This pioneering initiative will improve access to finance over the next five years, contributing to scale up digital financial solutions and piloting insurance to 500,000 low-income farmers, including women, youth entrepreneurs.

By addressing the need for improved access to financial services and support for MSMEs in agriculture, the project aims to contribute to the creation of jobs and the sustainable and inclusive economic development of the sector.

The general objective is to test a tailor-made and innovative agricultural product for smallholder farmers and expand the loan products to rural areas.

The bank will work in partnership with local banks and financial institutions using best practices in microfinance for provision of Islamic banking services, and will apply an integrated system of financial and non-financial services to support value and supply chains for MSMEs.

The initiative aims to help clients and communities by providing blended financial and non-financial digital services including advisory services, training and more to assure ease of access to e-money and transfers for its customers.

The Humanitarian Transfers Platform enables humanitarian agencies to execute transfers directly to their interventions beneficiaries without a third party.

The National Cash Transfer Company piloted the Door to Door Payment method as a response to the new challenging context and a preventive measure for coronavirus-related risks.

Cash transfers from Yemenis abroad to their country have declined by 80 percent in the first four months of 2020, Oxfam announced on Thursday.

The World Bank estimates that one in ten people in Yemen wholly rely on money transfers to meet their basic needs. Remittances to Yemen in 2019 totaled $3.8 billion - 13% of GDP.