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Project to provide microfinance access to more than five million

The IFC and The MasterCard Foundation’s new partnership will look to provide people in Sub-Saharan Africa with access to financial services. (Image source: World Bank Photo Collection)

The International Finance Corporation (IFC) has teamed up with The MasterCard Foundation to launch a project to provide 5.3 million people in Sub-Saharan Africa access to financial services

The US$37.4 million partnership between the Mastercard-supported microfinance organisation and World Bank Group member IFC will focus on creating opportunities for economically-disadvantaged people giving them access to financial services and advising them on managing risk.

“This partnership leverages IFC’s global expertise, local knowledge, and client networks to promote greater financial inclusion,” said IFC vice president for business advisory services Nena Stoiljkovic.

“It will help IFC clients do more for low-income customers in Africa.”

According to the two organisations behind the project, it will assist microfinance banks to expand more rapidly and enable them to develop new products, while also expanding coverage in hard-to-reach locations.

The project will also help providers deliver low-cost mobile financial services to low-income customers.

“Disadvantaged people derive real benefits from having more control over their finances, and our partnership with IFC will help bring responsible financial services to a significant number of people in Sub-Saharan Africa,” said The MasterCard Foundation president and CEO Reeta Roy.

“As we scale institutions and support new mobile financial service opportunities, this partnership will also create knowledge that will be invaluable in promoting greater financial inclusion,” Roy added.

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