Jul 11

Press Release – Xpress Money and TerraPay partner to enable real-time international money transfers to mobile wallets in Africa

  • Initial  service  rollout  includes  remittances  to  all  mobile  wallets  in  Tanzania  and  all mobile numbers in Nigeria

Dubai, UAE – July 11, 2017: Xpress Money, one of the world’s most dependable money transfer brands has partnered with TerraPay, the world’s first mobile payments  switch, to enable real-time international money transfers  to  mobile  wallets  in  Africa. 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  says,  “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 therefore  constantly investing in the mobile services space  –  either through inhouse 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.

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