TerraPay secures regulatory approval from South African Reserve Bank to Launch Cross-Border money transfers in South Africa
8 September 2017
London, UK – 05, September 2017: TerraPay, the world’s first mobile payments switch, announced today that it has successfully obtained regulatory approval from South African Reserve Bank to launch Cross-border money transfer services in South Africa. This makes TerraPay the 5th company to be licensed as a category three Authorised Dealer in Foreign Exchange with limited authority, also known as ADLA 3, to conduct low value international money transfers in the country.
TerraPay is building global payments infrastructure for low-value cross-border transactions. The service interconnects mobile wallet service providers, financial institutions and money transfer operators in key send and receive markets. The license enables the company to enter into cross-border low value person-to-person payments in South Africa.
The South Africa market is highly complementary to TerraPay's international money transfer network in Africa, Europe and Middle-East countries. In the Initial roll-out, TerraPay will enable cross border money transfers from South Africa to mobile wallets in Zimbabwe, Nigeria, Mozambique and Uganda.
According to the World Bank, the global average cost of sending remittances was 7.43% of the amount sent by remitting customers. For remittances sent from South Africa, the average cost was 16.71%; more than double of the global average.
Source: Press Release