GIMAC, the regional electronic money transfer platform of Central Africa, and TerraPay have signed a strategic partnership agreement that will strengthen the remittances ecosystem in CEMAC region, according to a press release.

The partnership will enable instant cross border money transfer to bank accounts and mobile wallets in the CEMAC zone, comprising of Cameroon, Republic of Congo, Gabon, Equatorial Guinea, Central African Republic and Chad.

"TerraPay's collaboration with GIMAC is part of the company's long-term strategy to enable interoperability and to democratize financial services in Africa," Ambar Sur, founder and CEO of TerraPay, said in the press release. "Our partnership would aid in realizing a vision for low-cost and convenient money transfers to the CEMAC region and accelerate the creation of an ecosystem to deliver essential value to stakeholders and consumers alike."