Strengthening the capacity of Benin’s banks in digital finance - Press Release

The UNCDF’s programme MM4P, organized two days of training for banks on June 7^th and 8^th, at the Benin Royal Hotel, as part of the implementation of its 2017 annual work plan.

The aim was to share with the banks of Benin tools and best practices which can help them initiate and develop digital finance products and services.

The banking sector in Benin is in a new dynamic with the multiplication of initiatives to develop alternative distribution channels to get closer to clients, and to target new customers using digital tools. These training workshops are timely, to guide Benin banks shifting effectively in this new dynamic.

"These two days of exchanges have proved the great interest of Benin’s banks on developing digital financial services. Participants paid great attention to the presentations done by guest speakers from Equity Bank of Kenya and Fidelity Bank of Ghana who shared their experiences in digital finance. "said Jamelino Akogbeto, Digital Finance Services Expert for MM4P in Benin.

This interest clearly displayed by the banks points to a real opportunity of collaboration, and as a next step, banks will submit their digital finance projects to MM4P evaluation. The most promising projects will benefit from MM4P technical assistance for implementation.

The MM4P Program was launched in Benin on 6 October 2015 to contribute to increase the active use of digital financial services up to 122 of the adult population of Benin by 2019.

About Mobile Money for the Poor (MM4P)

MM4P is a global programme funded by UNCDF, the Swedish International Development Cooperation Agency, the Australian Department of Foreign Affairs and Trade, the Bill & Melinda Gates Foundation and The MasterCard Foundation. The programme provides support to branchless and mobile financial services in a select group of Least Developed Countries to demonstrate how the correct mix of financial, technical and policy support can build a robust branchless and mobile financial services ecosystem that reaches low income people in these countries.

Please visit www.uncdf.org/mm4p or follow @UNCDFMM4P.

About UNCDF

The United Nations Capital Development Fund (UNCDF) is the UN’s capital investment agency for the world’s 48 least developed countries. It creates new opportunities for poor people and their small businesses by increasing access to microfinance and investment capital. UNCDF programmes help to empower women and are designed to catalyze larger capital flows from the private sector, national governments and development partners, for maximum impact toward the Millennium Development Goals.

For more information, please visit www.uncdf.org, follow @UNCDF and UN Capital Development Fund, and subscribe for news.

About The MasterCard Foundation

The MasterCard Foundation is an independent, global organization based in Toronto, Canada, with approximately $9 billion in assets. Through collaboration with partner organizations in 46 countries, it is creating opportunities for all people to learn and prosper. The Foundation’s programs promote financial inclusion and advance youth learning, mostly in Africa. Established in 2006 through the generosity of MasterCard Worldwide when it became a public company, the Foundation is separate and independent from the company. Its policies, operations and funding decisions are determined by its own Foundation Board of Directors and President and CEO.

For more information, please visit www.mastercardfdn.org or follow @MCFoundation