TerraPay, a mobile-first international payment network, has partnered with the United Bank of Africa (UBA) Group, to roll out real-time money transfer services to its customers in 20 countries across Africa.
The cross-border remittance service is already live in five countries within UBA’s network including Ghana, Cote d’Ivoire, Burkina Faso, Sierra Leone, and Cameroon.
The service would soon be available in 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.
Commenting on the partnership, Sampson Aneke, Group Head, Transaction and Electronic Banking, UBA Group, recognised 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, the 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.
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.
