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Mobile Payments

TerraPay gets appoval from Bank of Uganda to facilitate international mobile money transfers

Wednesday 9 August 2017 | 01:08 PM CET

TerraPay, a mobile payments switch, has been approved by Bank of Uganda to facilitate international money transfers to mobile wallets within the country.

TerraPay’s network partners across the world are enabled to send money directly to mobile wallets in Uganda. TerraPay had also received regulatory approvals for transfering cross-border money to mobile wallets in Kenya and Tanzania.

With the addition of Uganda, TerraPay becomes the only licensed mobile payments switch equipped to deliver cross-border payments to mobile wallets in the East African region.

Ugandan diaspora in the UK, Canada, the US, the Netherlands, Kenya, Tanzania, and other countries can send remittances instantly to Airtel Money, MTN mobile money and Smart Pesa mobile money accounts by visiting the nearest TerraPay partner store.

From now on, the friends and family of the migrants can receive small value transfers frequently in their mobile wallets and avoid making several trips to agent stores, to collect money.

According to World Bank, Uganda received a total of USD 1.08 billion in 2015 and is one of the fastest growing mobile money market with more that 21 million mobile money subscribers.

TerraPay is building a fully-compliant set of payment rails so then financial instruments via a single agreement with TerraPay can plug into the central platform to accept payments from almost any payments service provider in the world.