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Payments General

TerraPay to launch cross-border money transfers in South Africa

Tuesday 5 September 2017 | 02:46 PM CET

TerraPay has announced that it has obtained regulatory approval from South African Reserve Bank to launch cross-border money transfer services in South Africa.

This makes the mobile payments switch the fifth company to be licensed as a category three Authorised Dealer in Foreign Exchange with limited authority, also known as ADLA 3, to conduct low value international money transfers in the country.

The company interconnects mobile wallet service providers, financial institutions and money transfer operators in key send and receive markets. The license enables the company to enter into cross-border low value person-to-person payments in South Africa. In the initial roll-out, it will enable cross-border money transfers from South Africa to mobile wallets in Zimbabwe, Nigeria, Mozambique and Uganda.

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