World Bank Group Launches Initiative to Help Local Financial Institutions Expand Digital Payments in Emerging Markets
United States, Sept. 9 -- The International Finance Corporation (IFC), a member of the World Bank Group focused on the private sector, has launched a risk-sharing initiative to help banks, fintechs, and other financial institutions in emerging markets expand access to digital payments for consumers and small businesses.In some of these markets, financial institutions are constrained by financial requirements that can limit their ability to participate in global payment ecosystems, leaving millions of people and local merchants reliant on cash and cut off from the convenience, safety, and efficiency digital payments can provide.The new IFC initiative addresses this gap directly, initially providing up to $700 million in guarantees to cover a...
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