PROJECT

Projects

Summary of Investment Information

Project Number

41683

Company Name

TERRAPAY HOLDINGS LIMITED

Date SPI Disclosed

Jul 1, 2019

Country

Africa Region

Region

Africa

Projected Board Date

Aug 5, 2019

Environmental Category

C - No Impact

Status

Active

Last Updated Date

Jun 12, 2021

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Aug 1, 2019
Signed : Sep 18, 2019
Invested : Feb 27, 2020

Sector

Switching, switches

Project 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.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation