IslamicFinance.de

IFC, a member of the World Bank Group, has announced an equity investment of $30 million via the consortium fund Network International to expand the payment infrastructure in the Middle East and Africa. Network International is jointly controlled by the Emirates NBD Bank and Warburg Pincus/General Atlantic consortium. The investment will help the company expand and modernise its banking client network in the Middle East and Africa. The investment is expected to allow MSMEs to access card-based payments and develop digital data records, to help them grow their customer base. Bassel Hamwi, Head of the IFC Middle East and North Africa Fund, said the shared infrastructure brings down costs and boosts financial inclusion, while reducing the risk of fraud.