Last July, TerraPay raised $95 million to expand digital payments across the continent. The company continues its efforts by involving African stakeholders in its initiatives.

British payment solutions provider TerraPay has partnered with several mobile money operators, including Africa's Mpesa and Sama Money, to create the Wallet Interoperability Council, announces a press release dated August 20.

With that council, the British firm aims to interconnect mobile money operators to facilitate cross-border payments and fund transfers.

“This initiative addresses real market challenges and has the potential to reshape perceptions around wallet usage for cross border commerce; thus, enabling easy access for interoperability within the council's wallet participants globally,” said Sekou Kane Diallo, Deputy CEO and CIO of Sama Money.

The launch of this association comes at a time when mobile money solutions are rapidly expanding across the continent. According to the "State of the Industry Report on Mobile Money 2024" by the GSM Association (GSMA), the value of mobile money transactions in Sub-Saharan Africa reached a staggering $912 billion in 2023, a 22% increase from the previous year. The same report shows that Africa accounts for 835 million of the 1.75 billion registered mobile money accounts worldwide, representing 47.7% of the accounts.

Adoni Conrad Quenum