Terrapay, an international payment company has launched an international money transfer service in Tanzania. The company received approval from the Bank of Tanzania (BoT) to send cross-border remittances to mobile wallets in Tanzania.
The service allows Tanzanians in the UK, France, Italy, Canada, US, South Africa and other countries to send remittances directly to Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa Mobile Money account via TerraPay.
“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.” said Ambar Sur, Founder and CEO of TerraPay.
Terrapay also partnered with Selcom, a Tanzanian mobile money aggregator to send money to Tanzania’s mobile wallets. Terrapay received a license from the Tanzania Communications Regulatory Authority for mobile-based domestic payments.