The increase in remittances comes despite the impact of the pandemic on wages and employment across the world.

The foundation's announcement said that Mojaloop will benefit from Singapore's policy development perspectives and technical guidance.

The company reported that the new partnerships are with Airtel, Thunes, InTouch and MFS Africa.

The $2 billion IFC commitment will support the continent's economic recovery from the pandemic by sustaining and creating jobs and business activity.

The proceeds of the Sustainability Bond will be used to finance both Social and Green eligible loans. The Social loans will be granted towards microenterprises and SMEs, stimulating the generation of employment in the country.

FINCA Impact Finance, a US-based network of financial institutions, recently carried out several campaigns catering to low-income people through its affiliates in Africa and Asia.

Faced with challenges, a growing number of vendors in Kenya's slums turned to credit unions and savings groups, which could provide loans without collateral, to boost their businesses.

Remittances in March 2021 amounted to $290.8 million, compared to $228.8 million in March 2020, an increase of 27.1 percent.

After launching IFC's DigiLab Finance program in the Western Balkans and Georgia late last year, it is now expanding to new markets in Armenia, Kazakhstan, Tajikistan and Ukraine, a move that is expected to promote financial inclusion.

The main impact objective of this investment is to foster development in Africa through employment and income creation.