TerraPay partners with Suyool to boost financial accessibility in Lebanon

This collaboration aims to improve how Lebanese residents send and receive money, addressing the need for fast, secure, and convenient remittance services.

Lebanon, which received over USD 6.5 billion in remittances in 2023, relies heavily on money transfers, particularly from the Lebanese diaspora. The country faces a growing demand for financial services that cater to both banked and unbanked populations. Suyool provides a digital wallet solution designed to facilitate local and international payments and promote financial inclusion for unbanked individuals.

Through this partnership, Suyool gains access to TerraPay’s global network, which spans over 144 receiving countries, 210 sending countries, 3.7 billion mobile wallets, 7.5 billion bank accounts, and more than 12 billion cards. This network expansion allows Suyool to improve its remittance services for both inbound and outbound transactions, broadening access to financial services.

The partnership targets Lebanon's unbanked population, estimated at 20% of the country’s total, by offering easy access to financial services through a user-friendly mobile app. The agreement also strengthens remittance corridors into Lebanon, particularly from the US, Gulf region, and Europe, where many Lebanese families rely on financial support from abroad.

Banking challenges boost demand for digital wallets in Lebanon

Lebanon’s banking sector has been grappling with significant challenges in recent years, including strict withdrawal restrictions, a lack of trust in local banks, and widespread economic instability. These issues have eroded confidence in the traditional banking system, pushing many Lebanese individuals and businesses to seek alternative financial solutions. As a result, there has been a growing demand for digital wallets, which provide a secure and accessible way to send and receive money without relying on conventional banks. These digital platforms offer a much-needed alternative, enabling users to conduct financial transactions with greater flexibility, speed, and lower costs, helping to bridge the gap created by the shortcomings of the traditional banking infrastructure.