IFC and its Middle East and North Africa (MENA) Fund have announced a combined indirect equity investment of $30 million in payment solutions provider Network International, to expand the payment infrastructure in the MENA region. Only 31 per cent of the population is banked while more than 30 million micro, small and medium size enterprises (MSMEs) are underserved or unserved. The IFC investment will enable MSMEs to access card-based payments and develop digital data records to help them grow their customer base. It will also promote cross-regional integration of the financial and payment infrastructure. According to Andi Dervishi, Global Head, IFC’s Fintech Investment Group, Network International’s expansion will improve transparency, reduce money laundering, tax evasion and terrorist financing.

Source: The North Africa Journal March 25, 2017 08:48 UTC