TerraPay, a global fintech company, has partnered with Wave Mobile Money, a Senegalese money mobile provider, to enable Malians to receive money from abroad directly into mobile wallets, enabling a cost-effective means to access international remittances.
According to TerraPay, the agreement allows its worldwide payment network to support remittance flows from numerous Money Transfer Operators in the United States, Canada, and Europe to Mali via a single streamlined interface.
Furthermore, the partnership will benefit from Orabank Mali's competence in remittance services.
Over 80% of Mali’s population uses mobile phones, with many using the devices for mobile money and digital wallets. In the region, digital wallets are an essential tool for financial inclusion, providing access to financial services for millions of people, especially for the unbanked. With mobile money platforms leading the way, the landscape is evolving rapidly, said the company.
“Our shared commitment to financial inclusion will help break down barriers and offer more accessible solutions for individuals across the country.
"With TerraPay’s cutting-edge technology ensuring safe and reliable money transfers, we are confident that this initiative will play a crucial role in fostering economic growth and financial empowerment.” said Karamokho Badiane, regional head of business development at Wave Mobile Money.
TerraPay's vice president for Sub-Saharan Africa, Willie Kanyeki, reiterated this sentiment, saying: “Our partnership with Wave Mobile Money marks a significant milestone in our mission to power the borderless money movement.
‘By enabling instant, cost-effective, and fully compliant remittances from key markets like the US, Canada, and Europe, we are simplifying financial access and driving financial inclusion in Mali.”
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