International mobile payment network TerraPay has obtained regulatory approval from the Bank of Tanzania (BOT) to launch international money transfer services to mobile wallets in Tanzania.
This is the first license of its kind in Tanzania, allowing TerraPay’s partners across the world to send money directly to mobile wallets in Tanzania.
Through a partnership with Tanzanian mobile money aggregator Selcom, TerraPay can send money to all the prominent mobile wallets in Tanzania.
Tanzanian diaspora in UK, France, Italy, Canada, US, South Africa and other countries can now send remittances directly to Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa mobile money accounts, TerraPay explains.
Furthermore, the company has also been licensed by the Tanzania Communications Regulatory Authority (TCRA) for mobile-based domestic payments.
According to World Bank (WB), Tanzania received a total of USD 390 million in 2015 from over 4 million expatriates living abroad.
Mr. Ambar Sur, Founder & CEO of TerraPay commented “Tanzania is one of the fastest growing country in mobile wallet space with a total of 18 million active mobile money subscribers. The Bank of Tanzania’s recent move to provide TerraPay with a license to send international remittances to mobile wallets in the region will provide a boost to remittances in Tanzania. We are positive that other partners will join the TerraPay hub which will help to grow and sustain remittances to mobile wallet in the region.”
TerraPay is registered and regulated in several jurisdictions. In the UK, it is regulated by the Financial Conduct Authority (FCA).