29 C
Lagos
Friday, September 25, 2020
- Advertisement -

TerraPay Joins Forces With UBA Group for Cross-border Remittances in 20 Countries

Opinion

What Manner of Olive Branch? By John Mayaki

Happy times are here for Godwin Obaseki, who rode into victory, courtesy of his Rivers State counterpart and comrade-in-electoral sleight of hand,...

Between ‘Dividers-in-Chief and Dividers-in-Law’ By Wole Soyinka

I am notoriously no fan of Olusegun Obasanjo, General, twice former president and co-architect with other past leaders of the crumbling edifice...

Putting our Money Where Our Mouth Is – By Femi Adesina

There is a story that President Muhammadu Buhari likes to tell. He has done so many times in public and private meetings....

El-Rufai and the next Emir of Zazzau By Aliyu Tilde

The last colonial Governor of Northern Nigeria, Sir Bryan Sharwood Smith, was the District Officer (D.O.) of Zaria when the Emir of...

TerraPay, a mobile-first international payment network, today announced that it has partnered with UBA Group, a leading pan-African financial services group headquartered in Nigeria, to facilitate real-time money transfer services to its customers in 20 countries across Africa.

The service which is currently live in five countries within UBA’s network including Ghana, Cote d’ivoire, Burkina Faso, Sierra Leone and Cameroon, will be rolled out to the Bank’s other subsidiaries in Chad, Liberia, Senegal, Uganda, Congo Brazzaville, Guinea Conakry, Kenya, Mali, Zambia, Congo DRC, Gabon, Mozambique, Tanzania and Benin Republic soon.

Sampson Aneke, Group Head, Transaction and Electronic Banking, UBA Group, while speaking on the partnership noted that Africa is one of the world’s largest recipients of remittances. He also noted that as technology continues to enable cross-border trade and investment, availability of real-time money transfer services has become very important.

“As Africa’s global bank, we are delighted to open up a fresh opportunity for real-time money transfer in partnership with TerraPay. This is another huge step in improving access to financial services for our customers across the globe,” Aneke added.

Speaking on the partnership, Ambar Sur, Founder & CEO of TerraPay, said, “This partnership with UBA Group will play a pivotal role in cross border remittances across Africa, America and Europe. We are delighted to bring the convenience of instant cross-border money transfer, directly to any UBA account in twenty countries.”

Africa is one of the largest receivers of remittances. Remittances to Sub-Saharan Africa grew almost 10 percent to $46 billion in 2018, supported by strong economic conditions in high-income economies. It is projected to increase in 2019 as well.

Earlier in 2017, TerraPay had also obtained an approval from the Bank of Uganda to facilitate International money transfers to mobile wallets in the country. The company had also received regulatory approvals enabling cross-border money transfers to mobile wallets in Kenya and Tanzania and became the only licensed mobile payments switch equipped to deliver cross-border payments to mobile wallets in the East African region.

In the last few years TerraPay has obtained licenses in United Kingdom, Mauritius, Botswana, Congo B, DRC and South Africa to enable cross-border money transfers to mobile wallets.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Okechukwu Ohanta

Okechukwu Ohanta is the Sub-Surface Manager at Tenoil Petroleum and Energy Services. Mr Ohanta is responsible for the company's subsurface studies, formation...

Chukwunonye Emenalo

Chukwunonye Emenalo is a lecturer of financial management at Lagos Business School. His teaching interests are in financial management/corporate finance. His research...

Oyewale Ariyibi

Oyewale Ariyibi is the Chief Financial Officer at FBN Holdings Plc. Before this appointment, he was Chief Finance Officer at Transnational Corporation...

Dada Awosika

Dada Awosika is the Managing Partner of D.A Awosika & Partners LLP. He started his Legal Practice in 1996 at the law...

Olamide Edun

Olamide joined Lion’s Head Global Partners in 2017 and is a member of the African Local Currency Bond Fund team, focussed on...