Safaricom, TerraPay Sign Bangladesh, Pakistan Money Transfer Deal

Safaricom has partnered with TerraPay (Mobex Kenya) with the objective of expanding its money transfer services to Bangladesh and Pakistan,

Customers can transfer and receive money from the two countries using the platform, which is part of the M-PESA Global Service, using the Super App or USSD.

Dilip Pal, the chief financial officer of Safaricom, emphasised the significance of the scheme in boosting remittances to Kenya and added that it will significantly contribute to the expansion of Kenya’s economy.

“We are very keen to deepen this project and take it forward. Remittances are a key driver to the economy of the country. They have become an economic lifeline for thousands of households and businesses in the country,” said Pal.

The partnership, according to TerraPay CEO Ambar Sur, would promote the growth of financial service providers, allowing them to immediately scale globally and give clients the choice of transferring payments securely.

“Our partnership with Safaricom will further boost our capabilities in providing an inclusive global financial ecosystem with superlative technical solutions- cultivate an affinity by empowering Safaricom customers with fast and affordable borderless payment options,” said Sur.

According to Safaricom, the partnership increases worldwide connectivity for Kenyans by opening up one of the biggest remittance markets in the world.

The M-PESA Global service, which enables clients in Kenya to send and receive money as well as make and receive payments across more than 170 countries, now includes TerraPay as one of its more than 35 partners.