NEW DELHI: Mahindra Comviva incubated company TerraPay and Payment platform and digital financial solutions provider Wari have signed a strategic partnership agreement that will strengthen the remittances ecosystem in 35 key African markets.
The partnership is aimed at interconnecting the global money transfer operators with mobile wallets and bank accounts in Africa.
With this partnership Wari’s customers across Africa can send money to TerraPay’s network of mobile wallets in Africa and all bank accounts in India in real time. Also, TerraPay’s global partners with a presence in 160 countries would be able to send remittances instantly to Wari’s digital payments network including mobile wallets and bank accounts across 35 African markets.
“We’re excited to be working with Wari- one of the industry leaders in digital payments in Africa. Our partnership would aid in realizing a vision for low-cost and convenient money transfers in Africa and accelerate the creation of an ecosystem to deliver essential value to stakeholders and consumers alike. TerraPay is committed to provide the state-of-the-art technology and regulatory infrastructure to its partners.” explains Ambar Sur, Founder & CEO, TerraPay.
“Partnering with TerraPay confirms Wari’s ambition to offer a global platform interconnecting people and providing a wide range of services. Our goal is to make our services available to everyone, wherever you may be. The partnership with TerraPay now opens the indian market to Wari’s customer and allows TerraPay’s customer to access Wari’s extended network in Africa and around the World,” said Mr. Kabirou Mbodje, Wari’s CEO
Wari has transformed the development and access to financial services across Africa, particularly in West African countries like Senegal, Togo, Ivory Coast, Mali, Benin, Niger and Burkina Faso. The group handles over a million transactions daily through its direct and partner networks, with over 500,000 agents spread across 60 countries.
TerraPay, is revolutionising the way money moves globally. The company is architecting a new model by interconnecting mobile wallets and existent digital financial service providers whilst assuming complete responsibility for obtaining and/or ensuring adherence to all regulatory requirements for conducting business.