Maldives- Mobile Phone Banking Project

WASHINGTON, April 17, 2008- The following project was approved today by the World Bank’s Board of Executive Directors:

 

IDA Credit: US$7.7 million

TERMS: Maturity= 40 years Grace= 10 years

PROJECT DESCRIPTION: The project aims  to significantly increase the use of banking system transactions for effecting or receiving payments for labor, goods and services nationwide through the implementation of a national inter-operable payments system that facilitates access to financial services and allows users access to any bank account using any mobile phone operator and cashing through any agent.

 

For more information, please call Erik Nora at (202) 458-4735 or email enora@worldbank.org