The digital wallet promises to reduce remittance fees for underbanked employees in the UAE by enabling transfers to up to five people for the price of one.

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

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.

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The partnership will see the launch of two unique card products designed to meet the growing needs of businesses and underbanked individuals, supported by a feature-rich digital app powered by Mastercard’s secure, contactless payment technology.

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.

Banks can draw on the facility to provide new loans and financing to individuals, small and medium-sized enterprises, and other private corporates affected by the virus fallout.