World Council of Credit Unions (WOCCU) yesterday launched a new initiative that allows credit unions in emerging markets to test innovative digital products and solutions that could benefit members and attract new customers.

The AI-driven nature of Crendly’s API will extend new capabilities to financial institutions by adapting and growing with new data to allow them transcend traditional boundaries in credit provision.

Blockchain plays a pivotal role in the success of this microfinancing model, from transparency, security, and efficiency to serving as a strategic tool in capital markets and global financial inclusion.

The aim of the investment is to boost competitiveness in the small and medium enterprise finance market while also improving financial inclusion, creating jobs, and supporting the nation's climate goals. 

Lack of a formal IDs slows economic growth by limiting who can participate in the formal economy.

Bahrain hosts much of the most innovative fintech activity, including wider access to financial services.

The $10 million funding will enable Nithio to extend its financing to distributors of solar home systems and solar appliances for productive use, such as lighting, communication, irrigation and cooling systems for households and businesses.

The pioneering platform has recently gained recognition by being selected for the prestigious UK Libra accelerator program. It collaborates with banks and other partners to provide users with practical experience in managing finances.

This impactful collaboration will promote financial inclusion by addressing the specific needs of female customers in the banking sector through in-depth market research, a robust Customer Value Proposition, and strategic linkages with Sri Lankan women and women-owned Small and Medium Enterprises.

With support from the World Bank, the Western Balkan economies are making significant progress in aligning their national payment systems with EU standards as part of their accession goals.