“Ugandan diaspora in the UK, Canada, US, Netherlands, Kenya, Tanzania, and other countries can send remittances instantly to Airtel Money, MTN mobile money and Smart Pesa mobile money accounts by visiting a TerraPay partner store,” says the company.

Earlier this year, the company had also received regulatory approvals enabling cross-border money transfers to mobile wallets in Kenya and Tanzania.

TerraPay says remittances have played a crucial role in the economy of Uganda.

According to World Bank, the country received a total of US$1.08 billion in 2015. Furthermore, Uganda is also one of the fastest growing mobile money markets with more than 21 million mobile money subscribers. “This service will have a positive impact on the lives of the Ugandan families which depends on low-value remittances to meet their daily household expenses.”

Ambar Sur, founder & CEO of TerraPay says mobile money has increasingly become a norm in Uganda over the last few years, 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,” he adds.

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