British International Investment (BII) has provided a $20 million senior secured loan to TerraPay, a global cross-border payments processor focused on remittance transfers into Africa. This investment aims to reduce remittance costs, increase capital flow into Africa, and enhance financial resilience.
TerraPay’s network connects traditional money transfer operators like Western Union and digital-only fintechs such as Wise with major mobile money operators in Africa, including M-Pesa, MTN Mobile Money, and Airtel Mobile Money. By enabling real-time, lower-cost digital money transfers, TerraPay addresses the high transfer fees and slow settlement experienced by the African diaspora.
The funding from BII will be used to pre-fund the growing volume of remittance transactions to Africa, with a focus on key corridors such as Kenya, Ghana, Egypt, Uganda, Tanzania, Cameroon, Mali, Benin, Côte d’Ivoire, Senegal, and Mozambique. BII’s investment will contribute to the lower costs, increased speed, improved reliability, and accessibility of remittance transfers, promoting financial inclusion in the region.
Chris Chijiutomi, Managing Director and Head of Africa at BII, highlighted the importance of affordable and reliable remittances for Africa, stating that the investment in TerraPay aligns with their goal of supporting resilient financing and improving economic opportunities on the continent.
Suresh Samuel, Managing Director and Head of Fintech at Lendable, which supports TerraPay, expressed their continued belief in the significance of digital payments and their excitement to collaborate with BII in expanding support for TerraPay’s mission.
By providing financial backing to TerraPay, BII aims to make remittance transfers into Africa faster, cheaper, and more accessible, contributing to the economic development and well-being of the continent.
