The main objectives of the assignment were to design agency banking business model, map potential agents’ locations throughout the country, and provide technical assistance for branding, advertising, consumer education and industry sensitization on agency banking. 

"We want to be the power that helps emerging markets reach a faster economic development," OPay Chief Executive Officer Yahui Zhou said in a statement.

The four-year partnership will help expand access to long-term local currency finance in Rwanda for key sectors such as housing, agribusiness, and smaller businesses.

Women, youth and micro, small and medium enterprises in Africa are most at-risk of financial exclusion during COVID-19, say Bank of Tanzania and Alliance for Financial Inclusion.

The loan will help smaller businesses across a range of sectors in Kenya access financing for working capital, expansion, and to weather the effects of COVID-19.

REGMIFA, the Regional MSME Investment Fund for Sub-Saharan Africa, has attracted a further $10 million from Dutch-based entrepreneurial development bank FMO.

The Central Bank of Nigeria, through NIRSAL Microfinance Bank, has announced the reopening of its portal for Micro Small and Medium Enterprises and households affected by COVID-19 to access up to $70,000.

This $7 million financing for the ongoing Institutional Capacity Building Project will help scale-up activities with the Central Bank of Sao Tome and Principe and support system modernizations as part of the COVID-19 mitigation response.

The increase in remittances comes despite the impact of the pandemic on wages and employment across the world.

The foundation's announcement said that Mojaloop will benefit from Singapore's policy development perspectives and technical guidance.