The International Finance Corporation (IFC) and the MasterCard Foundation on Monday launched a $37.4-million partnership to improve access to financial services for low-income people in sub-Saharan Africa.
The partnership would allow the IFC, a member of the World Bank group, and the MasterCard Foundation to help microfinance banks expand more rapidly and develop new products and cost-effective delivery channels, while expanding coverage in new, often hard-to-reach locations.
The project, which is the IFC’s largest partnership with a private foundation, would also help financial service providers to deliver low-cost mobile services to low-income customers.
The IFC VP for business advisory services, Nena Stoiljkovic, said through the partnership, the corporation hoped to build on the recent economic momentum and stability in many African economies and create opportunities for economically disadvantaged people to expand businesses, gain access to cost-effective financial services and manage risk.
There are about 5.3-million people that were unbanked in sub-Saharan Africa.
Source: Engineering News