TerraPay partners Paga to launch remittance service to Nigeria
- Following the launch in Spain, TerraPay said its Nigeria cross-border remittance service will be rolled out in other European markets in the coming weeks.
TerraPay, an Amsterdam-based international payment network, announced today that it has partnered with Paga, a leading Nigerian payments company, and MoneyTrans, a global money transfer company, to launch cross-border remittance services between Spain and Nigeria.
With the partnership, Nigerians living in Spain can now send money to any mobile phone number in Nigeria through Paga by visiting the nearest MoneyTrans store in the European country. The recipient can then withdraw the money from any one of Paga’s 11,000 agents spread across Nigeria or make a card-less withdrawal from ATMs.
“Nigeria presents a wide array of opportunities for companies like TerraPay, as it is the biggest remittances receiver in Africa," said Ambar Sur, Founder and CEO of TerraPay. “This partnership with MoneyTrans and Paga will play a pivotal role in cross-border remittances in Nigeria, helping to reduce fees, improve speed and provide convenience for users.”
Nigeria is ranked sixth among the top remittance-receiving countries in the world and the top destination for remittances in Africa. In 2015, the World Bank pegged remittances received in Nigeria at $21 billion. The sheer size of Nigeria’s remittance market makes the country a hotbed for money transfer and international payment companies.
Following the launch in Spain, TerraPay said its Nigeria mobile-based cross-border remittance service will be rolled out in the coming weeks in other European markets, including Belgium, France and Italy.
“We are happy to collaborate with TerraPay and MoneyTrans in enabling secure transfers between Spain and Nigeria, the first of several important remittance corridors we will be launching together,” said Jay Alabraba, Co-Founder of Paga. “By combining Paga's extensive reach with the proven capabilities of TerraPay and MoneyTrans in the international remittance space, we are bringing to market a seamless and easy-to-use facility for Nigerians at home and in the diaspora.”
TerraPay is a mobile-focused international payment company that connects mobile wallet schemes, money transfer operators, remittance service providers, financial institutions, and the card associations to create a network for secure and seamless trans-national movement of funds. The company was founded by Mahindra Comviva, an Indian financial services company that is part of the Mahindra Group.
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