TerraPay and Wari enter a strategic partnership for cross-border money transfers to mobile wallets and bank accounts

TerraPay, the world’s first mobile payments switch, and Wari, a global platform offering digital financial services 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.

TerraPay, the world’s first mobile payments switch is a global transaction processing, clearing and settlement service for mobile wallets.  It provides the interoperability engine that enables customers to send and receive real-time transactions across diverse payment instruments, platforms, and regions. The company believes in the power of mobile devices and is building the digital payment rails to fulfil their vision of enabling users to send money to any mobile. TerraPay is a B2B company incubated by Mahindra Comviva, a global leader in delivering mobile financial solutions and is part of the USD 19 billion Mahindra Group. It is registered and regulated in several jurisdictions. In the UK, it is regulated by the Financial Conduct Authority (FCA).

Incorporated in 2008, Wari is a digital platform offering value added financial and non-financial services to customers, businesses, Institutions and merchants. Its innovative platform, leader in West Africa, available in more than 60 countries 500,000 outlets worldwide and 45,000 paying points in Africa, provides a wide range of products and services. Wari operates more than 1 million transactions per day representing more than 6 billion USD of annual flows and a  15% annual growth rate. Wari has created more than 45000 jobs (27,000 in Senegal) and records 212 million users to this day. Financial services: Remittance, Wari account, Wari payment card, insurances. Day to day services: water and electricity bill payment, pensions, scholarships and salary payments, TV subscription, airtime, lotteries, Wari Shopping, Wari Taxi). The Wari platform is linked to more than 152 Banks and 800 Micro Finance Institutions.Wari services are available everywhere and on MyWari (Web and mobile App). Wari’s objective is to promote financial and social inclusion for all, and to be the leader of the new global digital economy. For more information: www.wari.com