The investment is expected to lead to over 10,000 more people gaining access to finance by 2024, of which over 75 percent will be women.

Tens of thousands of garment workers, who are facing slashed work hours and wages amid the global pandemic and economic downturn, will struggle to repay mounting microfinance debt, a new civil society report says.

The first tranche of the credit facility amounting to $10 million will extend loans to over 25,000 women-entrepreneurs owning small businesses, which suffer from the economic impact of the (COVID-19) pandemic. 

STATE-run Development Bank of the Philippines will forge ahead with its financial inclusion initiatives this year by tapping financial technology companies, non-bank financial institutions, as well as rural banks.

Certain segments of the fintech industry, including digital, mobile, and contactless payments,  have seen increased adoption in recent months, since the pandemic began.

The agreement is part of a regional effort by IFC, working with banks, financial institutions, credit bureaus and central banks in Solomon Islands, Papua New Guinea and Vanuatu to guide them through the process of moving to comprehensive credit reporting.

The P2P operator provides shariah-compliant and conventional financing from RM1,000 to RM50,000 ( about $233.69 to $1168.43) to microenterprises.

Mastercard says it is expanding its worldwide commitment to financial inclusion by pledging to bring a total of 1 billion people and 50 million micro- and small businesses into the digital economy by 2025.

The global fintech challenge aims to offer solutions that can help financial institutions grapple with the existential threats posed by COVID-19 and climate change.