The International Finance Corporation (IFC) and the MasterCard Foundation have joined forces in a $37.4 million project to bring financial services to some 5.3 million people in Sub-Saharan Africa. The project will help microfinance banks in the region expand more rapidly, particularly in remote areas; develop new products and delivery channels; and provide low-cost mobile services to low-income customers. The project, IFC’s largest with a foundation, will also create new opportunities for economically disadvantaged people to develop businesses.

The project builds on the growing presence of both partners in the microfinance sector and particularly in Africa. Part of the World Bank Group, IFC is now among the world’s top three investors in microfinance and has supported, with either resources or advice, pioneers in mobile financial services such as WIZZIT in South Africa, MTN in Nigeria and Airtel in Madagascar. The MasterCard Foundation, for its part, is becoming increasingly prominent in microfinance, particularly in Sub-Saharan Africa, since its founding in 2006, having forged partnerships worth more than $230 million.

For more information
http://mastercardfdn.org
http://www.ifc.org