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.

While enabling the market to do it’s work, the event also aims to explore how the fintech community can make financial services more accessible, understandable and impactful.

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.

The company reported that the new partnerships are with Airtel, Thunes, InTouch and MFS Africa.

The investment will help reduce traditional banking costs and improve supply chains boosting financial access, productivity and exports.

Technical assistance collaboration will review relevant policies and regulations, promote cross-border coordination to shift remittances into safer, more transparent formal channels.

The $2 billion IFC commitment will support the continent's economic recovery from the pandemic by sustaining and creating jobs and business activity.

The initiative will include the International Dialogue on the Role of Islamic Social Financing in Achieving the SDGs, which will launch critical discussions including with global leaders and Islamic institutions on the role of Islamic social financing.