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    HomeEcosystem NewsBII Commits $20M to TerraPay to Boost Financial Inclusion in Africa

    BII Commits $20M to TerraPay to Boost Financial Inclusion in Africa

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    In a significant move aimed at enhancing financial resilience and inclusion in Africa, British International Investment (BII) has pledged $20 million to TerraPay. The global cross-border payments processor is known for its role in connecting traditional transfer operators and fintech companies with some of the largest mobile money operators on the African continent.

    The cost of remittances in sub-Saharan Africa is currently the highest in the world, making it imperative to reduce these costs to increase the flow of capital into the region. Chris Chijiutomi, Managing Director and Head of Africa at BII, emphasized the importance of this investment: “Our investment will support an increased volume of remittance transactions into Africa, by pre-funding over $1 billion worth of transactions per year. Sending money to Africa is expensive. That is why our investment in TerraPay is critical to help increase the availability of lower-cost, efficient, accessible, and reliable remittances. This aligns with our goal to support resilient financing and improve economic opportunities on the continent.”

    Suresh Samuel, Managing Director and Head of Fintech at Lendable, expressed similar sentiments, highlighting the collaboration’s potential to drive global digital payment initiatives: “We continue to believe in the importance of increasing digital payments globally and are excited to work with BII in furthering support to TerraPay to expand this mandate.”

    TerraPay recently achieved a significant milestone by being granted a Major Payment Institution (MPI) License under the Payment Services Act 2019 by the Monetary Authority of Singapore (MAS). This license solidifies TerraPay’s position as a leading player in the cross-border payments sector. With 11 licenses and 19 regulatory approvals across 30 global markets, TerraPay is well-positioned to redefine the payment landscape.

    Founded in 2015 by Ambar Sur, Ram Sundaram, Aniruddha Sane, and Akbar Hussain, TerraPay simplifies global money movement by providing a single connection to the most expansive cross-border payments network regulated in 30 global markets. The company enables payments to 144 receiving countries, 210+ sending countries, 7.5 billion+ bank accounts, and 2.1 billion+ mobile wallets. TerraPay’s mission is to connect a borderless financial world, making money movement instant, reliable, transparent, and fully compliant.

    TerraPay supports a wide range of global businesses, including banks, fintech companies, money-transfer operators, travel businesses, creator economy platforms, and e-commerce marketplaces, while driving financial inclusion in even the most inaccessible markets. Headquartered in London, TerraPay has global offices in Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, The Hague, Dakar, Johannesburg, Nairobi, Milan, and Singapore. The company has received funding from leading investors such as the IFC (World Bank), Prime Ventures, Partech Africa, and Visa.

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