TerraPay, a leading company in global payments infrastructure, has joined forces with the United Bank of Africa Senegal (UBA Senegal) and Wave Digital Finance (Wave) to form a strategic partnership.
According to a blog post by the fintech, this collaboration aims to enable real-time transactions to Wave mobile wallets through popular money transfer services like Western Union, Ria, Moneygram, Smallworld, and others.
“By offering affordable and accessible payment solutions, this service facilitates instant money transfers from major countries such as France, Spain, Germany, and the UAE to Senegal, contributing to the economic development of the country,” Terrapay noted.
According to reports, the COVID-19 pandemic accelerated the adoption of digital wallet payments in Senegal as people sought contactless payment methods to avoid transmission.
The Senegalese government has since been actively promoting digital payments to increase financial inclusion and reduce the use of cash.
“However, cash remains the dominant payment method, especially in rural areas with limited digital infrastructure. To address this challenge and foster financial inclusion and economic growth, TerraPay, UBA Senegal, and Wave have joined forces to facilitate the reception of international remittance transfers,” the fintech noted.
Wave, with over 7 million monthly active users in Senegal and compliance in the region, can now receive funds transferred through UBA Senegal and TerraPay’s global payments infrastructure.
“This partnership with market leader Wave represents a significant step towards providing accessible financial services to all in Senegal, contributing to the country’s economic development through an affordable and user-friendly payment solution.”
The Regional Director for West and Central Africa at TerraPay, Mamadou Wilane expressed the company’s vision of creating a cashless world with accessible financial services for all.
Mr Wilane said the collaboration with Wave Senegal marks a significant step towards achieving this goal.
“This collaboration enables us to bring our strong technical solutions to customers in the westernmost part of the African continent and empower them with fast and secure borderless payment options while providing access to TerraPay’s widespread partner network to the people of Senegal. We are excited about the possibilities this partnership presents and look forward to making financial services more accessible to everyone in Senegal,” Mr Wilane noted.
On his part, Revuz Ngningaye, the Head of Retail Banking at UBA Senegal, emphasized the changing economic environment due to the digital revolution, altered habits, and evolving financial solutions.
He claims the UBA Group is committed to contributing to the development process of countries by promoting financial inclusion and supporting the Emerging Senegal Plan with the Central Bank of the West African States.
UBA Senegal plays a crucial role in the promotion of financial and banking inclusion, tailored to the needs of diaspora and domestic households.
“The partnership with TerraPay and Wave formalized with the support of regulators and stakeholders, is set to revolutionize digital money transfer, particularly in Senegal, a country with great potential. This aligns with the UBA Group’s vision of improving the banking situation of disadvantaged populations, fostering financial flows, and moving towards a more formal economy through trackable transactions.”
Head of Business Development at Wave, Karamokho Badiane expressed excitement about collaborating with TerraPay and United Bank of Africa Senegal to enhance payment solutions and provide added convenience to customers.
He said Leveraging TerraPay’s global payments infrastructure and UBA Senegal’s expertise in remittance services will expand their reach and deliver more value to their 7 million active users.
“The partnership aims to offer more affordable and accessible payment solutions, crucial for providing digital financial services to all citizens in Senegal. With TerraPay’s expertise in secure and reliable payment transfers, we are confident in providing easy, fast, and secure ways to transfer funds and make financial services accessible to more people,” noted Mr Badiane.