16 December 2017
visit www.ebaday.com

TerraPay launches international mobile money transfers to Uganda

09 August 2017  |  3002 views  |  0 Source: TerraPay

TerraPay, the world’s first mobile payments switch, announced today that it has successfully obtained an approval from Bank of Uganda to facilitate International money transfers to mobile wallets in the country.

This enables TerraPay’s network partners across the world to send money directly to mobile wallets in Uganda. Earlier, TerraPay had also received regulatory approvals enabling cross-border money transfers to mobile wallets in Kenya and Tanzania. With the addition of Uganda, TerraPay becomes the only licensed mobile payments switch equipped to deliver cross-border payments to mobile wallets in the East African region.

Ugandan diaspora in the UK, Canada, US, Netherlands, Kenya, Tanzania, and other countries can send remittances instantly to Airtel Money, MTN mobile money and Smart Pesa mobile money accounts by visiting the nearest TerraPay partner store. For the first time, the friends and family of the migrants can receive small value transfers frequently in their mobile wallets and avoid making several trips to agent stores, to collect money.

Remittances have played a crucial role in the economy of Uganda. According to World Bank, the country received a total of USD 1.08 Billion in 2015. Furthermore, Uganda is also one of the fastest growing mobile money market with more that 21 million mobile money subscribers. This service will have a positive impact on the lives of the Ugandan families which depends on low value remittances to meet their daily household expenses.

To mark this occasion, Mr. Ambar Sur, Founder & CEO of TerraPay said, “Over the last few years mobile money has increasingly become a norm in Uganda, especially for those who were financially excluded earlier. We are delighted to bring the convenience of instant cross-border money transfer, directly to mobile wallets for the people of Uganda. TerraPay is committed to providing a fully regulated and a seamless solution to enable cross-border transfers to mobile wallets across emerging markets.”

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.atos.netvisit www.ebaday.com

Top topics

Most viewed Most shared
satelliteRipple completes XRP Lockup
10422 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
9878 views comments | 18 tweets | 36 linkedin
Banks and fintech startups join forces on blockchain-based supply chain pilotBanks and fintech startups join forces on...
7106 views comments | 19 tweets | 21 linkedin
hands typing furiouslyReshaping Customer Engagement & Da...
6496 views 0 | 4 tweets | 2 linkedin
Banks tap Ethereum smart contracts for MiFID II complianceBanks tap Ethereum smart contracts for MiF...
6391 views comments | 9 tweets | 9 linkedin

Featured job

Competitive package
New York City, NY - USA

Find your next job