Mastercard and World Bank Group launch $500 million global risk facility to expand financial access - Frontier Africa Reports
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Mastercard today announced the launch of a new $500 million global settlement exposure facility in partnership with International Finance Corp., a member of the World Bank Group focused on the private sector, to accelerate inclusive economic growth by extending digital payments and financial services to underserved populations. This builds on the recent announcement by the IFC to support the growth of secure, accessible financial services in emerging markets. Building on the organizations' prior collaborations, the launch reflects a broader joint ambition to launch scalable models that connect capital, technology, and distribution capabilities to bring more people into the formal economy, support micro-, small and medium-sized businesses, and accelerate digitalization. The facility will help financial institutions in emerging markets participate in the Mastercard network seamlessly. It's designed to enable cost-effective access to modern payment infrastructure while maintaining strong risk management standards. "At a time when economic uncertainty, digitization and shifting global dynamics are widening the gap between those connected to the digital economy and those still left outside it, expanding access to trusted financial services has never been more urgent," said Jon Huntsman, vice chairman and president, Strategic Growth at Mastercard. "Mastercard's strategy is...
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