#digital wallet #TerraPay #Bamako #Mali #Wave Mobile

Enhanced Remittances Through Partnership: TerraPay and Wave Mobile Money

In a groundbreaking partnership designed to improve cross-border remittance services in West Africa, TerraPay, a leading global money movement company, has collaborated with Wave Mobile Money, a prominent provider of mobile financial services in Mali. This alliance aims to simplify how Malians receive money from overseas, making the process not only faster but also more cost-effective.

As a result of this collaboration, funds sent from family and friends abroad can now be directly deposited into Wave mobile wallets, ensuring that over 2.5 million active users can quickly and securely access their funds. This accessibility is particularly crucial in a region where digital wallets are playing an increasingly vital role in financial inclusion. According to statistics, more than 80% of Mali's population uses mobile devices, and many rely on them for mobile banking and transactions.

The partnership leverages TerraPay's extensive global payment network, which connects with various Money Transfer Operators (MTOs) across the United States, Canada, and Europe. Such an approach allows Wave Mobile Money users to receive international remittances with a single, streamlined integration that ensures smooth transaction flows. This strategic model not only enhances the user experience but also promotes greater financial security, offering a reliable alternative to informal money transfer channels that may lack transparency.

Karamokho Badiane, the Regional Head of Business Development at Wave Mobile Money, expressed excitement about the collaboration, stating, “Joining forces with Orabank Mali and TerraPay allows us to revolutionize payment solutions and enhance financial accessibility for our customers.” His enthusiasm reflects a shared commitment between the partners to foster financial inclusion and improve service delivery for individuals across Mali.

Willie Kanyeki, Vice President - Sub Sahara Africa at TerraPay, further emphasized the significance of the partnership, noting, “This collaboration marks a major milestone in our mission to facilitate borderless money movement. By allowing for immediate and compliant remittances from major markets, we are democratizing financial access and working to improve financial inclusion initiatives in Mali.”

This partnership is particularly strategic as it not only supports Malians living abroad in their desire to assist families back home but also fortifies the infrastructure required for a modern, digital banking landscape in the region. The combined strengths of TerraPay and Wave Mobile Money illustrate a clear vision towards creating an inclusive framework for financial services that can reach millions, ultimately leading to economic empowerment.

About Wave Mobile Money
Founded in 2018, Wave Mobile Money has quickly emerged as a frontrunner in the West African fintech space, operating in seven countries including Senegal, Côte d'Ivoire, and, notably, Mali since 2021. Their mission is to advance financial inclusion through a combination of radical affordability and technologically driven services that enable users to manage daily financial activities seamlessly.

About TerraPay
TerraPay, known for simplifying global money movement, boasts a vast payment network regulated in over thirty markets worldwide. With capabilities extending to over three billion mobile wallets, it aims to create a universal and borderless financial ecosystem that promotes accessibility and compliance in financial transactions. Founded in 2014, TerraPay is headquartered in London and continues to expand its global reach, actively pursuing partnerships that enhance financial services worldwide.

In conclusion, the alliance between TerraPay and Wave Mobile Money delivers a pioneering solution that not only improves the efficiency of remittances for Malian users but also reflects a significant step towards improved economic conditions across West Africa. As financial services evolve, such collaborations will likely play a pivotal role in shaping the future of remittance systems and promoting inclusive economic growth.