IFC and MasterCard to partner to broaden use of electronic payments by micro, small and medium enterprises
IFC, a member of the World Bank Group, and MasterCard have agreed to work together to broaden the use of electronic payments by micro, small and medium enterprises, with the goal of connecting five million such businesses to the global payments network over five years.
Universal financial access cannot be achieved by simply providing individuals a transaction account. Micro, small and medium Small Businessbusinesses—with whom most of the unbanked transact on a day to day basis—must be able to accept electronic payments. This is an area where banks in developing economies can innovate and expand services.