International mobile payment network TerraPay has obtained regulatory approval from the Bank of Tanzania to launch International Money transfer services to mobile wallets in the country.
The company has also been licensed by Tanzania Communications Regulatory Authority for mobile based domestic payments in Tanzania. Through a partnership with Selcom, the leading mobile money aggregator in Tanzania, TerraPay can send money to all of Tanzania’s prominent mobile wallet services.
The Tanzanian diaspora can now send remittances directly to Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa Mobile Money accounts by visiting their nearest TerraPay partner store. TerraPay provides a convenient way for Tanzanian migrants to send remittances safely and instantly to widely used Mobile Money wallets in Tanzania. This also means that friends and family of the expatriates can avoid making long, expensive trips to pick up cash.
Ambar Sur, Founder and CEO of TerraPay said: “The Bank of Tanzania’s recent move to provide TerraPay with a licence 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.”
Sameer Hirji, Executive Director of Selcom said, “The partnership between Selcom and TerraPay is one that aims to add value to the growing remittance market in Tanzania. By providing access to more international players, recipients in Tanzania gain the benefits of choice and convenience, which tie into Selcom’s core mission of empowering citizens through technology.”
Remittances have played a crucial role in the economy of Tanzania. According to World Bank, the country received a total of $390 million in 2015 from over 4 Million expatriates living abroad.