Wave Mobile Money, one of the top mobile money providers in West Africa, has partnered with TerraPay, a global money movement company, in a calculated move to improve cross-border remittance services in the region.
Through this partnership, which was announced on Thursday, Malians can now receive money from friends and family who live overseas straight into their Wave mobile wallets, making international remittances quicker, easier, and more affordable.
Enhancing financial inclusion via TerraPay-Wave’s partnership
Through this partnership, TerraPay’s worldwide payment network now enables remittance flows to Mali from numerous Money Transfer Operators (MTOs) in the US, Canada, and Europe via a single, simplified integration.
In addition to strengthening financial inclusion and providing a safe substitute for unofficial remittance channels, this innovative model guarantees that all Wave users in Mali can receive money instantly.
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More than 80 percent of Malians own a mobile phone, and many use digital wallets and mobile money.
Digital wallets are crucial for financial inclusion in the region, giving millions of people—particularly the unbanked—access to financial services. With mobile money platforms at the forefront, things are changing quickly.
Through this collaboration, TerraPay and Wave Mobile Money are facilitating the support of their families back home for Malians living overseas, thereby highlighting the significance of digital financial services in influencing the direction of remittances in West Africa.
TerraPay, Wave express enthusiasm about the partnership
Karamokho Badiane, Regional Head of Business Development at Wave Mobile Money, expresses enthusiasm about the partnership, stating, “We are excited to join forces with Orabank Mali and TerraPay to revolutionize payment solutions and enhance financial accessibility for our customers.”
He continued, “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.
“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,” he added.
Willie Kanyeki, TerraPay’s Vice President of sub-Saharan Africa, stated, “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,” he emphasised.
About Wave Mobile Money
Founded in 2018, Wave Mobile Money is a fintech company that currently leads the West African mobile money services market. It operates in seven countries: Senegal, Côte d’Ivoire, Uganda, Gambia, Sierra Leone, Mali, and Burkina Faso.
Wave’s goal is to create a financial network that is both incredibly affordable and radically inclusive in order to advance financial inclusion.
Wave, which has been in business in Mali since 2021, aims to make Africa the first continent without cash by leveraging technology to create services that make everyday payments and transactions easier for millions of users. It offers bill payment, business services, and both domestic and international transfers.
About TerraPay
TerraPay simplifies international money transfers by providing a single link to one of the biggest cross-border payment networks regulated in over 30 international markets.
In addition to more than 12 billion cards, 3.7 billion mobile wallets, and 7.5 billion bank accounts, the platform enables payments to more than 210 sending and 150 receiving countries.
TerraPay aims to create a global financial system that facilitates fast, reliable, transparent, and fully compliant money transfers.
Since its establishment in 2014, TerraPay has facilitated financial inclusion in even the most remote markets by establishing a global network of interoperable digital wallets.
TerraPay is headquartered in London and has offices in Nairobi, Bangalore, Dubai, Bogota, Dar es Salaam, Kampala, and Singapore.
TerraPay is expanding rapidly globally with the backing of leading investors such as Visa, Partech Africa, Prime Ventures, and the IFC (World Bank).