Sep 05

TechZim – Huge remittances milestone for Africa as TerraPay gets SA license

TechZim today covered TerraPay’s acquisition of a ADLA3 license in South Africa, in this story.

It’s a big deal because TerraPay is not a regular remittances company in the mold of the players in the market today (Western Union, WorldRemit, Cassava Remit, Mukuru, Mama Money, Hello Paisa and others). TerraPay doesn’t seek to compete with these remittances companies – it seeks to enable them.

It’s also a huge deal because SA is a big remittances market. SA probably hosts the largest percentage of migrant workers in Africa and these people need to send money back home. At least 2.2 million of them according to the last census. Getting licensed in SA, therefore, opens up Africa for TerraPay, so to speak.