TerraPay has joined forces with Suyool, a licensed financial ecosystem approved by Banque du Liban.
This partnership is set to revolutionize the way money is sent and received across Lebanon, addressing the growing demand for quick, secure, and accessible remittance services.
Lebanon heavily relies on remittances, with over $6.5bn flowing into the country in 2023, predominantly from its widespread diaspora. This significant amount highlights the vital need for effective financial services that cater to both banked and unbanked citizens. Suyool steps up to this challenge by introducing a sophisticated digital wallet that not only simplifies local and international transactions but also fosters financial inclusion for those without bank accounts.
With TerraPay’s extensive global network, Suyool can enhance its remittance capabilities significantly. TerraPay connects to 144+ receiving countries, 210 sending countries, 3.7 billion mobile wallets, 7.5 billion bank accounts, and over 12 billion cards. This expansive reach means Suyool can now offer improved remittance services for both inbound and outbound transactions, making financial services more accessible to everyone.
The CEO of Suyool, Mr. Arz El Murr, commented on the partnership: “By partnering with TerraPay, we are able to enhance our service offerings and meet the growing needs of our users. This collaboration will allow us to facilitate faster, more secure transactions, helping to bridge the financial gap for many in Lebanon.”
The remittance channels into Lebanon remain robust, particularly from the USA, Gulf region, and Europe. These corridors are crucial for Lebanese families dependent on financial support from abroad. With around 20% of Lebanon’s population unbanked, Suyool is well-placed to address their needs effectively, ensuring financial services are within reach through an easy-to-use mobile app.
Ambar Sur, Founder & CEO at TerraPay, shared his views on the collaboration: “This collaboration deepens TerraPay’s footprint in Lebanon, where there is a strong demand for efficient remittance solutions. Together with Suyool, we are committed to driving financial inclusion and providing reliable payment options to all users. This partnership comes at an exciting time for wallet providers, as we have recently launched the Wallet Interoperability Council to enhance interconnectivity and interoperability for multiple cross-border transaction types, including remittances and merchant payments using wallets.”
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