Marhaba,
Victoria from Techpoint here,
Here’s what I’ve got for you today:
- INTERPOL busts Nigerian network fraud ring
- TerraPay got $95M in debt financing
- South Sudan gets Starlink
INTERPOL busts Nigerian network fraud ring
The International Criminal Police Organisation (INTERPOL) has taken down a Nigerian network involved in recruiting money mules and laundering funds from online fraud victims across Europe.
Per BusinessDay, the operation identified over 25 syndicate members, revealing large transfers to Nigerian bank accounts and sophisticated money laundering tactics via cryptocurrency.
This global effort targeted West African crime groups like Black Axe, resulting in hundreds of arrests, $3 million in seized assets, and the dismantling of criminal networks worldwide.
For context, Black Axe, a prominent West African syndicate, operates in cyber fraud, human trafficking, drug smuggling, and violent crimes across Africa and beyond.
Operation Jackal III, spanning 21 countries, tackled online financial fraud and resulted in 300 arrests, with 400 additional suspects identified and 720 bank accounts blocked.
In Argentina, Operation Jackal III seized $1.2 million in counterfeit notes, arrested 72 suspects, and froze 100 bank accounts. This network used money mules globally, now under investigation in 40 countries for money laundering linked activities.
Diego Verdun of Argentina’s National Central Bureau highlighted Operation Jackal’s role in combating West African online fraud, ensuring criminals are pursued globally.
The operation’s success follows a June effort in 61 countries, freezing 6,745 bank accounts and seizing assets worth $257 million, reflecting INTERPOL’s relentless pursuit of cybercriminals worldwide.
TerraPay got $95M in debt financing
TerraPay, a UK-based digital payments provider focusing on remittance transfers in Africa, just secured $95 million in debt financing.
They got $75 million from the International Finance Corporation (IFC) and a $20 million loan from British International Investment (BII) through Lendable.
The IFC’s package includes a $30 million loan, a $15 million B Loan, and a combined $30 million parallel loan from OP Finnfund Global Impact Fund I and BIO.
BII’s funding will help TerraPay manage remittance volumes to several African countries like Kenya, Ghana, Egypt, and Uganda.
The fintech plans to expand operations by partnering with major money transfer operators like Western Union, MoneyGram, and Ria, aiming to boost transfer volumes across Africa, cut costs, and speed up transactions.
In July 2023, TerraPay collaborated with Safaricom to let over 32 million M-PESA customers send money to Bangladesh and Pakistan.
This isn’t the first time IFC has invested in the fintech. In 2019, it put $8 million in the company’s Series A funding in 2019. Consequently, TerraPay’s CEO, Ambar Sur, lauded IFC’s long-term support for their growth.
South Sudan gets Starlink
South Sudan’s comms regulator, the National Communications Authority (NCA), has given SpaceX’s Starlink the green light to start operating there.
This move is set to boost Internet access, currently at 12.1%, reaching rural areas.
Customers pay in South Sudanese pounds at agreed dollar rates. Starlink offers four plans from $38.19 to $5,005.40 per month, plus gear like the $296.67 Standard Kit and $2,502.70 High-Performance Kit. All tariffs are approved under local laws.
Plans include Standard, Priority, Mobile, and Mobile Priority, excluding taxes and fees.
Since the watchdog warns against unauthorised imports, citing national laws, the satellite Internet company plans to appoint local distributors.
Starlink, which recently got the nod in Madagascar, Ghana, Zimbabwe, and Botswana has been up and running in over nine countries already, like Nigeria, Rwanda, Malawi, Zambia, Kenya, Sierra Leone, Mozambique, and Mauritius.
Well, while Starlink’s been in South Africa since 2023, the official service date isn’t clear yet.
In case you missed it
- Wema Bank unveils AlatPay to enable instant payment for small businesses
- MTN unfazed by Vodacom’s move to merge with fibre infrastructure company
What I’m watching
- How to Find Meaning in a Meaningless World – Written by Pursuit of Wonder
Opportunities
- Are you a tech professional in Africa? Take a few minutes to fill this questionnaire about your job among others. You also stand a chance at winning 100 Euros.
- Ventures Platform has over 100 job openings across its portfolio companies. Apply here.
- Bubusplug is organising a one-day hybrid event for jobseekers in collaboration with the Young African Leaders Initiative(YALI) Lagos Network July 27, 2024. Apply here.
Have a fun weekend!
Victoria Fakiya for Techpoint Africa.
