Xpress Money has partnered with TerraPay, a mobile payments switch, to enable real-time international money transfers to mobile wallets in Africa initially allowing customers to send remittances to any mobile number or bank account in the countries participating.
The deal will allow a user in Nigeria to directly send money to Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa wallets in Tanzania by visiting the nearest Xpress money outlet across 165 countries. The partnership will make it faster and convenient for Xpress Money consumers to send money to mobile accounts, in real time.
According to Ambar Sur, Founder & CEO of TerraPay, “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
Through Xpress Money’s extensive network of over 200,000 agent locations in 165 countries, migrants across the globe will be able to send remittances safely and instantly to widely used Mobile Money services in Africa.
TerraPay has partnered with Paga in Nigeria and Selcom, a money aggregator in Tanzania to launch cross border remittances to mobile money accounts in Nigeria and Tanzania respectively.
SudheshGiriyan, COO, Xpress Money says, “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.”
