The digital wallet promises to reduce remittance fees for underbanked employees in the UAE by enabling transfers to up to five people for the price of one.

The company projects it will process around $400 million in payments this year in the five countries in which it operate.

The partnership also focuses on designing and supporting cottage, micro, small, and medium enterprises.

By streamlining cross-border payments and reducing reliance on third-party currencies, initiatives like these promote financial inclusion and stability. 

FINLAC, a joint effort by the IDB, IDB Invest and IDB Lab, serves as a one-stop shop for advancing financial inclusion, supporting governments, accompanying firms, and igniting innovation in developing and implementing effective policies, reforms and business practices to create inclusive financial markets in the region.

PayPal is introducing a new offering that will enable small and medium-sized enterprises (SMEs) to accept a wider range of payments online.

This partnership is poised to significantly narrow the financial inclusion gap, streamlining the processes of money transfer, savings, and credit accessibility for individuals.

The initiative specifically addresses pressing challenges faced by emerging economies globally, such as financial inclusion hurdles, high inflation rates, limited banking access, exorbitant service fees, among others.

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.

This partnership marks a significant milestone in the digital financial landscape for Mali, connecting over 12 Million Malians to the vast diaspora residing across the globe.