Electronic money transfer platform GIMAC has signed a strategic partnership with TerraPay to offer cross-border money transfer services to the Economic and Monetary Community of Central Africa (CEMAC).

The CEMAC region includes African nations of Cameroon, Republic of Congo, Gabon, Equatorial Guinea, Chad and Central African Republic.

The collaboration is expected to offer instant money transfer services directly to the bank accounts and mobile wallets of users in this zone.

Furthermore, the partnership is expected to support GIMAC’s plan to improve interoperability between banks, public treasuries, micro finance institutions and electronic money transmitters in the region.

TerraPay founder and CEO Ambar Sur said: “TerraPay’s collaboration with GIMAC is part of the company’s long-term strategy to enable interoperability and to democratise financial services in Africa.

“Our partnership would aid in realising a vision for low-cost and convenient money transfers to the CEMAC region and accelerate the creation of an ecosystem to deliver essential value to stakeholders and consumers alike.

“The main economic and social objective of our partnership is to help the migrants of the CEMAC area to have an access to low-cost, secure and instant payment medium.”

GIMAC CEO Valentin Mbozo’o added: “Through this partnership, GIMAC will contribute to the reduction of transfer costs and the improvement of the quality of life of many in CEMAC.

“Transfers incoming via TerraPay will instantly be channelled to their destined bank accounts, mobile accounts, or prepaid card accounts.”