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

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 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.

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

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.

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 Bangko Sentral ng Pilipinas said the use of satellite technology to expand broadband services would boost financial inclusion, as well as help banks in remote areas improve disaster resiliency.

The credit aims to strengthen financial sector stability, diversify financial solutions, and increase access to financial services in support of Nepal's green, resilient, and inclusive development.