IFC, MasterCard in $37.4m partnership to expand financial services in sub-Sahara Africa

The International Finance Corporation (IFC) and the MasterCard Foundation on May 7, 2012 launched a partnership to increase access to financial services in sub-Saharan Africa.

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