The co-investment represents IFC's first investment in the insurance brokerage sector and reflects IFC's interest in increasing insurance penetration for Mexican companies alongside a leading player in the market.
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.
High-level representatives from Latin America and the Caribbean noted that digital means continued to offer alternative modes for countries to achieve their financial inclusion goals and reach worst-impacted groups.
The investment will help reduce traditional banking costs and improve supply chains boosting financial access, productivity and exports.
The financing package consists of $130 million from IFC's own-account and a $270 million syndicated loan from a group of 10 banks.
The government views the accelerated transition to a digital society and economy as vital to economic recovery following the COVID-19 pandemic.
RecargaPay is a mobile payments platform and wallet for Brazil that is focused on simplifying everyday payments for banked and unbanked consumers in Brazil.
The program is designed to increase climate lending by participating banks in Egypt, Mexico, the Philippines, and South Africa to 30 percent of their portfolios by 2030.