The company also received a license from the Tanzania Communications Regulatory Authority for mobile-based domestic payments whereby the company partnered with Selcom to send money to Tanzania’s mobile wallets, according to a press statement from the company.
“We are positive that other partners will join the TerraPay hub which will help to grow and sustain remittances to mobile wallet in the region,” said Mr. Ambar Sur, Founder and CEO of TerraPay.
Remittances have played a crucial role in the economy of Tanzania.
According to World Bank, the country received a total of $390 million in 2015 from over 4 Million expatriates living abroad.
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