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TerraPay forges triumvirate with MoneyTrans and Paga for improved EU-Nigeria remittance services

Thursday 16 February 2017 | 11:03 AM CET

TerraPay, a mobile-first international payment network, has partnered with MoneyTrans, a money transfer company, and Paga, a Nigerian payments and financial services company, to launch cross-border remittances from Spain to mobile wallets in Nigeria.

Now Nigerians in Spain can send money to any mobile phone number in Nigeria through Paga, just by visiting the nearest MoneyTrans store. The recipient can withdraw money from more than 11,000 Paga agents across Nigeria or make cardless withdrawal from ATMs. The recipient can also use the money to pay bills, buy airtime or send the money to any other phone number or bank account in Nigeria, among other services.

The mobile based cross-border remittance service has been launched in Spain and will be followed by successive launches in Belgium, France and Italy in the coming weeks. Nigeria is ranked sixth among the top remittance-receiving countries in the world. In 2015, the World Bank pegged remittances received in Nigeria at USD 21 billion.

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