London, UK – 14th July 2018: GIMAC, the regional electronic money transfer platform of Central Africa and TerraPay, the world’s first mobile payments switch have signed a strategic partnership agreement that will strengthen the remittances ecosystem in CEMAC region. The partnership will enable instant cross border money transfer to bank accounts and mobile wallets in the CEMAC zone, comprising of Cameroon, Republic of Congo, Gabon, Equatorial Guinea, Central African Republic and Chad.
GIMAC aims to define and establish the regulatory and security framework of the remittance ecosystem, as well as to enhance interoperability between banks, public treasuries, postal and micro finance institutions, and electronic money transmitters in the Economic and Monetary Community of Central Africa (CEMAC). Powered by TerraPay’s global clearing and settlement service for mobile wallets, the partnership will make it faster and convenient for migrants across the globe to send money to mobile wallets and bank accounts, in real time to Central Africa.
“TerraPay’s collaboration with GIMAC is part of the company’s long-term strategy to enable interoperability and to democratise financial services in Africa. Our partnership would aid in realizing a vision for low-cost and convenient money transfers to the CEMAC region and accelerate the creation of an ecosystem to deliver essential value to stakeholders and consumers alike. The main economic and social objective of our partnership is to help the migrants of the CEMAC area to have an access to low-cost, secure and instant payment medium.” explains Ambar Sur, Founder & CEO, TerraPay.
“The digitization of money transfer services is the final step in improving the delivery of our financial services. Through this partnership, GIMAC will contribute to the reduction of transfer costs and the improvement of the quality of life of many in CEMAC. Transfers incoming via TerraPay will instantly be channelled to their destined bank accounts, mobile accounts, or prepaid card accounts.” says Mr. Valentin Mbozo’o, CEO of GIMAC.
TerraPay, is revolutionising the way money moves globally. The company is architecting a new model by interconnecting mobile wallets and existent digital financial service providers whilst assuming complete responsibility for obtaining and/or ensuring adherence to all regulatory requirements for conducting business.
TerraPay, the world’s first mobile payments switch is a global transaction processing, clearing and settlement service for mobile wallets. It provides the interoperability engine that enables customers to send and receive real-time transactions across diverse payment instruments, platforms, and regions. The company believes in the power of mobile devices and is building the digital payment rails to fulfil their vision of enabling users to send money to any mobile.
TerraPay is a B2B company incubated by Mahindra Comviva, a global leader in delivering mobile financial solutions and is part of the USD 20.7 billion Mahindra Group. It is registered and regulated in several jurisdictions. In the UK, it is regulated by the Financial Conduct Authority (FCA).
Sundeep Mehta/ Kritarth Srivastav
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