DFF - TPay Mobile



Project number:


Business sector:

Telecommunications, Media and Technology

Notice type:


Environmental category:


Approval date:

04 May 2021



PSD disclosed:

18 May 2021

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

The proceeds of the Bank's investment will be used to finance TPay Mobile FZ LLC Group's working capital needs in Turkey and Egypt.

Project Objectives

The project is consistent with the Bank's Strategy for Turkey, the Bank's Strategy for Egypt, and the Bank's Sector Strategy for Information and Communication Technologies.

Transition Impact

ETI score: 60

The DFF SME framework primarily targets the "competitive" quality by helping SMEs to restructure and become more efficient or professional. Sub-projects can target any of the other transition qualities as the secondary objective. This project contributes to the "competitive" and "integrated" qualities.

Client Information


TPAY Mobile FZ LLC (the "Borrower", "Company", "TPAY" or the "Group" together with subsidiaries) provides a full service, end-to-end payment solution that makes it easy for digital service providers to access and accept payments from consumers in 27 countries across Middle East and Africa, and in Turkey (including countries where the EBRD invests such as Egypt, Turkey, Tunisia, Morocco). Through a single Application Programming Interface (API) integration, local and global merchants can reach and accept payments from more than 600 million customers. By focusing on mobile payments, TPAY offers merchants, operators, developers, and ePayment processors, a payment option that caters to the majority of the population in its markets, including those without a bank account or a payment card, thus also fostering financial inclusion. TPAY is headquartered in the UAE and its services are currently used by over 14 million monthly active users. TPAY's shareholders include Helios Investment Partners, the leading Africa-focused private investment firm, and A15, the Middle East's leading tech-focused VC fund.

EBRD Finance Summary

USD 7,000,000.00

A senior secured amortising term loan amounting to up to USD 4.0 million, with 3-year tenor and an additional uncommitted senior secured loan amounting to up to USD 3.0 million (the "Facility") to TPay as a Borrower.

Total Project Cost

USD 7,000,000.00


Financing structure: Small and asset-light companies usually have limited access to reasonable financing terms, whereas the EBRD provides a reasonable structure allowing the company enough flexibility in terms of cash management.

Risk mitigation: TPay is an existing client of the EBRD and this relationship is based on the successful previous experience both sides had, hence the company approached the Bank again for further financing. The new facility allows the Group to have more flexibility and potential when it comes to their expansion plans. With the facility serving the regular working capital needs, the Group will have further free cash that they plan to use to enter new markets.

Environmental and Social Summary

Categorised C under the 2019 Environmental and Social Policy with low risk. The previous appraisal carried out for the client in late 2019 is still applicable for this new project. The previous appraisal was carried out based on the Environment and Sustainability Department's review of the completed Environmental & Social (E&S) Questionnaire and follow up with the client. As a part of this appraisal it was confirmed that E&S issues associated with the client (a mobile phone payment system provider) are limited. The company has human resources and occupational health and safety policies in compliance with national law and in line with EBRD Performance Requirements (PR) 2 and 4. The new project is not associated with any additional risk. The client is required to continue to ensure that the project complies with EBRD PRs as well as submit an annual environmental and social report to the Bank.

Technical Cooperation and Grant Financing


Implementation summary

PSD last updated

18 May 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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