News
IFC Partners TerraPay to Boost Access to International Remittances in Africa
To boost access to affordable remittances and support livelihoods and business activity in countries across Africa, IFC announced a financing package for TerraPay, an Africa-focused digital payments provider.
IFC arranged a $75 million financing package for TerraPay, which includes a $30 million loan from IFC’s own account, a B Loan of $15 million provided by asset manager ILX under IFC’s B Loan Program, and a combined parallel loan of $30 million from development finance institutions OP Finnfund Global Impact Fund I and BIO.
The financing will help TerraPay expand its operations by partnering with more global money transfer operators and by increasing the volume of transfers it processes across Africa. The expansion will help reduce the costs, enhance speed, and simplify international remittance transfers.
In Africa, TerraPay customers can send money from 41 countries and receive from 40. African customers can not only send and receive funds within Africa, but also to and from markets across Europe and Asia.
“Our association with IFC goes back a long way and as we continue our journey towards growth, their support continues to be invaluable. This has fueled our mission, enabling us to strengthen our infrastructure, expand our network and invest deeply in technology and solutions that solve real-world problems,” said Ambar Sur, Founder and CEO for TerraPay. “As we deepen our partnership, I look forward to furthering our common vision to boost financial inclusion and accessibility, empowering families, individuals, and businesses across the African continent leveraging our vast global payments network.”
“At IFC, we are committed to creating opportunities for inclusive growth in Africa, including by leveraging digital solutions to bridge financial gaps and improve livelihoods,” said Aliou Maiga, IFC’s Regional Industry Director for the Financial Institutions Group for Africa. “Through this partnership, we aim to support a robust digital payment infrastructure that empowers individuals and small businesses.”
TerraPay streamlines the remittance process by integrating and connecting major markets and money transfer operators such as Western Union, MoneyGram, and Ria, supporting household incomes, small businesses, and contributing to overall economic development.
In 2019, IFC invested $8 million as part of the Series A funding round for TerraPay. The investment announced today aligns with the World Bank Group’ goal of achieving universal access to financial services, which is crucial for improving the lives of disadvantaged and vulnerable populations.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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