MasterCard

pending

The proposed project is a USD $250 million risk participation facility whereby IFC will share with MasterCard the settlement risk of emerging market banks arising out of their settlement obligations to MasterCard. The facility, which has a five year term, will contribute to the World Bank Group’s universal financial inclusion goal and create greater financial access by increasing the issuance of prepaid, electronic, debit and credit cards and the number of emerging markets financial institutions that can participate in the global MasterCard network. The project is a part of IFC’s collaboration with MasterCard to enhance financial inclusion in emerging markets by extending the reach of low cost, cashless financial services to the unbanked and under-banked customer segments. MasterCard has customers in over 200 countries/territories including in 75 IDA/Fragile and Conflict-affected States which offers huge potential for partnership in delivering innovative financial services in areas of common interest such as this project and the Partnership for Financial Inclusion already in place. The Partnership for Financial Inclusion is a joint $37.4 million initiative between the IFC and The MasterCard Foundation to advance financial inclusion in Sub-Saharan Africa by expanding access to microfinance and developing mobile financial services.