In a groundbreaking move for Colombia’s financial sector, TerraPay, a global leader in cross-border payments, has joined hands with Nequi, a prominent digital financial platform by Bancolombia. This partnership aims to revolutionize the money transfer experience for Nequi’s vast user base of 17.5 million.
A New Era for Remittances in Colombia
Colombians residing abroad often face challenges when sending money back home. Traditional channels can be cumbersome, with long waiting times, high fees, and a lack of transparency. However, this partnership promises to change the narrative.
With TerraPay’s state-of-the-art digital payment infrastructure, Nequi users can now receive money from over 200 countries seamlessly. This means no more long queues or exorbitant fees. The beneficiary doesn’t have to bear any additional charges, ensuring a smooth and cost-effective transaction experience.
Shared Vision for Financial Inclusion
Both TerraPay and Nequi are driven by a common goal: empowering individuals to manage their finances efficiently. This collaboration not only simplifies the transfer process but also promotes financial inclusion. Nequi’s expertise in the financial domain, combined with TerraPay’s innovative payment solutions, ensures that more Colombians have better access to financial products and services.
Ambar Sur, the CEO and Co-Founder of TerraPay, expressed his enthusiasm about the partnership, emphasizing the shared commitment to enhancing the financial experience for Colombians. He highlighted the importance of ensuring affordable access to traditional cross-border payments and transfers.
María del Pilar Correa, CPO of Nequi, echoed these sentiments. She believes that this collaboration will redefine how transfers are delivered, enabling Colombians to manage their finances more effectively and plan for a brighter future.
Founded in 2014 and headquartered in London, TerraPay is on a mission to connect a borderless financial world. With its expansive cross-border payments network, TerraPay facilitates payments to over 120 receive countries and 210 send countries, reaching billions of bank accounts and mobile wallets. The company’s vision is to make money transfers instant, reliable, transparent, and compliant.
Nequi, with its stronghold in Colombia and Panama, boasts over 17 million users, with 12 million being active monthly. The platform is dedicated to enhancing people’s relationship with money, empowering them to achieve their financial aspirations. Nequi offers a plethora of services, from basic transactions like sending and withdrawing money to advanced financial products like loans and debit cards. They also provide non-financial products and services, integrating seamlessly into users’ daily lives.
As the world becomes increasingly interconnected, the need for efficient and transparent financial systems is paramount. The partnership between TerraPay and Nequi is a testament to this evolving landscape. For Colombians, especially those living abroad, this collaboration promises a future where sending money home is not just easier, but also more empowering.