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 investment will help reduce traditional banking costs and improve supply chains boosting financial access, productivity and exports.

Technical assistance collaboration will review relevant policies and regulations, promote cross-border coordination to shift remittances into safer, more transparent formal channels.

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

The initiative will include the International Dialogue on the Role of Islamic Social Financing in Achieving the SDGs, which will launch critical discussions including with global leaders and Islamic institutions on the role of Islamic social financing.

Survey findings on the impact of COVID-19 on financial behavior show that while financial inclusion in Pakistan increased from 21 percent of adults pre-pandemic to 25 percent in late 2020, the change was driven entirely by mobile money adoption.

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.

The app now allows users based in the United States to send money to GPay users in India and Singapore.