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TerraPay Secures $20 Million Loan From BII To Boost Remittance Flows Into Africa

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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.

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West African Juntas Introduce 0.5% Import Levy on Goods from Nigeria and ECOWAS Nations

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Military juntas in Mali, Burkina Faso, and Niger have instituted a 0.5% levy on imported goods originating from Nigeria and other member states of the Economic Community of West African States (ECOWAS).

This decision is part of their efforts to finance a new union among the three nations, following their departure from the larger regional economic bloc, as stated in an official announcement.

The levy, which was agreed upon on Friday, takes immediate effect and will be applied to all imports from outside the three countries, although humanitarian aid is exempt from this charge.

The statement indicated that the funds generated from this levy will be utilized to support the activities of the newly formed bloc, although specific details were not disclosed.

This development marks the end of free trade within West Africa, a region that has traditionally operated under the ECOWAS framework. It underscores the growing divide between the three northern states bordering the Sahara Desert and more influential democracies to the south, such as Nigeria and Ghana.

Each of the three nations is governed by military juntas that seized power through recent coups in 2023. They formed the Alliance of Sahel States as a security agreement after exiting ECOWAS. Over time, this alliance has evolved into a prospective economic union, with ambitions for enhanced military and financial collaboration, including plans for biometric passports.

Last year, the three countries withdrew from ECOWAS, alleging inadequate support from the bloc in combating Islamist insurgencies and addressing security challenges. In response, ECOWAS imposed a series of economic, political, and financial sanctions on the trio in an attempt to restore constitutional governance, though these measures have had limited success.

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Eid-el-Fitr: Kano Governor donates food items,12 cows to inmates

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Kano State Governor, Abba Kabir-Yusuf, has donated food items and 12 cows to inmates of Custodial Centres in the state to celebrate Eid-el-Fitr.

This is contained in a statement signed by the Public Relations Officer of the Nigeria Correctional Service (NCoS), Kano Command, CSC Musbahu Kofar-Nasarawa on Monday in Kano.

The statement said Kabir-Yusuf made the donation through the Chairperson of the Kano State Committee for the Prerogative of Mercy, Hajiya Azumi Namadi-Bebeji.

The items include 12 cows, bags of rice, vegetable oil, onions and seasonings.

“This is in line with the administration’s commitment to the welfare of inmates and other vulnerable people in the state,” Namadi-Bebeji said.

She noted that the initiative is crucial to successful custodial management, as well as the reformation and rehabilitation of inmates.

Namadi-Bebeji commended the state government for its relentless support and assistance to inmates.

Receiving the items on behalf of the inmates, Mr Ado Inuwa, the Controller of NCoS, Kano Command, thanked the state government for the gesture.

He lauded the government’s unwavering support towards the welfare of inmates that always give them a sense of belonging. (NAN)

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Tinubu Extends Tenure of NIS Comptroller-General Kemi Nandap Until 2026

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President Bola Tinubu has officially approved the extension of Mrs. Kemi Nandap’s term as the Comptroller-General (C-G) of the Nigeria Immigration Service (NIS) until December 31, 2026.

Mrs. Nandap commenced her career within the Nigeria Immigration Service on October 9, 1989, and was appointed as C-G on March 1, 2024, with an initial term set to conclude on August 31.

The announcement regarding Nandap’s tenure extension was made by presidential spokesperson Mr. Bayo Onanuga in a statement released on Monday in Abuja.

In the statement, Onanuga praised Nandap’s accomplishments, highlighting the significant advancements made under her leadership. He noted improvements in border management, the modernization of immigration processes, and enhancements in national security measures.

President Tinubu lauded Nandap for her outstanding leadership and encouraged her to maintain her dedication to the strategic objectives of the Service, which align with his administration’s Renewed Hope Agenda.

Furthermore, the statement emphasized the President’s commitment to supporting the Nigeria Immigration Service in its mandate to safeguard Nigeria’s territorial integrity and ensure safe, legal, and orderly migration.

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