Qasemi Islamic Microfinance Bank (QIMB) and TerraPay, a global money movement company, today announced a strategic partnership at Money2020 Middle East. The partnership is to enable digital payouts in USD and SAR to all bank accounts and mobile wallets across South Yemen.
Through a single integration with TerraPay, QIMB will receive international inbound payments from banks, and non-bank financial institutions such as MTOs, MNOs, etc., bringing faster, lower-cost, and compliant cross-border payments to consumers.
Why this matters
Yemen’s economy is significantly supported by remittances (World Bank estimate: $3.77bn in 2023). Yet recipients have faced high fees, long settlement times, and fragmented access points.
The QIMB – TerraPay partnership removes these frictions by combining QIMB’s local reach and trust with TerraPay’s interoperable cross-border payment rails, so senders in Saudi Arabia, the UAE, Europe, the United States and beyond can send money seamlessly and transparently to South Yemen.
How it works
- One connection, global reach: QIMB connects to TerraPay to accept cross-border payments from a broad ecosystem of both bank & non-bank FIs globally.
- Anytime, anywhere payout: Funds are delivered digitally to bank accounts or mobile wallets across South Yemen in USD and SAR.
- Compliance-first: The service is built with end-to-end regulatory controls, including pre-validation and screening, with treasury and operational workflows managed to ensure resilience and accuracy.
- Customer value: Access to official FX, low fees, and rapid delivery improves household liquidity.
Sheikh/ Ammar Sultan Al-Qasemi, Deputy Chairman, Qasemi Islamic Microfinance Bank, said, “This partnership aligns with our mission to expand secure, accessible financial services across South Yemen. By integrating once with TerraPay, we will receive payments from partners around the world and deliver them quickly to our customers’ bank accounts and wallets in USD and SAR. Lower costs, faster delivery and strong compliance are at the heart of this collaboration.”
Ani Sane, Co-Founder & Chief Business Officer, TerraPay, said, “Together with QIMB, we are simplifying cross-border money movement into South Yemen by combining TerraPay’s compliant, interoperable rails with QIMB’s local presence and trust. With a single connection, global senders can reach South Yemen accounts and wallets seamlessly, transparently and at lower cost – supporting households across the region.”