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PRESS RELEASE: India’s Financial Inclusion Leader IFMR HoldingsRaises $25m from Accion, LeapFrog and Lok
IFMR Holdings, a leading financial inclusion platform in India, has announced that they have raised US $25 million in equity from Accion, a financial inclusion pioneer, LeapFrog Investments, a specialist investor in emerging-market financial services, and Lok Capital, an Indian impact investment firm.
- Source
- Accion
- Categories
- Uncategorized
- Region
- South Asia
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M-Pesa and the Rise of the Global Mobile Money Market
Most people probably don’t think of Kenya as an innovation and technology hub, but in 2007 it became the launching pad for M-Pesa, a transformativemobile phone-based platform for money transfer and financial services. Since then, M-Pesa has undergone explosive growth: in 2013, a staggering 43 percent of Kenya’s GDP flowed through M-Pesa, with over 237 million person-to-person transactions. M-Pesa is nearly ubiquitous in the daily lives of Kenyans due to a range of services that include money deposit and withdrawal, remittance delivery, bill payment, and microcredit provision.
- Categories
- Uncategorized
- Region
- Sub-Saharan Africa
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Mobile Money Service a First for Burundi, ‘Just Like an Instant Message’
London-based money transfer services provider WorldRemit has partnered with Zimbabwe-based EcoCash service to launch instant mobile money transfers in Burundi.
- Categories
- Uncategorized
- Region
- Sub-Saharan Africa
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Mobile Wallet Fraud Set to Rise in India: Deloitte
As E-commerce firms continue to become popular and more people have started using online payments, frauds in mobile payments too are increasing, said a report from Deloitte India.
- Categories
- Uncategorized
- Region
- South Asia
- Tags
- digital payments
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Ecuador’s New Virtual Currency Is a Source of Pride, Worry
Jaime Rojas keeps his antiquated cellphone on the dashboard of his taxi. He can’t use it to play games or check Facebook, but his “dumb phone” has recently become a powerful tool: He can use it to buy gas, receive fares and send money to family.
- Categories
- Uncategorized
- Region
- Latin America
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Will Your Facebook Friends Make You a Credit Risk?
It might be time to start unfriending some of your buddies on Facebook.
- Categories
- Uncategorized
- Tags
- credit scoring
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Disrupting Remittances Through Mobile Money in Uganda
The money remittance industry sees over US$34 billion sent to sub-Saharan Africa each year, accounting for an average of 5 per cent of GDP on a country-by-country basis. However, for those sending and receiving money, the systems in place are inefficient and time-consuming.
- Categories
- Uncategorized
- Region
- Sub-Saharan Africa
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Ecuador Is the World’s First Country With a Public Digital Cash System
The runaway success of mobile money products like M-Pesa, which first took off in Kenya, has inspired dozens of copycats around the world. Many countries in Africa, Asia, and Latin America now have services allowing people to store and transfer money using their cellphones. But there's something different about Ecuador's new Sistema de Dinero Electrónico. It's being operated not by a private phone carrier or financial company, but Ecuador's left-leaning government.
- Categories
- Uncategorized
- Region
- Latin America
- Tags
- digital payments
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