Real-time money transfers to mobile wallets in Afrika will now be possible thanks to a recently announced partnership between Xpress Money and TerraPay. The partnership will make it faster and convenient for Xpress Money customers to send money to mobile accounts, in real time.
This, real-time money transfer to mobile wallets is made possible by TerraPay's mobile payments switch which is a global clearing and settlement service for mobile wallets.
"TerraPay has brought mobile wallets mainstream by interconnecting them with the extensive global network of Xpress Money for cross-border money transfer. Our partnership will play a pivotal role in expanding our footprint into new markets and help friends and families of migrant workers receive small value remittances frequently through a cost-effective and convenient service," said Ambar Sur, Founder & CEO of TerraPay.
Xpress Money is said to have a network of over 200,000 agent locations in 165 countries globally allow people to send remittances to different mobile money services in Afrika. Initially, customers will be able to send remittances to any mobile number or bank account in Nigeria as well as directly to Vodacom's M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa wallets in Tanzania by visiting the nearest Xpress money outlet across 165 countries.
TerraPay has partnered with Nigeria's Paga and Tanzania's Selcom to launch cross-border remittances to mobile money accounts in Nigeria and Tanzania respectively.
"The convenience of mobile wallets is slowly changing our customers' remittance patterns. Its advantages are not just restricted to convenience but also extend to offering customers lower fees and financial inclusion. In Africa today, Mobile Wallets are seen as a virtual bank account that enable customers to pay bills and transact, just like using a physical bank account; they work exceptionally well in places where the physical network of banks is limited. Xpress Money is constantly investing in the mobile services space - either through in-house innovations or by partnering with existing providers with proven technologies such as TerraPay to bring convenient remittance solutions to a wider audience." said Sudhesh Giriyan, COO at Xpress Money.