48348 - Onafriq Debt

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Summary of Investment Information

Project Number

48348

Company Name

Onafriq Mauritius Limited

Date SPI Disclosed

May 14, 2024

Country

Africa Region

Region

Africa

Projected Board Date

Jun 18, 2024

Environmental Category

C - No Impact

Status

Hold

Last Updated Date

Feb 26, 2026

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Sector

Money transfer, remittances

Project Description

The proposed project consists of a US$-denominated senior secured debt package of up to US$50 million to Onafriq Mauritius Limited (the “Company”), a financial technology (fintech) company, to finance part of its permanent working capital (the “Project”).

Associated Advisory Engagement

Sponsor / Cost / Location

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Senior Loan	Loans & QL - Fintech
Syndications	Loans & QL - Fintech

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

Improved quality and affordability of remittances: Remittances are a critical source of finance for families and economies in low- and middle-income countries and a proven channel for poverty reduction. IFC anticipates that the Project will support the growth of one the leading payment aggregators in Africa, which plays an active role in the digitization and instant settlement of remittances. The Company facilitates digital transactions by enabling MTOs, MMOs, and banks in ‘send’ and ‘receive’ markets to process cross-border money transfers in a cost-efficient, real-time and reliable way. A shift of remittance flows from a cash-based system involving high-cost transactions to digital channels has the potential to significantly lower costs and improve financial inclusion of the recipients of remittances. Competitiveness: IFC anticipates that the Project will foster market development by enabling the digitization of product offerings and a greater competition among companies in the remittance business, in particular, to and between African countries.

Financing structure: The proposed financing will fund part of the Company’s permanent working capital, critical to support the growth of remittance volume, and extend the debt maturity profile of the Company. Resource Mobilization: IFC will mobilize funding from other investors, allowing the Company to diversify its pool of lenders, and ensuring an efficient execution as all lenders will share the same terms.

E&S Category Rationale / Risks and Mitigation

This is a Category C Project according to IFC’s Policy on Environmental and Social (E&S) Sustainability, as IFC’s E&S due diligence indicates that the Project involves a low level of E&S risks. The Company uses leased and sublet offices to conduct its business. It offers a digital payments platform for cross-border transfers through financial institutions and large corporations. The Company is in the process of developing an E&S management system, covering IFC Performance Standards (PS) requirements. While all IFC PSs are applicable to this Project, the Project’s key E&S risks are related to the management of labor and working conditions. Therefore, E&S risks must be managed in a manner consistent with IFC PS 1 and 2. IFC will require the Company to implement policies and procedures, especially for managing human resources, including contracted employees, consistent with IFC's PSs and local legislation. The Company will also be required to notify IFC in the event of any significant E&S incidents and to inform IFC of any changes in nature or scope of its business.

Contacts

For Inquiries About the Project, Contact

Onafriq UK Holdings Limited on behalf of Onafriq Mauritius Limited
Frannie Tyner
Director, Corporate Development
N/A
frannie.tyner@onafriq.com
632 Wood Ave, Nairobi, KE
https://www.onafriq.com/

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Fax: 202-974-4384

Local Access of Project Documentation

Golden Kapopo

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

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CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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