Colombia’s Nequi taps TerraPay for international remittances

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.