TerraPay, which recently received financial backing from the International Finance Corporation (IFC), announced this week a new relationship with Enza, another payment technology business.

The two fintechs announced that their strategic alliance would transform Africa's payments ecosystem with the goal of accelerating financial inclusion.

Enza executive director Andrew Key commented on the relationship, saying: "We are particularly excited about the role the partnership will play in transforming the experience of businesses across Africa, bringing many of them into the formal financial ecosystem for the first time."

Similarly, Ani Sane, TerraPay's co-founder and chief business officer, said: "This will be a further step towards enabling true financial inclusion, by empowering transactions that can change lives, irrespective of size or volume."

To increase access to affordable remittances in African countries, IFC this week announced a financing package for TerraPay.

According to the IFC, IFC says the financing would allow TerraPay to expand its operations by partnering with new global money transfer operators and increasing the volume of transfers processed across Africa.

The expansion will help reduce the costs, enhance speed, and simplify international remittance transactions, IFC said.