IFC Partners With KIF, Australia to Launch First Mobile Banking Service in Timor Leste

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JAKARTA, KalderaNews.com – IFC, a sister organization of the World Bank and member of the World Bank Group, announced plans to work with Kaebauk Investimentu no Finansas (KIF), Timor-Leste’s first non-bank financial institution to pioneer a mobile banking service in the country, aiming to reach more than 50,000 Timorese people.

More than 70 percent of Timor-Leste’s people live in rural areas, many of these do not have  access to basic financial services to save, send, or receive money. IFC, which has pioneered mobile banking opportunities in emerging markets around the world, is working with KIF to increase access to finance for unbanked Timorese people, helping to drive development in the Southeast Asian country.

The partnership will enable KIF to launch mobile and branchless banking operations and introduce “Kaebauk Osan” a savings product intended to provide financial services to poor rural and urban populations, with a special focus on women and growing Timor Leste’s agri business with finance opportunities for 10,000 rural farmers.

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