The private sector arm of the World Bank has released the first instalment in a first-of-its-kind funding deal that will finance the expansion of YellowPepper, a Latin American m-payments service provider.
The International Finance Corporation (IFC) aims to foster sustainable economic growth in developing countries through its funding deals. Its latest move into m-payments technology outlines its commitment to facilitate YellowPeppers planned development of a clearing house for mobile payments across a plethora of Latin America countries including: Colombia, Peru, Ecuador, Guatemala, Dominican Republic, Bolivia, Haiti and Panama.
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The IFC has provided $3m and helped mobilise an additional $2m, bringing the total investment in YellowPepper to more than $15m.
Serge Elkiner, president and founder of YellowPepper claims the deal will be one to watch as the IFC is perceived to be such an influential player.
IFC country manager for Mexico and Central America, Roberto Albisetti, said that it is important to encourage the facilitation of simple and secure access to financial services for mobile phone users, facilitating commerce particularly for the unbanked and rural populations."
Only a third of the population of Latin America and the Caribbean have access to formal financial services, but 80% have access to mobile phones.
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