TerraPay Partners with UBA Group to Facilitate Cross-Border Remittances

TerraPay, a mobile-first international payment network, announces its partnership 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 in the near future.

"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," avers Sampson Aneke, Group Head, Transaction & Electronic Banking, UBA Group. He also notes that Africa is one of the world's largest recipients of remittances, and as technology continues to enable

We are delighted to bring the convenience of instant cross-border money transfer directly to any UBA account in twenty countries

cross-border trade and investment, availability of real-time money transfer services has become very important.

Commenting on this partnership, Ambar Sur, Founder & CEO, TerraPay, says, “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 shows a 10 percent growth to $46 billion in remittances to Sub-Saharan Africa in 2018. Supported by strong economic conditions in high-income economies, it is projected to further increase this year.

TerraPay has obtained an approval from the Bank of Uganda to facilitate International money transfers to mobile wallets in the country besides receiving regulatory approvals enabling cross-border money transfers to mobile wallets in Kenya and Tanzania, thus becoming the only licensed mobile payments switch equipped to deliver cross-border payments to mobile wallets in the East African region.