TerraPay has partnered the United Bank for Africa Group, UBA to offer real-time money transfer services in 20 countries. The partnership was announced yesterday.
Remittance in sub-Saharan Africa has grown by almost 10% to attain $46 billion in recent times. The continent currently has the highest number of cross-border transactions valued at 9% as compared to the 7% global cross border remittance.
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Meanwhile, these figures are expected to grow with the increasing influx of cross border remittance platform into Africa. Thus, the partnership will enable the duo to facilitate cross border remittances in more African countries.
The service is currently live in 5 UBA banks network in Cameroon, Sierra Leone, Côte d’Ivoire, Ghana, and Burkina Faso will now expand to 13 other countries where the Bank has its operation.
The countries include Chad, Liberia, Senegal, Uganda, Congo Brazzaville, Guinea Conakry, Kenya, Mali, Zambia, Congo DRC, Gabon, Mozambique, Tanzania, and the Benin Republic soon.
The Group Head, Transaction and Electronic Banking UBA Group, Sampson Aneke noted that Africa is one of the world’s largest recipients of cross border remittances. The partnership will, therefore, enable cross-border trade, investment, and real-time money transfer.
This will also play a pivotal role in cross-border remittance across Africa, Europe, and America.
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