Global money movement company TerraPay is teaming up with Wave Mobile Money, a mobile money provider in West Africa, to enhance cross-border remittance services in the region.
Through the new partnership, TerraPay and Wave Mobile Money are looking to enable consumers in Mali to receive money from family and friends abroad directly into their Wave mobile wallets, creating a faster, more accessible, and cost-effective way to access international remittances.
Following the collaboration, the global TerraPay payment network now facilitates remittance flows from multiple Money Transfer Operators (MTOs) across the US, Canada, and Europe to Mali, all through a single streamlined integration. This unique model ensures that all Wave users in Mali can instantly receive funds, further strengthen financial inclusion and offer a secure alternative to informal remittance channels.
Over 80 per cent of Mali’s population uses mobile phones, with many using them for mobile money and digital wallets. In the region, digital wallets are an essential tool for financial inclusion, providing access to financial services for millions of people, especially those who are unbanked. With mobile money platforms leading the way, the landscape is evolving rapidly.
Breaking down barriers
“This strategic collaboration allows us to harness TerraPay’s global payments infrastructure alongside Orabank Mali’s deep expertise in remittance services, empowering us to expand our reach and provide even greater value to our users,” explained Karamokho Badiane, regional head of business development at Wave Mobile Money.
“Our shared commitment to financial inclusion will help break down barriers and offer more accessible solutions for individuals across the country. With TerraPay’s cutting-edge technology ensuring safe and reliable money transfers, we are confident that this initiative will play a crucial role in fostering economic growth and financial empowerment.”
Willie Kanyeki, VP for Sub-Saharan Africa at TerraPay, also echoed this sentiment: “Our partnership with Wave Mobile Money marks a significant milestone in our mission to power the borderless money movement. By enabling instant, cost-effective, and fully compliant remittances from key markets like the US, Canada, and Europe, we are simplifying financial access and driving financial inclusion in Mali.”
With this partnership, TerraPay and Wave Mobile Money are making it easier than ever for Malians abroad to support their families back home, reinforcing the role of digital financial services in shaping the future of remittances in West Africa.
