The project, according to the IFC will create new opportunities for economically disadvantaged people to expand businesses, gain access to cost-effective financial services, and manage risk.
“Through this new $37.4 million partnership, IFC and The MasterCard Foundation will 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 World Bank’s private arm said in a statement.
The project will also help providers to deliver low-cost mobile financial services to low-income customers, it added.
An estimated 5.3 million people in the region are expected to benefit from the partnership, the IFC indicated.
By Ekow Quandzie