IFC private sector financing in MEA hits record US$10.4b

MEA – The International Finance Corporation (IFC), a member of the World Bank Group provided record financing in the fiscal year 2021 in the Middle East and Africa to help thousands of small businesses access finance, connect people and businesses to reliable digital infrastructure, trade and services, and help to meet critical health needs amid the COVID-19 pandemic with the financing reaching US$10.4 billion. IFC’s financing included short-term finance (US$2.9 billion) and mobilization (US$4.2 billion), with 70 percent of IFC’s own account financing going to low-income and fragile and conflict-affected…

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Coris Bank secures US$23m investment from ITFC for improvement of access to finance SMEs

BURKINA FASO – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, continues its ongoing commitment to strengthen private sector development in Burkina Faso through its latest Murabaha financing agreement with Coris Bank International (CBI). The €20 million (US$23.65m) agreement is part of the West Africa SMEs Program, a flagship program of ITFC aimed at improving access to finance for SMEs in the region by providing them, as well as partner banks, with credit and capacity building facilities. It is estimated that SMEs…

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Kenya’s payments firm Cellulant launches its platform for SMEs and large businesses in Nigeria

NIGERIA – Cellulant, the Kenyan-based payments firm has rolled out a new digital payment platform for SMEs and large businesses in Nigeria. The company has unified its offering into Tinng, a digital payments platform enabling businesses to seamlessly accept payments from their customers conveniently and affordably. Tingg aims to boost growth for businesses by standardizing the payment experience for the end-user and simplifies the tools and processes for a merchant to manage their collections. Tinng was launched back in 2019. The all-in-one, multi-functional consumer super app lets users pay for…

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Polaris Bank launches new digital bank in line with acceleration of e-payment services

NIGERIA – Polaris Bank Limited, a commercial bank based in Nigeria, has disclosed in a statement the launch of a new digital bank. The bank said this was necessary with the rising opportunities in the e-payment systems accelerated by the COVID-19. “Feelers indicate that the bank’s new digital bank, which has for some time been in test mode among its staff and customers, is set to grow its market share, targeting a new generation of digital natives and immigrants who are socially and financially aware of innovations in self-service and…

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FirstBank launches ATM without physical interactions FastTrack ATM

NIGERIA – FirstBank of Nigeria Limited, a premier commercial bank, has launched the FastTrack ATM, a Next Generation ATM and first of its kind in Africa, designed to promote financial activities on the ATM devoid of any form of physical interaction with the machine. The introduction of the FastTrack ATM which is done in partnership with Inlaks enables customers carry out cash withdrawals without having to touch the interface of the ATM. With the FastTrack ATM, widely referred to as Touchless Solution, the customer carries out the transaction by using…

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