TerraPay partners with LuLu International Exchange to power real-time cross-border transfers from UAE to key global markets
TerraPay, a global payments infrastructure company, today announced the partnership with LuLu International Exchange, part of the LuLu Financial Group- a leading global financial services provider. This strategic collaboration will enable LuLu's customers to network key global corridors such as USA, Canada, the subcontinent countries, key African countries like Kenya, Tanzania, Ghana, Uganda, Nigeria, China, Vietnam, Indonesia, Europe with SEPA payments and the United Kingdom to receive secure and low-cost cross-border money transfers from UAE. This partnership will allow TerraPay to access LuLu Exchange's 5 million+ customer base.
According to World Bank report, UAE was the second-largest source of remittances globally in 2020, followed by Saudi Arabia. LuLu international exchange, with one of the largest network of agents and an impressive base of captive customers using the LuLu Money app, remains at the forefront of cross-border remittances in the Middle East region.
Commenting on the relationship, Saurabh Ranjan, Regional Director, Middle East, TerraPay, said," We are delighted to partner with LuLu International Exchange. Our partnership with LuLu opens instant bank and mobile wallet payment facilities to key corridors in Africa, Europe, Americas and Asia adding greater coverage and efficiency to LuLu Money, through LuLu Exchange's retail or digital channels. Through this association, LuLu customers will be able to access instant/same day credit to UK, Asia, Europe and Africa with no backend or hidden charges. Our alliance is another example of the impact our digital interoperable payment network has across regions. We are driving greater access to financial services globally for all our partners and customers"
Speaking about the partnership Adeeb Ahamed, Managing Director, LuLu Financial Group commented," We are pleased to partner with TerraPay. TerraPay's extensive global payments network partners and infrastructure will play an instrumental role in facilitating cross-border remittance flows securely, transparently, efficiently, and in real-time. We believe in collaborative partnerships and application of technology and we are committed to provide instant, reliable and cost-effective payments to our customers "
Both the companies will work together to drive real-time digital remittances, foster financial inclusion, and drive the adoption of cashless payments.