Payment network TerraPay and financial services group UBA have expanded their alliance to bring cross-border money transfer services to customers in 20 African markets.
At present, the real-time remittance service is live for UBA in Ghana, Cameroon, Burkina Faso, Cote d’ivoire and Sierra Leone.
The service will now be extended to the bank’s units in 15 other countries in Africa, including Liberia, Congo and Uganda.
Africa is known to be one of the largest recipients of money transfers. Remittances to Sub-Saharan Africa increased nearly 10% to $46bn last year, noted TerraPay.
According to UBA, growing cross-border trade and investment require real-time money transfer services.
UBA group head of Transaction and Electronic Banking Sampson Aneke said: “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.”
TerraPay received a licence from the Bank of Uganda in 2017 to enable cross-border money transfers to mobile wallets. In addition, the company secured similar approvals in Kenya and Tanzania.
Apart from additional African markets, TerraPay has a licence in the UK for cross-border remittances to mobile wallets.
TerraPay founder and CEO Ambar Sur 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 20 countries.”
In February this year, TerraPay partnered with Pan Asia Bank to allow instant remittances in Sri Lanka.