The National Bank of Samoa (nbs) is developing a suite of new banking products that would benefit women entrepreneurs and improve remittances in Samoa with the support of IFC and the New Zealand Government.

The Female Entrepreneurship Fund is a specialized investment vehicle that channels resources from institutional investors to support women entrepreneurs in the Central American Integration System (Sica) region.

The product which was developed by the Pacific Insurance and Climate Adaptation Programme, will be piloted in Samoa over the next 12 months.

Paymentology, the leading global issuer-processor, today announces an expanded partnership with Mastercard to bolster financial inclusion across Guatemala, Honduras, and El Salvador.

International Finance Corporation will invest up to $4 million equivalent in Samoan Tala to boost access to finance for small and medium enterprises particularly women-led businesses and SMEs focused on agriculture.

The new national digital payment platform, the Samoa Automated Transfer System (SATS), is expected to increase access to the financial system for all Samoans.

The commitments are part of Mastercard’s engagement, as a founding member, in the Partnership for Central America.

Microfinance-supported entrepreneurs have exhibited the same resourcefulness that has characterized many other small businesses during the pandemic. At the same time, they face a variety of ongoing challenges.

The cryptocurrency will lose its reputation as a speculative asset and prove its use as a legitimate payment system, central bank President Douglas Rodriguez said in an interview on Monday.

Small transfers of bitcoin to El Salvador jumped over four-fold in May from a year ago but still represent a small amount when compared to remittances sent in dollars.