A Memorandum of Understanding between the two development organizations signed this week reflects the shared vision of UNCDF and the OPEC Fund to help people to rise out of poverty and achieve sustainable lives.

The plan, which will be implemented in all countries where BBVA is present, has three lines of action in financial education: society, business support and collaboration.

The Parties recognize the importance FinLit in the development agenda and in its significant contribution to financial inclusion.

The fund is an implementation of the country’s strategic vision to support young innovators, with Nclude by Global Ventures to focus on accelerating fintech innovation and driving financial inclusion. 

The Fund seeks to strengthen the capacities and practices of inclusive financial service providers in the Caribbean countries by offering co-financing for social rating, client protection certification, seminars specialized in social performance management.

IFC invested $5 million in equity to finance AwanTunai with the goal to bolster growth opportunities for micro-retailers -- many of them women – who are part of an industry made up of some 30,000 wholesalers and three million merchants.

The project allows for financing of various loan purposes, for example purchase of housing from primary and secondary markets, renovation, and single-family house construction.

The move is expected to affect companies such as credit card issuer Nubank, payment company PagSeguro, financial technology solutions firm StoneCo and digital wallet PicPay.

The European Microfinance Award (EMA) is a prestigious annual award with EUR 100,000 for the winner and EUR 10,000 for the two runners-up, to promote financial inclusion initiatives and highlight their innovating contribution in a particular area to the development of the sector. 

The deal will expand PPRO’s offering, strengthen its presence and networks in Asia Pacific, and allow it to deliver products and services faster to its customers.