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Zambia : ZAMBIA: AIRTEL ZAMBIA & IFC approved a deal worth $1m for boosting mobile financial services

August 22, 2014

Airtel Zambia has signed a $1 million worth of agreement with the International Finance Corporation (IFC), a member of the World Bank Group, in order to provide improved access to mobile-based financial services in this part of Africa.

The partnership between the IFC and the telecom firm has been announced in a company statement on Tuesday.

The overall aim of the three-year project is to assist Airtel Money Zambia in building a sustainable mobile money operation. IFC will provide market research and advisory services on agent network management and business strategy development.

The project is part of the Partnership for Financial Inclusion, a $37.4 million joint initiative of IFC and The MasterCard Foundation to expand microfinance and advance mobile financial services in Sub-Saharan Africa, added the statement.

It has further disclosed that formal financial services are still to reach 66% of the adult people of Zambia.

The Airtel Money Director Zambia, Brenda Thole revealed, A key focus area for Airtel Money is to support the government s mandate to enhance financial inclusion and to reach out to the un-banked population who may still have fears of mainstream banking or believe the services are too costly.

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Source: TendersInfo (India)

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