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IFC Partners TerraPay to Boost Access to International Remittances in Africa

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To boost access to affordable remittances and support livelihoods and business activity in countries across Africa, IFC announced a financing package for TerraPay, an Africa-focused digital payments provider.

IFC arranged a $75 million financing package for TerraPay, which includes a $30 million loan from IFC’s own account, a B Loan of $15 million provided by asset manager ILX under IFC’s B Loan Program, and a combined parallel loan of $30 million from development finance institutions OP Finnfund Global Impact Fund I and BIO.

The financing will help TerraPay expand its operations by partnering with more global money transfer operators and by increasing the volume of transfers it processes across Africa. The expansion will help reduce the costs, enhance speed, and simplify international remittance transfers.

In Africa, TerraPay customers can send money from 41 countries and receive from 40. African customers can not only send and receive funds within Africa, but also to and from markets across Europe and Asia.

“Our association with IFC goes back a long way and as we continue our journey towards growth, their support continues to be invaluable. This has fueled our mission, enabling us to strengthen our infrastructure, expand our network and invest deeply in technology and solutions that solve real-world problems,” said Ambar Sur, Founder and CEO for TerraPay. “As we deepen our partnership, I look forward to furthering our common vision to boost financial inclusion and accessibility, empowering families, individuals, and businesses across the African continent leveraging our vast global payments network.”

“At IFC, we are committed to creating opportunities for inclusive growth in Africa, including by leveraging digital solutions to bridge financial gaps and improve livelihoods,” said Aliou Maiga, IFC’s Regional Industry Director for the Financial Institutions Group for Africa. “Through this partnership, we aim to support a robust digital payment infrastructure that empowers individuals and small businesses.”

TerraPay streamlines the remittance process by integrating and connecting major markets and money transfer operators such as Western Union, MoneyGram, and Ria, supporting household incomes, small businesses, and contributing to overall economic development.

In 2019, IFC invested $8 million as part of the Series A funding round for TerraPay. The investment announced today aligns with the World Bank Group’ goal of achieving universal access to financial services, which is crucial for improving the lives of disadvantaged and vulnerable populations.

 


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WhatsApp’s Threat to “Leave Nigeria” Diversionary, Must Pay $200m Fine- FCCPC

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Federal Competition and Consumer Protection Commission (FCCPC) has responded to reports that WhatsApp may exit Nigeria following a recent $220m fine imposed on its parent company, Meta.

WhatsApp’s Threat to “Leave Nigeria” Diversionary, Must Pay $200m Fine- FCCPC

The commission views WhatsApp’s “strategic move” as aimed at influencing public opinion and potentially pressuring the regulatory body to reconsider its decision.

The FCCPC insisted that the fine and an accompanying order followed a thorough investigation into Meta Platforms and WhatsApp for alleged violations of Nigerian consumer protection and data privacy laws.

“The FCCPC investigated Meta Platforms and WhatsApp (jointly referred to as “Meta Parties”) for allegedly violating the Federal Competition and Consumer Protection Act (FCCPA) and the Nigeria Data Protection Regulation (NDPR),” the commission said in a statement released via its X handle on Thursday.

“The Commission found that Meta Parties engaged in multiple and repeated infringements of the FCCPA and the NDPR. These infringements included denying Nigerians the right to control their personal data, transferring and sharing Nigerian user data without authorisation, discriminating against Nigerian users compared to users in other jurisdictions and abusing their dominant market position by forcing unfair privacy policies.

“The final order requires Meta Parties to take steps to comply with Nigerian law, stop exploiting Nigerian consumers, change their practices to meet Nigerian standards and respect consumer rights.

“To deter future violations and ensure accountability for the alleged infringements the FCCPC also imposed a monetary penalty of $220 million.

Addressing concerns about WhatsApp’s potential exit, the FCCPC stated, “The FCCPC’s actions are based on legitimate concerns about consumer protection and data privacy and the order is a positive step towards a fairer digital market in Nigeria. Similar measures are taken in other jurisdictions without forcing companies to leave the market. The case of Nigeria will not be different,” the regulator said.

FCCPC’s reaction comes in response to reports quoting sources at WhatsApp as saying Meta was considering withdrawing certain services from the country as it would be “impossible to provide WhatsApp in Nigeria” under the new conditions.

The regulator’s order requires Meta and WhatsApp to comply with Nigerian law, cease exploiting Nigerian consumers, and respect consumer rights.

Additionally, WhatsApp was directed to stop sharing user data without explicit consent and to enhance user control over data usage.

The investigation against the company reportedly spanned from May 2021 to December 2023, and revealed how the tech giant had engaged in “abusive and invasive practices against data subjects/consumers in Nigeria” over a protracted period.

 

 


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AFREE Social Network App Works with Small Network Availability – Orabiyi

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Dr. Joshua Orabiyi, coordinator of AFREE social media platform has describe the App as uniquely designed and built to work with single bar of any communication network availability.

He added that the App is as well easy to use which makes it user-friendly to literates and illiterates in rural areas.

He stated these at the unveiling of AFREE social network App in Lagos this week. According to him, “AFREE is based on five main objectives of creating this app and they include Assist, Finance, Reward, Empower and Educate.

“To Assist means to help users to grow and learn and be independent. Finance means to ensure that our users are financially independent even if they have no means to be. Reward means we are going to reward those who are committed to growth, learning and self-independent.

“Empower means to empower us to be able to express ourselves, such as opinion but to take cognizant of the laws and ethical standard of the country. To Educate means providing access to new knowledge and skills.

“With a single bar of network on one’s phone AFREE App will work efficiently, it has low data consumption, as well very easy to use as it is designed for both literate and illiterate”.

Orabiyi further said that AFREE came about in 2019 when the founders met in an online game before COVID 19 epidemic and they continued to communicate without knowing each other’s real identity.

“They came together as a result of similar principles and understanding of censorship in social network and media, in April 2023 they decided to create AFREE, an App where every one could express their point of view. They developed the terms of reference but were faced with lack of finance. The parents of one of the creators offered to lend the initial capital on the condition that part of the revenue will be used to help people especially in Africa,” he said.

Speaking on protection of intellectual property on the platform, Orabiyi said: “In the social media space there are rules and laws, in some cases it is not as easy to fight piracy or copyright infringement on the social media space because it is unlimited environment. It is difficulty to find out who is the culprit. Not everybody has his/her real face attached to his identity on the internet.

“For those, who have their names attached to social media platforms they will not engage in copyright infringement, because if they do the law will catch up with them.

Until a case is reported, we don’t have the right to infringe on users right for doing one thing or the other,” he said.


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ALX Received Most Innovative EdTech Company @Titans of Tech Awards

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ALX, Africa’s leading tech career accelerator with physical hubs in eight African countries, including Nigeria, has won the Most Innovative EdTech Company of the Year award at the 20th anniversary of the Titans of Tech Awards. This prestigious accolade highlights ALX’s commitment to advancing technology learning and innovation in Africa.

The award was presented during the Titans of Tech Awards ceremony, following a Tech Conference and Expo, where ALX actively engaged with participants to highlight its innovative programs.

The event brought together leaders and stakeholders from various sectors, celebrating the achievements and innovations shaping the future of technology on the continent.

The Titans of Tech Awards, also known as Nigeria’s Tech Industry Grammy, recognises the high-tech industry’s most prominent movers and shakers, including pioneers and innovators.

Seun Babajide-Duroshola, Country Marketing Manager for ALX Nigeria expressed the company’s gratitude, stating, “We are deeply honoured to receive this award. It demonstrates our team’s hard work and dedication to contributing to innovation in the tech industry over the years. We thank the organisers for recognising our efforts and providing us with a platform to continue inspiring and equipping young Africans with the skills they need to succeed.”

Seun Babajide-Duroshola, emphasised ALX’s ongoing mission, saying, “ALX remains committed to providing millions of young Africans with opportunities to develop their personal and professional lives through quality and industry-standard tech programs. This recognition reinforces our resolve to continue creating impactful learning experiences and supporting the growth of the tech ecosystem across Africa.”

According to organisers of the Titans of Tech Global Awards, ALX Africa’s commitment to empowering tomorrow’s leaders through access to advanced digital skills that are critical to future employability and entrepreneurship is truly commendable.

Don Pedro Aganbi, Convener, TOTA 2024 cited that “ALX has consistently extended its reach across the continent in furtherance of this goal. The company is happy to partner with others in this quest.

The recent half a million dollars collaboration with Patoranking Foundation to empower tomorrow’s tech disruptors and innovative community leaders with the most in-demand hard and soft skills to solve the problems of the continent and beyond is a humongous step in the right direction.”

With a community of over 200,000 members across Nigeria, ALX is a hub for the development of tech talent, providing world-class learning opportunities with programmes such as the Artificial Intelligence Career Essentials (AICE), Virtual Assistant Programme, ALX Founders Academy, Data Analytics, Data Science, AWS Cloud Computing, Software Development and many more offerings.

As ALX continues to expand its reach and impact, the organisation remains dedicated to its vision of empowering the next generation of African leaders and innovators.

The Titans of Tech award for the Most Innovative EdTech Company marks a significant milestone in ALX’s journey, reflecting its unwavering commitment to excellence and innovation in the EdTech sector.


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