Johannesburg, South Africa, September 7,
2016—IFC, a member of the World Bank Group, together with The MasterCard
Foundation today launched the Digital Financial Services and Risk Management
Handbook to support the expansion of mobile money and agent banking to
increase financial inclusion.
The last decade has seen a wave of innovative financial services aimed
at reaching low-income individuals, micro-entrepreneurs and rural populations
in developing countries. This has resulted in a remarkable rapid expansion
of financial inclusion in countries such as Kenya, Tanzania and Uganda,
and is making an important contribution to the goal of reaching Universal
Financial Access by 2020.
The many opportunities provided by ground-breaking technology and innovative
business models, however, also bring new risks. Many attempts at launching
mobile money and agent banking struggle or fail. To support the continuing
expansion of financial inclusion through well-designed and well-functioning
digital financial services, IFC and The MasterCard Foundation have produced
a practical handbook for financial industry practitioners.
Ann Miles, Director of Financial Inclusion and Youth Livelihoods at The
MasterCard Foundation, said, “The financial services industry in developing
countries has done significant work in the past few years on new ways to
best serve remote or excluded people with the financial services they want
and need. We’ve now distilled those lessons learned and developed some
day-to-day, practical do’s and don’ts about mobile money and agent banking,
advice that we think practitioners will find timely and useful.”
The Digital Financial Services and Risk Management Handbook is a knowledge
product of the Partnership for Financial Inclusion, a joint initiative
of IFC and The MasterCard Foundation to expand financial inclusion in Sub-Saharan
Africa. It’s written for use by microfinance institutions, banks, mobile
network operators and payments service providers that are implementing
digital financial services.
Riadh Naouar, head of IFC Financial Industry Group Advisory Services in
Africa, said, “We have worked closely with a range of mobile money providers
to ensure this handbook is hands-on and helpful. Digital Financial Services
is a nascent and fast evolving industry with many risks, but by working
together we can change the financial landscape in Africa to include everyone.”
The handbook is available in pdf format online,
free of charge. A limited number of hard copies are available for financial
intermediaries, and can be requested by email from Anna Koblanck on email@example.com.
About The MasterCard Foundation
The MasterCard Foundation works with visionary organizations to provide
greater access to education, skills training and financial services for
people living in poverty, primarily in Africa. As one of the largest private
foundations, its work is guided by its mission to advance learning and
promote financial inclusion to create an inclusive and equitable world.
Based in Toronto, Canada, its independence was established by MasterCard
when the Foundation was created in 2006. For more information and to sign
up for the Foundation’s newsletter, please visit www.mastercardfdn.org.
Follow the Foundation at @MCFoundation on Twitter.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in emerging markets. Working
with 2,000 businesses worldwide, we use our six decades of experience to
create opportunity where it’s needed most. In FY16, our long-term investments
in developing countries rose to nearly $19 billion, leveraging our capital,
expertise and influence to help the private sector end extreme poverty
and boost shared prosperity. For more information, visit www.ifc.org