In pursuit of its commitment to strengthen and unify the global payments ecosystem TerraPay, a leading global payments infrastructure company, today announced its partnership with one of the biggest and most innovative financial institutions in Malawi, FDH Financial Holdings. This strategic collaboration will enable secure and low-cost P2P (Peer to Peer) and B2B (Business to Business) transactions from the United Kingdom, United States of America, Europe, United Arab Emirates, and Southern Africa into Malawi. Through this partnership both parties aim to foster an inclusive financial ecosystem and provide Malwai residents with the access to TerraPay’s widespread global network, empowering Malawians with real-time and seamless remittances-directly into wallets or bank accounts.
Speaking on the partnership, Willie Kanyeki, Regional Director, East and Southern Africa at TerraPay, said “We are thrilled to onboard FDH as a trusted partner in Malawi. Our association with FDH will allow us to serve Malawians with superlative technical solutions, cultivate affinity by empowering them with fast & affordable borderless payment options and access to TerraPay’s widespread partner network of 4.5bn bank accounts and 1.5bn mobile wallets. ”
Commenting on the partnership, Andronica Mphahlele- Regional Manager Southern Africa, TerraPay said, ” We are delighted to partner with FDH Financial Holdings. Our partnership opens instant bank and mobile wallet payment facilities from our global partnership network into Malawi. Our alliance with one of the biggest and innovative institutions in Malawi will allow us to tap into their vast network and enable the Malawi diaspora to access instant digital mobility to move money across borders with no backend or hidden charges”
“We are pleased to partner with TerraPay. Their extensive global payments network partners and infrastructure will play an instrumental role in facilitating remittance flows securely, transparently, efficiently, and in real-time from key corridors into Malawi. We are affirmative that our collaboration will not only improve remittances in Malawi but will also facilitate Digital mobility where our customers will have access to the needed cost-effective and secure payments solutions” said Daniel Pinto Khamula, Managing Director FDH Money Money Bureau commented
Remittances are an essential part of economic activity in low and middle-income countries according to a report by the United Nations Economic Commission for Africa (UNCA), the cost of sending remittances to Africa remains the highest in the world at 8.9 percent hence, creating an imperative need for an interoperable payment solution that will allow customers and businesses globally to send and receive payments on a secure, transparent, efficient, and real-time basis. The World Bank Global Findex database showed that there are 1.7 billion unbanked adults globally, of which 75% own a mobile phone that could give them access to financial services. Mobile money will reach 39% of Africa's population by 2025 and expedite financial inclusion.
Headquartered in The Netherlands, TerraPay believes that the smallest payment deserves a borderless journey as safe as the largest. The group has been building an ever-expanding payments highway that empowers businesses to create transparent customer experiences with an uninterrupted, secure, and real-time global passage for every payment, however small or large. Registered and regulated across 26 global markets, TerraPay is a leading global partner to banks, mobile wallets, money transfer operators, merchants, and financial institutions, creating a more expansive and inclusive international financial ecosystem. With access to payments infrastructure that spans the globe, their partners become beacons of the promise of global financial inclusion.
About FDH Financial Holdings
FDH Financial Holdings Limited (FDHFHL) is a diversified investments and leading digital financial institution in Malawi with interests in Banking, Investment Management, Forex and Money Transfers, as well as Property Management. The company has been in operation since November 2007.
FDH Financial Holdings has the following subsidiaries; FDH Money Bureau, FDH Bank Plc, First Discount House and MSB Properties. Through its subsidiaries FDH Money Bureau and FDH Bank Plc, the group has the largest footprint in the country with 52 bank service centers and 23 bureau service centers across Malawi, 92 ATMs and more than 1,500 active Banki Pakhomo agents.
For more information, please visit www.fdh.co.mw