Fidor, an innovative provider of digital banking services and member of the SME Finance Forum, today signed a Memorandum of Understanding (MOU) with IFC (International Finance Corporation), a member of the World Bank Group and mangaging organization of the Forum, to identify opportunities to expand digital banking services in Africa and Latin America to boost financial inclusion.

Some two billion working-age adults globally do not use formal financial services. Extending access to finance to them is the first building block to build a better life. Financial access facilitates day-to-day living, and helps families and businesses plan for everything from long-term goals to unexpected emergencies. As accountholders, people are more likely to use other financial services, such as credit and insurance, start and expand businesses, invest in education or health, manage risk, and weather financial shocks, all of which can improve the overall quality of their lives.

As part of the agreement, both IFC and Fidor will attempt to grow financial inclusion by identifying financial institutions and partners to introduce or expand digital bank joint ventures. Fidor will provide its own proprietary technology platform – the Fidor Operating System (fOS) – for API banking to deliver financial services in a cost-efficient manner, in addition to share its knowledge in running a digital bank from the ground up.