Colombia’s Nequi taps TerraPay for international remittances
Nequi, a financial mobile banking app from Bancolombia, has tapped the UK-based payments infrastructure firm TerraPay to equip its customers in Colombia with a wider remittance network.
Nequi taps TerraPay for international remittances
The partnership will extend its network to over 200 countries while reducing the amount of time and cost of receiving funds internationally. TerraPay is currently registered and regulated across 29 of those countries.
The pair announced the partnership at this year’s Money20/20 USA in Las Vegas, saying that it builds upon their “shared values” for financial inclusion and accessibility while affording Nequi’s customers greater autonomy over their finances.
Delivered by one of the largest commercial banks in Colombia, the Nequi app facilitates a variety of digital financial services, including online bank accounts, digital wallets and the ability to complete utility payments, and claims to currently have 17.5 million users.
María del Pilar Correa, Nequi’s chief product officer, says that the partnership will “further empower Colombians to better manage their money” alongside the app’s promotion of financial management through its corresponding services.
Ambar Sur, CEO and co-founder of TerraPay, adds that the aim of the partnership will be “to ensure users of the Nequi app have affordable access to traditional cross border payments or remittances channels” as the company continues to eye up opportunities for international expansion.
