Mastercard Brazil (IFC-600728)

Countries
  • Brazil
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 19, 2015
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Mastercard Brazil
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 1.10 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 12, 2018

Disclosed by Bank Apr 6, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The MasterCard mobile payment program will create a stored value account linked to a unique mobile phone number. A simplified registration process will ensure that potential users do not get discouraged from using the product. Furthermore, the solution is designed to provide access to a universal platform, adapted for use among smart- and feature-phone users, regardless of technology or device being used. The service offerings will be diverse, including bill payment, mobile top up, person-to-person payments, and social benefits payments. The project is intended to facilitate adoption of the new products. Through the elimination of high fees for services, reduced administrative costs, and unburdened registration, it is expected that consumers will opt for these channels to transact. A pre-paid card is also an optional part of the offer.

Expected Development Impact
The objective of this project is to support MasterCard directly (and Caixa Economica Federal and TIM indirectly) to introduce and roll-out a mobile money program targeting un/under banked low income people, particularly payment beneficiaries of the Brazilian government social welfare programs (Unemployment Program and Bolsa Familia, a wealth transfer program targeting low income families).

 

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

The objective of this project is to support MasterCard directly (and Caixa Economica Federal and TIM indirectly) to introduce and roll-out a mobile money program targeting un/under banked low income people, particularly payment beneficiaries of the Brazilian government social welfare programs (Unemployment Program and Bolsa Familia, a wealth transfer program targeting low income families).

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works