Money movement firm TerraPay is aiming to enhance financial accessibility in Lebanon through a new partnership with Suyool, a licensed financial ecosystem regulated by Banque du Liban.
Through the new partnership, TerraPay and Suyool are aiming to address the growing demand for fast, secure, and convenient remittance services in Lebanon.
Lebanon remains heavily reliant on remittances, with over $6.5billion transferred to the country in 2023. This inflow, primarily driven by the Lebanese diaspora, highlights the need for efficient financial services that can cater to both banked and unbanked populations. As a response to this necessity, Suyool is dedicated to providing an advanced digital wallet solution that facilitates not only local and international payments but also supports financial inclusion for unbanked individuals.
Arz El Murr, founder and CEO of Suyool, said: “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.”
Suyool gains access to TerraPay’s extensive network covering over 144 receiving countries, 210 sending countries, 3.7 billion mobile wallets, 7.5 billion bank accounts, and more than 12 billion cards, enhancing the efficiency and reliability of remittances. Suyool can now expand its remittance services for both inbound and outbound transactions, ensuring financial services are accessible to all.
Bolstering cross-border remittances
The remittance corridors into Lebanon remain robust, particularly from the USA, Gulf region, and Europe, which are vital for Lebanese families reliant on financial support from abroad.
With around 20 per cent of Lebanon’s population unbanked, Suyool is positioned to serve this demographic effectively, making financial services accessible through its mobile app.
Ambar Sur, founder and CEO at TerraPay, said: “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.”
