TerraPay wins approval for international money transfers in Uganda
Uganda received a total of $1.08 billion from remittances in 2015 but users from a number of countries can now send payments to Airtel Money, MTN mobile money and Smart Pesa customers in the country
TerraPay has been granted approval from the Bank of Uganda to launch international money transfers between mobile wallets in the African country.
The mobile payments switching company has already received regulatory approval enabling cross-border money transfers to mobile wallets in Kenya and Tanzania, and the approval in Uganda makes it the first and only licensed mobile payments switch operating in the entire East African region.
Customers in the UK, Canada, US, Netherlands, Kenya, Tanzania and other countries can now send remittances instantly to Airtel Money, MTN mobile money and Smart Pesa accounts by visiting the nearest TerraPay partner.
According to figures from the World Bank, Uganda received a total of $1.08 billion from remittances in 2015, playing a crucial role in the African country’s economy. Uganda is also seen as one of the fastest growing mobile money markets with more than 21 million subscribers.
Ambar Sur, founder and CEO of TerraPay said: “Over the last few years mobile money has increasingly become a norm in Uganda, especially for those who were financially excluded earlier. We are delighted to bring the convenience of instant cross-border money transfer, directly to mobile wallets for the people of Uganda. TerraPay is committed to providing a fully regulated and a seamless solution to enable cross-border transfers to mobile wallets across emerging markets.”