Fintech and Tech Talent: Migration and Remittances in The Middle East and Africa Region by Richie Santosdiaz for The FinTech Times
Europe Fintech Middle East & Africa Paytech

Terrapay Reports Over £250m Has Been Sent Overseas Through Remittances, With £22m Coming Into the UK

TerraPay, a leading global payments infrastructure company, is reporting a bumper year-to-date of transactions from the UK to emerging markets, with over 1.5 million worth of remittances at a total value of over £250million.

Throughout 2021, TerraPay has handled secure payments from the UK to 52 countries, with Ghana representing the most active payment corridor, which comprised over 27% of total transactions.

Three other African countries are in the top five of TerraPay’s UK business, with Uganda representing 14% of total transactions, Tanzania taking up 8% and Kenya 7%. In total, over 56% of recorded payments from the UK through TerraPay were sent to Africa with the average value £162, whilst the most popular mode of payment being via mobile wallets typically amounting between £80-110.

The UK to India payment corridor is TerraPay’s second largest by transaction count at 17%, however, it is the largest in terms of size of the total values recorded, with the average payment equalling £405.

Offering UK startups and small businesses a simple cost-effective method of processing overseas transactions in one of the largest, most competitive and saturated cross-border remittance markets.

Predominantly a send market, TerraPay has also handled a large number of payments into the UK via real-time payments to bank accounts. In total, TerraPay processed transactions worth approximately £22million from 26 countries into UK bank accounts in 2021.

Commenting on TerraPay’s increasing presence in the UK’s global payments industry, Ambar Sur, Founder, and CEO, TerraPay, said: “There is a huge opportunity for UK businesses to tap into the rapid growth and spend power of emerging nations, where the population is far more technologically active than is perceived.

“Having established TerraPay as a global Partner to leading banks, money transfer operators, mobile Wallet operators and financial institutions to facilitate digital transactions without borders, we are able to reduce the risk and cost associated with cash-based transactions for recipients in low and middle-income countries. It has also allowed us to grow our presence in the UK and support businesses that require access to emerging markets with the confidence of a secure and legally compliant transaction platform.”

Headquartered in Amsterdam, TerraPay is a licensed digital payments infrastructure and solutions provider, paving the global payments highway. The Company’s robust foundation and innovative platform technology enables customers and businesses around the world to send and receive payments on a secure, transparent, efficient, and real-time basis. The agile network supports diverse payment instruments and types of payments.

Author

  • Francis is a junior journalist with a BA in Classical Civilization, he has a specialist interest in North and South America.

Related posts

Scaling your tech teams without increasing your headcount

Manisha Patel

Overview of Fintech in Africa in 2020 and Predictions For 2021

Richie Santosdiaz

Collection Pot Offers New Ways to Give Digital Monetary Gifts for Children Making Communion

Polly Jean Harrison