TerraPay, bolstered by recent financial backing from the International Finance Corporation (IFC), has announced a transformative partnership with Enza, another prominent player in payment technology. This alliance aims to revolutionize Africa’s payments landscape, accelerating financial inclusion across the continent.
Fintech company MOGO has made a significant investment of Sh1 billion from the US International Development Corporation to promote electric vehicle (EV) adoption in Kenya. The initiative focuses on financing e-bikes and three-wheelers at affordable interest rates, aimed at making various EV brands accessible across Nairobi and beyond.
In a significant move to enhance access to affordable remittances across Africa, the International Finance Corporation (IFC) has unveiled a substantial $75 million financing package for TerraPay, a leading digital payments service focused on the continent. The financing comprises a $30 million loan from IFC’s own account, a $15 million B Loan from ILX under IFC’s B Loan Program, and a parallel $30 million loan from development finance institutions OP Finnfund Global Impact Fund I and BIO.
Zimbabwe’s BARD Santner Incorporated has launched TX Money Transfer, a new remittance platform aimed at enhancing reliability, transparency, and collaboration in the financial sector. The platform seeks to eliminate hidden costs, improve service efficiency, and address long-standing challenges that impact clients.
Exciting News in the Payment Industry! Payaza, a leading African payment solutions provider, unveils its bold rebranding strategy to propel global expansion and innovation.
CPF Financial Services has announced a 5.3% rise in net assets for the year ending December 2023, reaching Sh73.1 billion, up from Sh69.4 billion. This impressive growth is largely driven by strategic investments, particularly in government securities, fixed deposits, and real estate.
Africhange, a leading Nigerian remittance services provider, has expanded its operations with a launch in the United Kingdom (UK), enhancing its global footprint. The platform, accessible via website or mobile app, empowers users to seamlessly send money across borders, initially focusing on corridors between Canada, Nigeria, Australia, and the UK.
Nala, an African remittance startup, has raised a remarkable $40 million in Series A funding, marking one of the largest transactions of its kind in Africa. This round, oversubscribed and led by Acrew Capital, with support from DST Global and other notable investors, underscores confidence in Nala’s vision and growth potential.
