Magnati partners with TerraPay

Considering its capabilities and collaborations with banks, mobile wallets, money transfer operators, and financial institutions, TerraPay offers an extensive network and industry knowledge to this partnership. The company’s position as a digital and mobile wallet aggregator allows Telco Wallet holders from Africa to receive simple and secure cross-border payments in the UAE at Magnati’s payment terminals. By facilitating wallets from Africa, Magnati aims to cater to the diverse requirements of customers and merchants. In addition to enhancing convenience, the move intends to provide new opportunities for businesses to enter the growing tourism in the UAE from the African market.

According to officials, the partnership with TerraPay underlines Magnati’s commitment to providing simplified payment solutions that meet the demands of customers, while also facilitating stronger relationships between the UAE and Africa. TerraPay’s representatives stated that the collaboration merges technological innovation and a mutual commitment to making payments more accessible and convenient. With the company’s knowledge in interoperable platforms and mobile payment solutions, TerraPay aims to deliver acceptance solutions to African wallet holders, simplifying cross-border payments and money movement. Through its capabilities, the new payment method launched by the two companies intends to offer benefits to industry players, the public, customers, and merchants.

With its solutions, TerraPay aims to simplify the movement of money, providing a single connection to an expansive cross-border payments network regulated in 29 global markets and enabling payments in more than 120 receive regions, 210 send countries, 7.5 billion bank accounts, and 2.1 billion mobile wallets. Recently, the company entered multiple partnerships, including one with Nequi, intending to optimise remittances for customers in Colombia. Through this collaboration, the companies aim to enable Colombians to receive remittances from their relatives and friends in multiple countries around the world.

During the same period, Airtel Money Tanzania and TerraPay introduced an international remittance service, enabling the former’s customers to transact by leveraging their Airtel Money accounts in the UAE. By joining forces, the two companies allow users to make purchases at point-of-sale terminals with their Airtel Money accounts at no additional cost.

At the beginning of October 2023, Bancolombia entered a collaboration with TerraPay to improve cross-border remittances across Colombia. As part of their commitment to financial inclusion, the two companies enabled secure and efficient cross-border transfers to provide Colombian customers with the ability to leverage real-time, safe, and fast solutions to send funds back home.