Mobile-first international payment network TerraPay is partnering with UBA Group, a leading pan-African financial services company, to offer real-time money transfer services to existing customers in 20 countries across Africa. TerraPay announced the partnership with the Nigeria-based company in a press release on Wednesday (Dec. 18).
The service is now live in five countries within UBA Group’s existing banking network: Cameroon, Sierra Leone, Côte d'Ivoire, Ghana and Burkina Faso. TerraPay’s services will also soon be offered to the bank’s 13 additional subsidiaries.
"As Africa's global bank, we are delighted to open up a fresh opportunity for real-time money transfer in partnership with TerraPay. This is another huge step in improving access to financial services for our customers across the globe," said Sampson Aneke, group head of transaction and electronic banking for UBA Group.
He added that, as technology continues to enable cross-border trade and investment, the availability of real-time money transfer services has become important. Africa is, notably, among the world's largest recipients of cross-border remittances.
TerraPay Founder and CEO Ambar Sur said, "This partnership with UBA Group will play a pivotal role in cross-border remittances across Africa, America and Europe.”
The mobile-first international payment network is “delighted” to offer the convenience of instant cross-border money transfer services, which will be delivered directly to any UBA Group account within the 20 African countries.
Sub-Saharan Africa cross-border remittances grew almost 10 percent to $46 billion in 2018, carried by the strong economic conditions within high-income economies. Between 2010 and 2018, cross-border remittances grew at an approximate compound annual growth rate (CAGR) of 4 percent. It is projected to increase in 2019 as well.
TerraPay received approval from the Bank of Uganda in early 2017 to process international money transfers to mobile wallets in the country. It is also approved to enable cross-border money transfers to mobile wallets in Tanzania and Kenya. The company is the only licensed mobile payments switch in the East-African region with the power to deliver cross-border payments to mobile wallets.