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IFC Partners TerraPay to Boost Access to International Remittances in Africa

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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.

 


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UK Appoints Peter Vowles as British High Commissioner to Nigeria

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The UK Government has announced the appointment of Mr Peter Vowles as the next British High Commissioner to the Federal Republic of Nigeria.

Mr Vowles succeeds Dr Richard Montgomery CMG and is expected to take up his post in Abuja in September 2026. Dr Montgomery remains in post until that time.

Mr Vowles brings extensive diplomatic and development experience to the role, having served as His Majesty’s Ambassador to Zimbabwe from 2023 to 2026 and previously as Ambassador to Myanmar from 2021 to 2022.

He has held senior leadership positions across the FCDO and its predecessor department DFID, including as Transformation Director and Director for Asia, Caribbean and Overseas Territories.

Earlier in his career, Mr Vowles worked in international development across South Asia, Central Africa and East Africa, including postings in Bangladesh, India, the Democratic Republic of Congo and Kenya. He began his career in Zimbabwe, where he worked in education and development.

Peter Vowles said: “I am honoured to be appointed as British High Commissioner to Nigeria. Nigeria is a country of immense importance to the United Kingdom, and I look forward to working closely with Nigerian partners to strengthen our relationship across trade, development and security.”


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Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

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World Bank has ranked the Apapa and Tin Can Island Port complexes in Lagos among the world’s 20 most improved ports in its 2025 Container Port Performance Index (CPPI), released in June 2026.

Nigeria’s Apapa, Tin Can Ports Make Global Top 20 Improvement List

The ranking places both ports in the “Top 20 Port Improvement Since 2020” category, reflecting significant gains in operational efficiency and vessel turnaround time.

The CPPI is a global benchmark used to assess the efficiency of container ports based on factors such as cargo handling speed, ship turnaround time and overall logistics performance.

According to the report, the improvement highlights ongoing reforms and modernization efforts within Nigeria’s maritime sector.

The Managing Director of the Nigerian Ports Authority (NPA), Mr Abubakar Dantsoho, attributed the recognition to ongoing policy reforms and infrastructure upgrades in the sector.

He said the development reflects the impact of economic policies of President Bola Tinubu and the support of the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.

“With the investor-friendly policies of President Bola Ahmed Tinubu providing the impetus for increased investment to drive our port infrastructure and equipment modernisation programme, coupled with the unflinching support of the Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola, we have all it takes to further enhance trade facilitation, improve competitiveness and boost the national economy,” he said.

The NPA said the recognition is expected to strengthen investor confidence in Nigeria’s maritime sector and enhance the country’s position as a regional trade and logistics hub.

It noted that improvements in port operations are already contributing to increased efficiency in cargo movement and reduced delays at key terminals.

The authority also pointed to ongoing efforts to modernise port infrastructure and expand digital systems aimed at improving service delivery.

Earlier in February 2026, the NPA said the federal government had intensified efforts to position Nigeria as a leading maritime destination through port rehabilitation and modernization projects.

It also highlighted public-private partnership initiatives, including developments at the Lekki Deep Sea Port, as part of broader reforms aimed at improving efficiency and attracting investment.

The CPPI ranking is expected to further boost Nigeria’s maritime profile and encourage additional investment in the sector.


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PalmPay Joins Industry Leaders @ Digital Pay Expo 2026

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As digital payment adoption continues to grow across Nigeria and emerging markets, the next phase will depend not just on innovation, but on the strength, reliability, and trustworthiness of the infrastructure behind it.

While the ecosystem has made clear progress in recent years, trust remains a critical issue for users, businesses, and operators alike. Questions around resilience, security, interoperability and transaction reliability continue to shape how the market evolves and how confidently digital payments can scale.

These issues will be central to the deliberations at Digital Pay Expo 2026, where fintech leaders, payment operators, and other ecosystem stakeholders will gather under the theme, “Seamless Digital: Fostering Pan-African Market Expansion in the Era of AI.”

PalmPay’s participation reflects its continued commitment to building trusted and scalable payment infrastructure, while contributing to the broader industry efforts to strengthen systems, standards, and partnerships needed to support long-term ecosystem growth.

Speaking ahead of the event, Olorunfemi Hanson, Head of Marketing and Communications at PalmPay Nigeria, said: “As the financial services ecosystem continues to grow, trust and reliability become even more important.

“The industry’s next phase will be shaped not only by innovation, but by the strength of the infrastructure supporting it. Digital Pay Expo provides an important platform to address the resilience, interoperability, and trust issues that will shape the future of digital payments growth across Africa.”

The event, scheduled to be held from the 17th to the 18th of June, 2026, will feature Chika Nwosu, Managing Director of PalmPay Nigeria, alongside other distinguished guests, including the Director-General, Payment System Management Department (PSMD), Central Bank of Nigeria. The event will examine how the industry can balance innovation, regulation, and scalability while strengthening trust across the digital payments value chain.

For PalmPay, this event reinforces its role in supporting a more resilient, secure and scalable payments ecosystem for Nigeria and emerging markets more broadly.


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