International Finance Corporation (IFC), the private-investment arm of the World Bank Group, is reported to be conducting due diligence on the Nigerian mobile money industry. Mobile Money Africa, a Nigerian-based online mobile financial inclusion news source, reports that IFC is “keen to play a major role in the country’s emerging mobile money ecosystem and was currently evaluati[ng] opportunities [in]…technology acquisition, e-Float management and agency networks” [1]. To address the lack of financial access in the country, the Central Bank of Nigeria has granted licenses to 16 mobile money companies in an effort to encourage growth in this industry.
In 2010, MicroCapital.org reported that IFC had partnered with eTranzact, an online payment system based in Nigeria, to launch Rural Telephony Project (RTP) MobileMoney [2].
By: Alexandra Pattee, Research Associate
About International Finance Corporation (IFC): A member of the World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries that drive its policies and approve disbursements. As of June 30, 2010, IFC reports net income of USD 1.75 billion, total assets of USD 61 billion, return on assets of 3.1 percent and total investment mobilization of USD 18.4 billion to 528 projects.
Sources and Resources:
[1] Mobile Money Africa, “IFC evaluates investment in Nigeria’s mobile money market”, http://mobilemoneyafrica.com/?p=3541
[2] MicroCapital.org Article, June 25, 2010, “International Finance Corporation (IFC) Partners with eTranzact to Launch Rural Telephony Project (RTP) MobileMoney in Nigeria”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-partners-with-etranzact-to-launch-rural-telephony-project-rtp-mobilemoney-in-nigeria/
MicroCapital.org Article, March 13, 2011, “International Finance Corporation (IFC) Reports Village Phone Program Has Provided Credit to 6,000 Women, Trained 10,000 in Madagascar, Malawi and Nigeria”, https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-reports-village-phone-program-has-provided-credit-to-6000-women-trained-10000-in-madagascar-malawi-and-nigeria/
MicroCapital.org Article, December 15, 2009, “The International Finance Corporation (IFC) to Provide $3m to AB Microfinance Bank Nigeria Limited”, https://www.microcapital.org/microcapital-brief-the-international-finance-corporation-ifc-to-provide-3m-to-ab-microfinance-bank-nigeria-limited/
MicroCapital Universe Profile: International Finance Corporation (IFC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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