As Africans increasingly gain access to mobile devices, aid and development organizations see them as a pathway to providing access to financial services to a large “unbanked” population, and a deal announced in Zambia this week aims to do just that.

The World Banks International Finance Corporation (IFC) is pushing the drive for financial inclusion in the region by providing funding to mobile operators, and will provide US$1 million in funding to Airtel Zambia to to boost access to mobile financial services in the Zambian market.

The three-year project aims to help Airtel, Zambias largest telecom operator, in building a sustainable mobile money operation.

The agreement is part of a $37 million funding initiative by IFC and the MasterCard Foundation to expand microfinance and advance mobile finance inclusion in Sub-Saharan Africa. Read more