The new company offers reference products to impact investors and fund managers, centered around research, impact and investment solutions.

The aim of the partnership is to boost financial inclusion, encourage socio-economic development, mitigate the risks of a shadow economy and accelerate the growth of a cashless society.

The Humanitarian Transfers Platform enables humanitarian agencies to execute transfers directly to their interventions beneficiaries without a third party.

The main impact objective of this investment is to foster development in Africa through employment and income creation.

The amount has doubled since 2018 due to improved technology, easier processing of loans, better loan recovery methods, increased competition, and a growing class of employees with an appetite for short-term credit.

AFIIP is offering prizes of up to $60,000 in cash and technical support to ideas, products and services that can improve financial inclusion in the region.

The initiative aims to help clients and communities by providing blended financial and non-financial digital services including advisory services, training and more to assure ease of access to e-money and transfers for its customers.

After launching IFC's DigiLab Finance program in the Western Balkans and Georgia late last year, it is now expanding to new markets in Armenia, Kazakhstan, Tajikistan and Ukraine, a move that is expected to promote financial inclusion.

Remittances in March 2021 amounted to $290.8 million, compared to $228.8 million in March 2020, an increase of 27.1 percent.

The investment will help to keep small and medium-sized enterprises open and preserve jobs, which is critical to sustaining the Bangladeshi economy.