TerraPay & Suyool partner to enable instant money transfers in Lebanon

By Gloria Methri

TerraPay has partnered with Suyool, a licensed financial ecosystem regulated by Banque du Liban, to enhance financial accessibility in Lebanon. This collaboration is set to transform how Lebanese residents send and receive money, addressing the pressing demand for fast, secure, and convenient remittance services.

Lebanon has long been reliant on remittances, with over $6.5 billion transferred to the country in 2023. This inflow, primarily driven by the Lebanese diaspora, underscores the critical need for efficient financial services that can cater to both banked and unbanked populations.

As a response to this necessity, Suyool provides an advanced digital wallet solution that facilitates local and international payments and supports financial inclusion for unbanked individuals.

Suyool gains access to TerraPay’s extensive network, which covers over 144+ receiving countries, 210 sending countries, 3.7 billion mobile wallets, 7.5 billion bank accounts, and more than 12 billion cards. This enhances 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.

Arz El Murr, Founder & CEO of Suyool, added, “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 corridors into Lebanon remain robust, particularly from the USA, Gulf region, and Europe. These corridors are vital for Lebanese families reliant on financial support from abroad. With around 20% of Lebanon’s population unbanked, Suyool is positioned to serve this demographic effectively, making financial services accessible through its intuitive mobile app.

Ambar Sur, Founder and CEO of 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.”

This partnership between TerraPay and Suyool represents a pivotal development in the financial landscape, enabling simplified global money movement in the region.