International Finance Corporation, member of the World Bank Group, helps the provider of mobile financial services OpenRevolution expand its MobiPay services in rural Georgia, which will increase access to finance, especially for small farmers, and support the development of rural communities.
IFC will help the company accelerate the launch of mobile financial services in the regions of Kakheti, Guria, and Samegrelo, focusing especially on small landowners who lack access to finance or incur high transaction costs for payment services. IFC will provide OpenRevolution with a USD 400 thousand performance-based grant to this end. IFC recently introduced performance-based grants as a form of support that rewards clients for achieving development targets.
According to Allen Gilstrap, OpenRevolution CEO, the company has secured over 100 thousand customers in about six months in 1500 merchants and 150 Cash Agent locations in Tbilisi. MobiPay provides a wide range of payment options including bill payment, merchant payments, person-to-person money transfers, and airtime top-up throughout Georgia.
IFC's cumulative investments in Georgia since 1995 total nearly USD 500 million in 36 projects across a variety of sectors. Through its Advisory Services, IFC is working towards reform of Georgia's tax system to benefit small businesses, helping raise food safety standards, and strengthening the risk-management practices of banks. Georgia has been a member of IFC since 1995.
Source: georgianjournal.ge |
July 20, 2011
