In a strategic move to enhance cross-border remittance services in West Africa, TerraPay, a global money movement company, has partnered with Wave Mobile Money, one of the country’s leading mobile money providers. This partnership enables Malians to receive money from family and friends abroad directly into their Wave mobile wallets, creating a faster, more accessible, and cost-effective way to access international remittances.
Financial Technology Insights: PingPong Expands Global B2B Payment Platform with AI
Through this collaboration, TerraPay’s global payment network now facilitates remittance flows from multiple Money Transfer Operators (MTOs) across the US, Canada, and Europe to Mali, all through a single streamlined integration. This unique model ensures that all Wave users in Mali can instantly receive funds, further strengthen financial inclusion and offer a secure alternative to informal remittance channels.
Over 80% of Mali’s population uses mobile phones, with many using them for mobile money and digital wallets. In the region, digital wallets are an essential tool for financial inclusion, providing access to financial services for millions of people, especially those who are unbanked. With mobile money platforms leading the way, the landscape is evolving rapidly.
Financial Technology Insights: TASI Bank Strengthens Community Ties via Nonprofit Support
Speaking on this partnership, Karamokho Badiane, Regional Head of Business Development at Wave Mobile Money, said: “We are excited to join forces with Orabank Mali and TerraPay to revolutionize payment solutions and enhance financial accessibility for our customers.
This strategic collaboration allows us to harness TerraPay’s global payments infrastructure alongside Orabank Mali’s deep expertise in remittance services, empowering us to expand our reach and provide even greater value to our users.
Our shared commitment to financial inclusion will help break down barriers and offer more accessible solutions for individuals across the country. With TerraPay’s cutting-edge technology ensuring safe and reliable money transfers, we are confident that this initiative will play a crucial role in fostering economic growth and financial empowerment.”
Willie Kanyeki, Vice President – Sub Sahara Africa at TerraPay, echoed this sentiment, saying, “Our partnership with Wave Mobile Money marks a significant milestone in our mission to power borderless money movement. By enabling instant, cost-effective, and fully compliant remittances from key markets like the US, Canada, and Europe, we are simplifying financial access and driving financial inclusion in Mali.”
Financial Technology Insights: Turkcell Secures $150 Million Murabaha Financing from DIB
With this partnership, TerraPay and Wave Mobile Money are making it easier than ever for Malians abroad to support their families back home, reinforcing the role of digital financial services in shaping the future of remittances in West Africa.
To share your insights with the FinTech Newsroom, please write to us at sudipto@intentamplify.com
Source: prnewswire
