Latest news with #financial inclusion
Finextra
2 days ago
- Business
- Finextra
Mastercard and Jordan Islamic Bank collaborate on Shari'ah-compliant digital payment platform
Mastercard and Jordan Islamic Bank (JIB), one of the largest banks operating in the country, are collaborating to drive innovation and expand access to Shari'ah-compliant digital payment solutions. 0 JIB will leverage Mastercard's payment technologies and advisory services to enhance its consumer card portfolio, introducing new features tailored to the unique needs of Shari'ah- compliant customers. The collaboration aims to support the development of new digital channels and customer engagement platforms, enabling JIB to deliver more personalized, accessible, and secure banking experiences. 'This collaboration reflects our shared commitment to advancing financial inclusion and empowering Shari'ah-compliant customers across Jordan through innovative digital solutions. Together with JIB, we are building a more connected and customer-centric financial ecosystem, powering inclusive growth, driving digital transformation, and expanding access to secure digital payments,' said Adam Jones, executive vice president and division president for West Arabia, Mastercard. 'We are excited to collaborate with Mastercard to provide innovative and Sharia'ah-compliant financial solutions. Leveraging Mastercard's global expertise and advanced technologies, we will further enhance our offerings, ensuring our customers experience secure, seamless, and value-driven financial services that adhere to Shari'ah banking principles,' said Dr. Huseein, CEO, Jordan Islamic Bank Since its establishment in 1978, Jordan Islamic Bank (JIB) has focused on sustainable growth by driving digital transformation and expanding its electronic banking services to meet the changing needs of its customers.
National Post
3 days ago
- Business
- National Post
FINCA Canada Partners with Government of Canada to Support Youth Employment in East Africa
Article content DODOMA, Tanzania — Today, the Secretary of State for International Development, the Honourable Randeep Sarai, visited Dodoma, Tanzania, to announce a new five million dollar, five-year partnership between the Government of Canada and FINCA Canada. The initiative aims to expand economic opportunities for youth – those aged 30 and under – in East Africa through financial inclusion and entrepreneurship. Article content The project, 'Increasing Economic Opportunities for Youth in Uganda and Tanzania', is focused on strengthening the socio-economic inclusion of young people, especially marginalized and vulnerable young women. By refining skills, enhancing financial inclusion and improving employability, the project aims to support long-term economic growth and reduce poverty in the region. Article content 'Canada has proudly partnered with FINCA Canada for more than eight years. Now, we are working together to support marginalized youth in Uganda and Tanzania,' said Hon. Randeep Sarai, Secretary of State for International Development of Canada. 'Through technical and vocational education and training, and skills development, young people, especially young women, will be empowered with competencies that meet current market demands. They will be better equipped to secure jobs, advance their careers, and expand, or start new businesses. Inclusive opportunities will lead to a brighter future for all.' Article content Youth socio-economic inclusion is vital for East Africa's sustainable development and economic growth, especially as youth comprise over 70 per cent of the population in Uganda and Tanzania, with median ages of 16 and 19, respectively. Despite their numbers, youth unemployment remains high, 17 per cent in Uganda and 11 per cent in Tanzania, far above national averages, and young women face unemployment rates 50 per cent higher than their male counterparts. Article content The project aims to support youth through vocational training, entrepreneurship and employment programs. To ensure its success and sustainability, FINCA Canada will partner with local organizations and businesses in Tanzania and Uganda. These partners will provide job skills training to help young people secure employment. Article content Through the Business Partnership Program, FINCA Canada will offer business skills development, mentorship, and connect youth with successful businesses in their communities. The project will also provide financial education, financial services and capital to young entrepreneurs to help them start or grow their businesses. Article content 'Young entrepreneurs in Africa have the ideas, determination, and ability to achieve great things when given the opportunity,' said Drew Boshell, Executive Director, FINCA Canada. ' Through this project, FINCA Canada is committed to helping young people achieve their goals and break the cycle of poverty by allowing them to access the financial skills and services they need to secure a sustainable future.' Article content Over the next five years, FINCA Canada and the Government of Canada expect to support more than 40,000 youth in Tanzania and Uganda, particularly young women and girls with vocational training, financial literacy training, business placements, and mentorship opportunities. By enabling participants to access financial products and services, either to launch new businesses or expand existing ones, the project is expected to create approximately 20,000 new jobs. Article content FINCA Canada is a member of the FINCA network, a global organization committed to creating pathways out of poverty through sustainable, scalable solutions rooted in the needs of the people it serves. Operating in some of the world's most challenging markets, FINCA provides financial and non-financial tools to help individuals and communities build resilience, generate income and invest in their children's education. FINCA's work is driven by the belief that all people should have the opportunity to leverage their wisdom, talent, and effort to determine their own destiny. FINCA aims to reach at least 40 million people by 2028 with proven solutions that spark lasting impact. Article content Article content Article content Media Contact: Article content Article content Emily Ellis Article content Article content Article content
Arab News
15-07-2025
- Business
- Arab News
Pakistan regulator unveils gender policy to boost women's role in corporate, finance sectors
KARACHI: Pakistan's top financial regulator on Tuesday launched a draft policy aimed at tackling gender inequality in the country's corporate and financial sectors, seeking to improve women's representation on company boards, expand access to finance for women entrepreneurs and make workplaces more inclusive. The Securities and Exchange Commission of Pakistan (SECP) published its Women EquiSmart Policy 2025–2028 for public consultation on its website, calling it the first comprehensive gender framework for regulated sectors such as capital markets, insurance and non-banking finance. 'The draft framework reflects the SECP's strategic shift from fragmented diversity efforts to a structured, cohesive regulatory approach to gender inclusion, aligned with national priorities and global frameworks,' the regulator said in a statement. The draft policy is built around six pillars, including women's leadership on boards, gender-disaggregated reporting, women's entrepreneurship, gender-smart financial products, inclusive workplace practices and institutional capacity building. The statement said it identifies policy gaps, proposes timelines and regulatory actions and assigns roles to key stakeholders across the public and private sectors. While Pakistan has seen efforts in recent years to promote workplace equality — such as corporate codes encouraging gender diversity — these have largely remained voluntary and inconsistently implemented. SECP's proposed framework seeks to introduce a more enforceable and measurable approach to gender inclusion.
Entrepreneur
02-07-2025
- Business
- Entrepreneur
FincFriends Raises INR 98.5 Cr Debt Funding to Scale Digital Lending via RupeeRedee
The fresh funds will be used to deepen its operational reach, enhance technological infrastructure, and introduce new personal credit products tailored to underserved consumers with limited access to formal credit. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. FincFriends Private Limited, a Reserve Bank of India (RBI)-registered non-banking financial company (NBFC), has successfully closed a debt funding round worth INR 98.5 crore (USD 11.5 million) in the fourth quarter of FY25. The capital infusion is set to drive the company's mission to expand its digital lending capabilities through its digital platform, RupeeRedee. The funding round included INR 54.5 crore raised from leading NBFCs and INR 44 crore via Non-Convertible Debentures (NCDs). Key participants in the round included IBL Finance Limited, Incred Financial Services Limited, Real Touch Finance Limited, Shine Star Build-Cap Private Limited, and Western Capital Advisors Private Limited. FincFriends said the funds will be used to deepen its operational reach, enhance technological infrastructure, and introduce new personal credit products tailored to underserved consumers with limited access to formal credit. "This funding marks a strategic milestone in our journey to enable accessibility of responsible credit across India," said Artem Andreev, CEO of FincFriends. "With the valuable trust of our investors, we are positioning our brand to deepen our reach, strengthen fintech infrastructure, and develop personalised credit solutions to address the financial realities of underserved communities." Launched in 2017, FincFriends has built a strong reputation for offering quick, secure, and fully digital financial solutions to individuals facing urgent or unforeseen financial needs. The company uses advanced data analytics to streamline loan disbursement and minimize risk. Its digital arm, RupeeRedee, has emerged as a key player in bridging India's credit gap. Leveraging cutting-edge technology and data-driven insights, RupeeRedee aims to build a financially inclusive ecosystem for millions who remain outside the purview of traditional banking services. "With increasing digital penetration and a higher fintech adoption rate across India, platforms like RupeeRedee are crucial in enabling financial empowerment," Andreev added. "This partnership between innovation and capital allows us to better serve borrowers and scale our impact."
