TerraPay joins forces with MoneyTrans and Paga to make cross border remittance easy between Europe and Nigeria
London, UK – 16, February 2017: TerraPay, a mobile-first international payment network, today announced that it has partnered with MoneyTrans, a leading Money Transfer company established in Europe and Africa as well as Paga, Nigeria’s pioneering payments and financial services company to launch cross-border remittances from Spain to mobile wallets in Nigeria.
Now Nigerians in Spain can send money to any mobile phone number in Nigeria through Paga, just by visiting the nearest MoneyTrans store. The recipient can withdraw money from more than 11,000 Paga agents across Nigeria or make card-less withdrawal from ATMs. The recipient can also use the money to pay bills, buy airtime or send the money to any other phone number or bank account in Nigeria, among other services.
The mobile based cross-border remittance service has been launched in Spain and will be followed by successive launches in Belgium, France and Italy in the coming weeks.
To mark this occasion, Mr. Jeremy De Smet, COO of MoneyTrans said, “We are glad to take another huge step in enabling mobile money services in Africa. TerraPay is well positioned to offer a strong solution building upon and leveraging a major technical infrastructure that has been in place for many years in Africa.”
“Nigeria presents a wide array of opportunities for companies like TerraPay, as it is the biggest remittances receiver in Africa”, said Ambar Sur, Founder and CEO of TerraPay. “This partnership with MoneyTrans and Paga will play a pivotal role in cross border remittances in Nigeria, helping to reduce fees, improve speed and provide convenience for users.”
Commenting on the partnership Jay Alabraba, Co-founder Paga said, “We are happy to collaborate with TerraPay and MoneyTrans in enabling secure transfers between Spain and Nigeria, the first of several important remittance corridors we will be launching together. By combining Paga’s extensive reach with the proven capabilities of TerraPay and MoneyTrans in the international remittance space, we are bringing to market a seamless and easy-to-use facility for Nigerians at home and in the diaspora.”
Nigeria is ranked sixth among the top remittance-receiving countries in the world. In 2015, the World Bank pegged remittances received in Nigeria at $21 billion.
TerraPay, a mobile-first international payment network, has been founded with the vision to send money to any mobile. Based in Netherlands, TerraPay is incubated by Mahindra Comviva, a global leader in delivering mobile financial solutions, and is a part of the USD 18 billion Mahindra Group.
TerraPay interconnects mobile wallet schemes, money transfer operators, remittance service providers, ﬁnancial institutions, and the card associations to create a “one network” for secure and seamless in-border and cross-border movement of funds. The network facilitates a broad transaction set; peer-to-peer transfers, e-payments and government disbursements.
TerraPay supports standard open APIs for integration with any regulated remittance services provider. As a regulated financial services network, TerraPay offers services beyond core transactionprocessing, including routing and processing and assumes end-to-end responsibility for regulatory compliance, foreign exchange management and funds settlement.
Terrapay Services (UK) Limited is registered and regulated by the Financial Conduct Authority (FCA) in the UK.
MoneyTrans started its business operations in 1991 by offering retail foreign exchange services in Spain. Activities grew over the years and were expanded to international money transfer services in 2002.Today MoneyTrans is established in eight European countries as well as in Africa, with a wider international network encompassing over 145,000 locations in more than 90 countries.
While MoneyTrans is today recognized as one of the fastest growing remittance companies, itstrive to further expand its global reach by building new partnerships with local agents and reputed financial institutions worldwide.
Paga was founded in 2009 with a mission to deliver innovative and universal access to financial services for individuals and businesses across Africa. It is underpinned by a secure payments platform that is built with the flexibility to operate in any environment and on even the most basic mobile phone, keeping users’ finances at their fingertips. Paga enables users to send and receive money, pay bills, buy mobile phone airtime, deposit money to any bank in Nigeria, and more.
Paga takes a multi-stakeholder approach to business and partners with banks, telecommunications companies, and other service providers to deliver the services. Commercial and marketing operations launched in 2011 and since then Paga has processed over N363 billion in transaction value while serving over 5.8 million unique customers. As of January 2017, the Paga agent network has grown to over 11,000 agents across 35 states in Nigeria.