TerraPay, a global payments infrastructure company, today announced a strategic partnership with MIC Tanzania PLC (Tigo Pesa) a subsidiary of Millicom International Cellular, that will propel TerraPay in facilitating inbound digital cross border remittances into Tanzania. Beneficiaries using Tigo Pesa will now be able to receive remittances securely and directly into their mobile wallets, in real time. This service will be available to over 9 million customers using Tigo Pesa in Tanzania.
Aligned with its objective of building global digital payment highways that interconnect financial institutions such as banks and mobile wallets, seamlessly and with trust, TerraPay is committed towards nurturing inclusivity, financial independence and empowerment to all in the global digital payments ecosystem. The company’s state-of-the-art interoperability engine drives its partners’ customers to send and receive payments on a scalable, secure, transparent, and efficient platform.
Speaking on the partnership, Willie Kanyeki, Regional Director, East and Southern Africa, TerraPay said, “Migrant remittances are a lifeline for families across the emerging markets, including Tanzania. In 2018, the World Bank data by the Washington-based Pew Research Centre shows that most of the inflows into Tanzania were from the United States, Kenya, Uganda, Burundi, South Africa, Malawi and Australia. In the recent past, however, the unprecedented economic crisis caused by the COVID-19 pandemic has had a major impact on remittance flow across the world, impacting several geographies. This partnership will enable TerraPay to build a financially inclusive digital payments ecosystem for Tigo Pesa’s customers in Tanzania, offering an efficient, scalable and affordable means to receive money directly into their mobile wallets.”
Speaking on the launch of the partnership, Angelica Pesha, Chief of Mobile Financial Services, Tigo Pesa, stated, “We are pleased to partner with TerraPay. TerraPay’s extensive global payments network partners and infrastructure will play an instrumental role in facilitating cross-border remittance flows; securely, transparently, efficiently, and in real-time. Tigo Pesa has grown from a remittance product into a financial services platform. In 2020, Tigo Pesa has significantly grown its international collaborations opening Tanzania to the world with new remittance corridors. With this new partnership, we believe our customers will continue to enjoy sending and receiving money internationally with Tigo Pesa smoothly, cost-effectively instantly and securely. ”
Regulated in over 15 countries around the world, TerraPay has established itself as a global partner to leading banks, money transfer operators, mobile wallet operators, and financial institutions to facilitate digital transactions without borders. As a B2B company, TerraPay partners with other businesses and helps them leverage its agile, secure, and scalable technology platform to enhance their customer proposition for remittances, payments, and cross-border spends.
TerraPay is a licensed digital payments infrastructure and solutions provider, paving the global payments highway. The company’s robust foundation and innovative platform technology serve as the digital interoperability engine enabling customers and businesses globally to send and receive payments on a secure, transparent, efficient, and real-time basis. The agile network supports diverse payment instruments and types of payments while adhering to complex regulations and compliance standards in different markets.
About Tigo Tanzania
Tigo Tanzania is Tanzania's leading digital lifestyle telecommunications company. Tigo started its operations in Tanzania in 1995. Through its distinctive and diverse product portfolio in voice, SMS, high-speed internet and mobile financial services, Tigo has pioneered digital innovations such as the first Smartphone in Swahili, Free Facebook in Swahili, Tigo Pesa App, Tigo Mobile App as well as the first East African cross-border mobile money transfer with currency conversion.
For more information, please visit www.tigo.co.tz/.