TerraPay receives license to offer remittance services in Tanzania
TerraPay has received regulatory approval from the Bank of Tanzania to launch its global money transfer services to mobile wallets.
The licence will allow the TerraPay’s partners across the world to send money directly to mobile wallets in the country.
TerraPay has also secured license from Tanzania Communications Regulatory Authority for mobile based domestic payments.
Through a partnership with mobile money aggregator Selcom, the company will be able to send remittances instantly to all major mobile wallets in Tanzania, TerraPay said.
Also, Tanzania nationals living in the UK, France, Italy, Canada, the US, South Africa and other countries can send remittances directly to Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa Mobile Money accounts by visiting the nearest TerraPay partner store.
TerraPay founder and CEO Ambar Sur said: “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.”
Selcom executive director Sameer Hirji 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.”