USAID, FINCA International and VISA Announce Microfinance Partnership

Monday 26 January 2004 10:40 CET | News

The US Agency for International Development (USAID), FINCA International (Foundation for International Community Assistance) and Visa International, have partnered to bring new efficiency and security to microfinance clients in the developing world utilizing electronic payment products.

The initiative builds upon a two-year partnership between FINCA and Visa to improve the delivery of financial services to entrepreneurial women in developing countries. The partnership includes significant resources from all parties, including a newly-awarded US$610,000 grant to FINCA from USAIDs Global Development Alliance Program (GDA), along with local staff resources and expertise from FINCA, and major technical assistance and brand strength from Visa in the areas of bank partnerships, payment technology, and product development. The partnership plans to pilot how Visa solutions will provide FINCA and its clients both cost- and time-saving processes, allowing FINCA to expand its outreach to more of the worlds poor. Specifically, Visas electronic payment solutions will help: - Minimize loan transaction times for both clients and microfinance providers - Lower transaction costs for processing loans - Provide microfinance clients more secure access to their loan capital - Reduce the possibility of cash theft - Expand the variety of financial service products available to FINCAs clients - Introduce a new market segment to participating commercial banks.

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Categories: Payments & Commerce | Payments General
Countries: World
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