TerraPay, a mobile-first payment network has launched its International Money transfer services to mobile wallets in Tanzania allowing Tanzianians in the UK, France, Italy, Canada, US, South Africa and other countries to send remittances directly to Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa Mobile Money accounts via TerraPay.
According to Ambar Sur, Founder and CEO of TerraPay, “Tanzania is one of the fastest growing country in mobile wallet space with a total of 18 Million active mobile money subscribers. The Bank of Tanzania’s recent move to provide TerraPay with a license to send international remittances to mobile wallets in the region will provide a boost to remittances in Tanzania. We are positive that other partners will join the TerraPay hub which will help to grow and sustain remittances to mobile wallet in the region.”
Through a partnership with Selcom, the leading mobile money aggregator in Tanzania, TerraPay can send money to all the prominent mobile wallets in Tanzania. TerraPay provides a convenient way for Tanzanian migrants to send remittances safely and instantly to widely used Mobile Money wallets in Tanzania. This also means that friends and family of the expatriates can avoid making long, expensive trips to pick up cash.
The partnership between Selcom and TerraPay provides access to more international players, recipients in Tanzania gain the benefits of choice and convenience, which tie into Selcom’s core mission of empowering citizens through technology. Selcom looks forward to supporting the growth of TerraPay in the coming months.”
Remittances have played a crucial role in the economy of Tanzania. According to World Bank, the country received a total of $390 million in 2015 from over 4 Million expatriates living abroad.