- Nequi, a mobile banking app from Bancolombia, has partnered with the UK-based payments infrastructure company TerraPay to expand its remittance network for customers in Colombia.
- The collaboration will broaden Nequi’s network to over 200 countries, making international fund transfers more efficient and cost-effective. TerraPay is regulated and registered in 29 of these countries.
- The partnership was announced at Money20/20 USA in Las Vegas and is driven by their shared values of financial inclusion and accessibility, providing Nequi customers with more control over their finances.
- Nequi, backed by one of Colombia’s largest commercial banks, offers various digital financial services, including online accounts, digital wallets, and utility payment capabilities, and currently serves 17.5 million users.
- María del Pilar Correa, Nequi’s Chief Product Officer, believes that the partnership will empower Colombians to manage their money more effectively in line with the app’s financial management services.
- Ambar Sur, CEO and co-founder of TerraPay, aims to ensure that Nequi app users have affordable access to traditional cross-border payment and remittance channels, as the company explores opportunities for international expansion.
