TerraPay, a mobile-first international payment network, announced that it has partnered with MoneyTrans, a leading Money Transfer company established in Europe and Africa as well as Paga, Nigeria’s pioneering payments and financial services company to launch cross-border remittances from Spain to mobile wallets in Nigeria.
Now Nigerians in Spain can send money to any mobile phone number in Nigeria through Paga, just by visiting the nearest MoneyTrans store. The recipient can withdraw money from more than 11,000 Paga agents across Nigeria or make card-less withdrawal from ATMs. The recipient can also use the money to pay bills, buy airtime or send the money to any other phone number or bank account in Nigeria, among other services.
The mobile based cross-border remittance service has been launched in Spain and will be followed by successive launches in Belgium, France and Italy in the coming weeks. Nigeria is ranked sixth among the top remittance-receiving countries in the world. In 2015, the World Bank pegged remittances received in Nigeria at $21 billion.
Ambar Sur, Founder and CEO of TerraPay
TerraPay is well positioned to offer a strong solution building upon and leveraging a major technical infrastructure that has been in place for many years in Africa. Nigeria presents a wide array of opportunities for companies like TerraPay, as it is the biggest remittances receiver in Africa.
Jay Alabraba, Co-founder Paga
We are happy to collaborate with TerraPay and MoneyTrans in enabling secure transfers between Spain and Nigeria, the first of several important remittance corridors we will be launching together. By combining Paga’s extensive reach with the proven capabilities of TerraPay and MoneyTrans in the international remittance space, we are bringing to market a seamless and easy-to-use facility for Nigerians at home and in the diaspora.
