Visa Teams Up with World Bank to Fuel Digital Payments in Emerging Markets
Visa has partnered with the International Finance Corporation (IFC), a member of the World Bank Group, to increase access to digital financial services in emerging markets. The partnership is part of a risk-sharing initiative that helps expand financial inclusion by connecting underbanked consumers and small businesses to digital payments.
The IFC will share credit settlement risk for Visa transactions associated with enrolled financial institutions, enabling these institutions to participate in digital payment solutions. This facility is expected to support around $200 million in risk sharing over five years.
According to Mohamed Gouled, vice president of products and clients at the IFC, 'By reducing constraints that limit the participation of financial institutions, we are enabling greater access to digital payment solutions for small businesses and entrepreneurs across emerging markets.'