IFC Partners With KIF, Australia to Launch First Mobile Banking Service in East Timor

IFC, a sister organization of the World Bank and member of the World Bank Group, today announced plans to work with Kaebauk Investimentu no Finansas (KIF), East Timor’s first non-bank financial institution to pioneer a mobile banking service in the country, aiming to reach more than 50,000 Timorese people. 

More than 70% of East Timor’s people live in rural areas, many of these do not have  access to basic financial services to save, send, or receive money. IFC, which has pioneered mobile banking opportunities in emerging markets around the world, is working with KIF to increase access to finance for unbanked Timorese people, helping to drive development in the Southeast Asian country.