TerraPay(global payment transfer infrastructure company) enters the Ethiopian market partnering with the Bank of Abyssinia.

August 17, 2021

TerraPay, a global payments infrastructure firm, announced the partnership with the Bank of Abyssinia for bank account payouts in Ethiopia as part of its mission to enhance and unify the global payments ecosystem by providing a smooth cross-border remittances platform. TerraPay’s network partners in key global corridors such as the United States, the United Kingdom, Saudi Arabia, and Australia will be able to make instant, secure, and low-cost cross-border money transfers to all bank accounts in Ethiopia as a result of this strategic relationship. This is TerraPay’s first entry into Ethiopia, with the goal of enabling Ethiopian expatriates living in important global diaspora countries to send money to their family and friends back home rapidly and effortlessly using partner bank accounts. Both firms will work together to promote real-time digital remittances, financial inclusion, and cashless payment acceptance. The Bank of Abyssinia will gain access to TerraPay’s global partner network of 4 billion bank accounts and 500 million mobile wallets as a result of this strategic relationship. “TerraPay is a leading global payments infrastructure firm, aimed at developing an inclusive global financial ecosystem through its digital payments highway,” said Mohammed Nuredin, Chief International Banking, Bank of Abyssinia, in a statement on the agreement. TerraPay has established a solid reputation as a payments infrastructure provider, and Bank of Abyssinia is one of Ethiopia’s most progressive banks, with a nationwide network and a strong focus on digital initiatives. Ato Mohammed also added, “With TerraPay’s global partner liaisons, we will be able to expand remittances into Ethiopia, allowing our clients to be connected to the rest of the world.”

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