Fidor, IFC partner to expand digital financial inclusion in Africa and Latin America
Digital banking services provider Fidor has signed a memorandum of understanding (MoU) International Finance Corporation (IFC), a member of the World Bank, to expand digital banking services in Africa and Latin America.
Under the collaboration, both the entities will work together to improve financial inclusion in these two regions by identifying financial institutions and partners to launch or expand digital bank joint ventures.
Besides sharing knowledge on running a digital bank, the collaboration will also see Fidor providing its technology platform ‘Fidor Operating System’ (fOS) for API banking that can offer financial services cost-effectively.
Globally, around two billion working-age adults do not use formal financial services. Providing financial access will improve their daily living and help them to plan their financial goals.
By opening an account, they will also have the opportunity to utilise various other financial services such as credit and insurance.
Photo courtesy of Paul Falardeau.