Big Opportunity International Mobile Money Transfer Now Available in Tanzania
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).
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