Cross-border remittance services in West Africa receive a boost as TerraPay teams up with Wave Mobile Money for improved money transfers.
In the heart of West Africa, Mali is witnessing a significant shift in financial services, thanks to a groundbreaking partnership between TerraPay, a global money movement company, and Wave Mobile Money, a leading mobile money provider. This collaboration is set to revolutionize payment solutions and enhance financial accessibility for millions of Malians [1][2].
Digital wallets have become an essential tool for financial inclusion in the region, and this partnership aims to improve cross-border remittance services, a crucial aspect for many Malians who rely on funds from family and friends abroad [3]. With over 80% of Mali's population using mobile phones, this partnership is poised to make cross-border remittances faster, more accessible, and cost-effective [4].
The key impacts on financial inclusion are manifold:
Broadening Access: The partnership connects approximately 2.5 million active Wave mobile wallet users in Mali to global remittance corridors spanning the US, Canada, and Europe via TerraPay’s extensive global payment network [1][4]. This expansion of formal financial services access to previously underserved or unbanked populations is a significant stride towards financial inclusion.
Improving Speed and Cost Efficiency: By leveraging TerraPay’s interoperable payments infrastructure, the remittance process becomes faster and less expensive. Real-time transfers replace delayed and costly legacy remittance systems, promoting digital wallet adoption for cross-border payments [2][3].
Enhancing Security and Trust: Receiving remittances through Wave’s regulated mobile money system, supported by Orabank Mali's expertise, offers a trusted and transparent alternative to cash or informal transfer methods, thus promoting safer financial inclusion [1].
Supporting Economic Growth: Facilitating efficient financial flows into Mali via mobile money wallets helps integrate more individuals into the formal financial ecosystem, indirectly supporting broader economic development goals [3][4].
Karamokho Badiane, Regional Head of Business Development at Wave Mobile Money, expresses his excitement about the partnership with Orabank Mali and TerraPay, stating that it is expected to expand Wave Mobile Money's reach and provide greater value to its users [5]. Willie Kanyeki, TerraPay's Vice President-Sub-Saharan Africa, shares the sentiment that the partnership with Wave Mobile Money is a significant milestone in TerraPay's mission to power borderless money movement [6].
With this partnership, Malians can now receive money from abroad directly into their Wave mobile wallets, simplifying financial access and driving financial inclusion in the country [7]. The collaboration ensures that all Wave users in Mali can instantly receive funds, offering a secure alternative to informal remittance channels [8].
TerraPay's global payment network now facilitates remittance flows from multiple Money Transfer Operators (MTOs) across the US, Canada, and Europe to Mali [9]. This partnership provides access to financial services for millions of unbanked people, a step towards a more inclusive and secure financial landscape in Mali.
References: [1] TerraPay Press Release, TerraPay and Wave Mobile Money Partner to Drive Financial Inclusion in Mali, https://www.terrapay.com/press-release/terrapay-wave-mobile-money-partner-drive-financial-inclusion-mali/ [2] Wave Mobile Money Press Release, Wave Mobile Money Partners with TerraPay to Facilitate Cross-Border Remittances, https://www.wavemoney.com/press-release/wave-mobile-money-partners-terra-pay-facilitate-cross-border-remittances/ [3] World Bank, Digital Financial Services in Mali, https://www.worldbank.org/en/country/mali/publication/digital-financial-services-in-mali [4] GSMA, State of the Industry Report on Mobile Money: 2020, https://www.gsma.com/mobilefordevelopment/wp-content/uploads/2020/11/GSMA-Mobile-Money-State-of-the-Industry-Report-2020.pdf [5] Wave Mobile Money Press Release, Wave Mobile Money Partners with TerraPay to Facilitate Cross-Border Remittances, https://www.wavemoney.com/press-release/wave-mobile-money-partners-terra-pay-facilitate-cross-border-remittances/ [6] TerraPay Press Release, TerraPay and Wave Mobile Money Partner to Drive Financial Inclusion in Mali, https://www.terrapay.com/press-release/terrapay-wave-mobile-money-partner-drive-financial-inclusion-mali/ [7] TerraPay Press Release, TerraPay and Wave Mobile Money Partner to Drive Financial Inclusion in Mali, https://www.terrapay.com/press-release/terrapay-wave-mobile-money-partner-drive-financial-inclusion-mali/ [8] Wave Mobile Money Press Release, Wave Mobile Money Partners with TerraPay to Facilitate Cross-Border Remittances, https://www.wavemoney.com/press-release/wave-mobile-money-partners-terra-pay-facilitate-cross-border-remittances/ [9] TerraPay Press Release, TerraPay and Wave Mobile Money Partner to Drive Financial Inclusion in Mali, https://www.terrapay.com/press-release/terrapay-wave-mobile-money-partner-drive-financial-inclusion-mali/
- The partnership between TerraPay and Wave Mobile Money is anticipated to boost the technological advancements in Mali's digital market, particularly in the mobile sector, by revolutionizing cross-border remittance services.
- The collaboration between these two companies is expected to leverage artificial intelligence and enhanced infrastructure to make cross-border remittances faster, more accessible, and cost-effective for millions of Malians.
- By broadening access to formal financial services, this partnership is set to improve the lifestyle and economic growth of the Malian population, indirectly supporting the nation's overall business development.
- The secure and transparent nature of the regulated digital wallet system provided by Wave Mobile Money, supported by Orabank Mali's expertise, is expected to repair trust in the financial sector among Malians who traditionally rely on informal remittance channels.
- The interoperable payments infrastructure utilized by TerraPay in this partnership is expected to foster greater integration between Mali's regional financial markets and the global financial ecosystem.
