Improving access to cross-border digital payments in Africa

TerraPay is a global payments infrastructure provider that enables instant cross-border remittances to mobile money operators and bank accounts, with a focus on Africa. The company’s solution enables financial intermediaries on the sender side of a remittance transaction to offer instant remittances to their customers by pre-funding the recipient’s account.

ILX invested in a syndicated loan originated by the IFC to support TerraPay’s as it expands its remittance services across Africa and Asia. The financing enables the immediate settlement of digital remittance transfers, while enhancing the affordability, accessibility, and security of remittances. TerraPay expects to reach 23,500,000 new unique final users. During this expansion phase, ILX’s investment helps the company scale towards this target while contributing to reducing the average cost of remittances to African countries from 5.7% to 4.0% by 2027.