TerraPay (IFC-41683)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Aug 5, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
TERRA PAYMENT SERVICES (NETHERLANDS) B.V.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 8.10 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 26, 2019

Disclosed by Bank Jul 1, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The proposed project is an investment of up to US$8.1 million in equity into TerraPay, an Africa focused B2B remittance processing hub for pre-funded small value (US$150) international money transfers. TerraPay’s focus is on delivering remittances to African mobile money operators and banks accounts. IFC investment will be part of a transaction by an investment consortium to acquire the company and fund its expansion. 

IFC's investment will allow TerraPay to execute on its strategy to scale operations as a hub enabling interoperable, real-time, cross-border transactions between MTOs and mobile money operators. By providing pre-funding of mobile transfers as well as faster and cheaper clearing and settlement of international payments, TerraPay will remove a significant barrier for transfers to mobile money accounts, enabling instant payments across interoperable networks of operators. By enabling the electronic low-cost transfer of funds, the Project will encourage a greater share of formal remittance payments and strengthen the link to financial inclusion by enabling recipients to access a wide range of financial and non-financial services through their mobile wallets.

 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Terra Payment Services (Netherlands) B.V. 
Mr. Ambar Sur 
CEO 
+919871132999 
ambar@terrapay.com 
Maanplein 20, Building 8, 2516 CK The Hague, The Netherlands 
www.terrapay.com 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works