Orange Mali, TerraPay join forces for cross-border payments

Orange Mali is partnering with cross-border payments network TerraPay to enable digital payments to and from TerraPay's global network, including other African countries.

The TerraPay deal is with Orange Finances Money Mali – a subsidiary of Orange Mali – which is approved by the Central Bank of West African States. Created in 2015, the company guarantees the issuance, management, and distribution of electronic money under the Orange Money brand in Mali.

TerraPay's network spans over 120 receive countries, 210 send countries, more than 7.5 billion bank accounts, and over 2.1 billion mobile wallets.

"Orange Money Mali customers can now receive money transfers from several countries using TerraPay's global network. This strategic collaboration simplifies transactions making them quick and secure, enhances the customer experience for Orange Money users and strengthens financial inclusion in Mali," said Djeneba Tandjigora, chief of transfer services and core business at Orange Finances Money Mali.

The partnership enables Orange Money customers to either cash out funds received in their wallets or directly use them for everyday needs, including bill payments, supermarket purchases, and person-to-person transfers.

Growth prospects

The companies said the strategic partnership not only strengthens connectivity between Mali and the global financial network but also positions both groups for accelerated growth in the digital payments landscape.

TerraPay's network has over 2.1 billion mobile wallets and 7.5 billion bank accounts. (Source: Image by wayhomestudio on Freepik)

"With a direct connection to Orange Finances Money Mali, TerraPay can ensure a seamless cross-border payment experience, reducing operational issues and providing prompt assistance to our partner's clients. This collaboration reinforces our commitment to expanding our direct rails and continually improving our service offerings," added Amel Kane, TerraPay's regional sales manager for francophone West Africa.

Founded in 2014, TerraPay is headquartered in London, with offices across the globe including in the Africa cities of Dar es Salaam, Kampala, Dakar, Johannesburg, and Nairobi.

The group is expanding its reach, having received funding from investors including the International Finance Corporation (IFC), Prime Ventures, Partech Africa and Visa.

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Orange is the biggest mobile operator in Mali with over 59% market share at the end of September 2023, according to statistics from market research company Omdia. Second-placed Moov Africa Mali had almost 37% market share and Telecel Mali accounted for just under 4% of mobile subscribers in the country.

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*Top image source: Image by rawpixel.com on Freepik.

— The Staff, Connecting Africa