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TerraPay and Al Ansari Exchange Partner to Simplify Money Transfer

Published

6 months ago

May 15, 2024

DUBAI, UAE, May 14, 2024 /PRNewswire/ — TerraPay, a prominent global money movement company, has partnered with Al Ansari Exchange, the largest remittance and foreign exchange company in the UAE and a subsidiary of Al Ansari Financial Services PJSC [DFM: ALANSARI]. TerraPay’s global payment solutions for local payout needs integrated with Al Ansari Exchange’s extensive network expands both organisations scope of operations and improves their capabilities to serve a broader customer base with efficient, secure, and seamless transactions.

With its strong portfolio of financial services and customer-centric approach, Al Ansari Exchange provides its clientele with flexible and reliable remittance options. The latest partnership will allow TerraPay to capitalise on this expertise and expand its presence in the UAE, in line with the company’s strategic objectives of expanding its global footprint and enhancing its offerings.

Ani Sane, Co-founder & Chief Business Officer at TerraPay, commented, “We are thrilled to partner with Al Ansari Exchange, a respected name with a rich heritage in the UAE. This partnership allows us to leverage combined strengths and capabilities. Together, we are prepared to extend our services and better serve customers, making cross-border transactions more seamless and accessible.”

Ali Al Najjar, Chief Operating Officer at Al Ansari Exchange, said, “We are delighted to enter into this strategic partnership with TerraPay, a leading force in global money transfer. This collaboration signifies our commitment to providing our customers with flexible and reliable remittance options. TerraPay’s global network and innovative technology complements our expertise, allowing us to offer a wider range of services.”

The strategic collaboration was unveiled at Seamless Middle East 2024, highlighting how both entities are committed to leveraging technology to enhance the remittance ecosystem. Together, the companies promise to empower clients by enhancing global connectivity, promoting financial inclusion, and driving economic growth in the regions they serve.

About TerraPay:

TerraPay simplifies the movement of money everywhere – providing a single connection to the most expansive cross-border payments network regulated in 31 global markets and enabling payments to 141 receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries for global businesses – ranging from banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with global offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar, Joburg, Nairobi, Milan, Singapore and is expanding rapidly, having received funding from leading investors, including the IFC (the World Bank), Prime Ventures, Partech Africa and Visa.

About Al Ansari Exchange:

Al Ansari Exchange, the subsidiary of Al Ansari Financial Services P.J.S.C. and the largest outward personal remittance and foreign exchange company in the UAE.

Al Ansari Exchange, established in 1966 and licensed by the Central Bank of the UAE, is the UAE’s first exchange company that grown to be the largest outward personal remittance and foreign exchange company in the country with over 256 branches across the Emirates (as of December 2023). With over 4500 multilingual employees, the Company conducts 134 thousand transactions per day (as of December 2023). Al Ansari Exchange has contributed about 40% of the core operating income of exchange houses in the country and constituted 74% of the consolidated net profit for the exchange houses. In terms of contribution to the foreign exchange business, Al Ansari Exchange made up 32% of the income generated by exchange houses as well as 46% of income in the remittance business. Since its founding, the Company has significantly scaled its digital presence through its award-winning app, website and in-branch smart counters, enabling it to capture a 41% share of the digital outward personal remittances market among exchange houses in 2021, according to a report by Edgar, Dunn and Company.