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.

As part of the program, USAID will provide an initial investment of over $6 million to launch a Feed the Future rural financial inclusion program in Guatemala.

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

According to a recent report U.S.-based Friendship Bridge shows clear evidence of achieving its aim of breaking the cycle of generational poverty among rural families in Guatemala.

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.