Original disclosure @ IFC website
Updated in EWS Jul 26, 2019
Disclosed by Bank Jul 1, 2019
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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.
Terra Payment Services (Netherlands) B.V.
Mr. Ambar Sur
Maanplein 20, Building 8, 2516 CK The Hague, The Netherlands
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