IFC made a $ 3 million investment and an additional $ 2 million for YellowPepper company in Panama.
Wednesday, October 27, 2010
The investment will support expansion of mobile banking and access to financial services in Latin America. This is the first capital of the International Finance Corporation (IFC, in English), in a mobile banking firm in Latin America and brings the total investment in YellowPepper to over U.S $ 15 million.
Only about a third of the population of Latin America and the Caribbean have access to formal financial services. However, 80 percent of the population has access to mobile phones, which represents an important opportunity to extend financial services to millions of low-income customers in the region. YellowPepper, allows to make and receive payments via a mobile phone, speed commerce, provides domestic and international wires and increases the ability of customers to invest in assets which create income.
Founded in 2004, YellowPepper currently offers services in Colombia, Peru, Ecuador, Guatemala, the Dominican Republic, Bolivia, Haiti and Panama, with more than 2 million active users. The company is developing a processing center for mobile payments, which will allow mobile subscribers, retailers, billers, consumers and banks to interact on a common platform using the mobile phone.
IFC invests in mobile banking and payment processing companies in emerging markets. IFC also advises clients on strategies and product development to promote business models. IFC's investments in the sector of electronic payments and mobile banking have supported access to these services for more than 15 million customers in Asia, Africa and Latin America.
The Guatemalan company Continental Towers will receive funding from the International Finance Corporation to build and maintain cell towers in Central America.
According to an article in Elperiodico.com.gt, "The IFC's investment includes a loan of $40 million and a syndicated loan of $80 million with Banco HSBC Panamá, Banco General de Panamá, the Dutch Entrepreneurial Development Bank (FMO) and the Inter American Corporation for Infrastructure Financing. "
Visa Payments and Transfers is a system that allows transferring funds or making payments from cell phones using debit or credit cards.
Visa Inc. has developed a technology for making payments and debit card and credit transactions from phones that will be used in Guatemala for the first time in Latin America.
The companies formed a joint venture in order to provide financial solutions through mobile phones in Latin America.
Movistar mobile customers in Latin America may use the mobile phone to transfer money to other people, pay bills, purchase airtime and make purchases in shops and stores, among other services.
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