TerraPay, a leading global payments infrastructure company, announces its partnership with MoneyGram International, a global leader in the evolution of digital person-to-person payments. This tactical collaboration will enable swift and secure person-to-person remittances from South Africa to MoneyGram’s widespread global network.

Through this association, MoneyGram will be able to tap into TerraPay's well-entrenched global partner networks along with its seamless cross-border remittance infrastructure (with due regulatory coverage). At the same time, TerraPay will be able to leverage MoneyGram’s expertise in person-to-person payments and its strong presence in South Africa to further expand its network. South Africa is the largest outbound remittance country in Africa. Formal outflows in 2019 were $1.05Bn and have approximately 1.6Mn migrants mainly from SADC countries. TerraPay’s alliance with MoneyGram will provide customers access to real-time, secure and seamless global transactions, empowering them to remit funds from South Africa to their loved ones across the world.

Africa’s domestic e-payments market is expected to see revenues grow by approx­imately 20 percent per year, reaching around $40Bn by 2025. By comparison, global payments revenue is projected to grow at 7 percent annually over the same period. Furthermore, customers will be able to pay at any PEP, PEP HOME, or PEP CELL store. PEP, a household name, is Africa’s largest single-brand retailer operating more than 2550 stores across Southern Africa. PEP’s purpose is to make it possible for everyone to look and feel good by bringing customers the lowest prices on everything they need and want across a wide range of products and services. Both TerraPay and MoneyGram’s ambition of actualizing a cashless society by creating an inclusive ecosystem for all and reaching out to customers at relevant touchpoints is what drives this partnership. This opens doors for MoneyGram’s thriving and extensive ecosystem of customers, to use TerraPay’s adaptive and safe payments technology, boosting global financial interoperability and inclusivity.

Speaking on this new partnership, Willie Kanyeki, Regional Director, East and Southern Africa, TerraPay, said “We are thrilled to welcome MoneyGram as a trusted partner in South Africa. Our association with MoneyGram will allow us to serve customers in the region of South Africa with superlative technical solutions and cultivate affinity by empowering them with fast & affordable borderless payment options and access to TerraPay’s widespread partner network. Our collaboration will usher in the benefits of financial inclusion and independence, through efficient cashless payments, for all MoneyGram customers, MoneyGram will be a valuable partner for our pay-out services. This collaboration will further enhance interconnectivity and financial integration between domestic and cross-border digital payments.”

Patrick Appiah, Regional Head, West and Southern Africa, MoneyGram, added, “We are pleased to partner with TerraPay. Their extensive global payments network, partners, and infrastructure will play a critical role in facilitating person-to-person transactions in a swift & secure manner from South Africa to across the globe. We are positive that our collaboration will not only help us provide a secure gateway for customers to send remittances to their loved ones but will also facilitate digital mobility where our customers will have access to the needed cost-effective and secure payments solutions.”