Electronic and Digital Financial Services (IFC-601347)

  • Tajikistan
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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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
Mar 25, 2016
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.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 2.97 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 Jul 24, 2017

Disclosed by Bank Apr 24, 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 Electronic and Digital Financial Services Project in Azerbaijan and Central Asia (EDFS in ACA) is currently being implemented by Finance & Markets Global Practice of the World Bank Group (International Finance Corporation arm) in Azerbaijan, Kyrgyzstan and Tajikistan. The major objective of this Project is to increase access to finance, facilitate the spread of electronic and digital financial services in far-flung rural areas, as well as expand financial inclusion of the population that does not fully participate in the formal financial system. EDFS in ACA also focuses on channeling remittance flows into the official financial system, which is very relevant for Project countries where they remain a significant source of income for vulnerable households. The EDFS in ACA Project aims to accomplish the following targets: o Increase number of registered users in in project countries o Increase volume of non-cash transactions and expand agents network for electronic and digital financial services operations. The Project includes 3 major components: A) Improving the regulatory environment through the development of the payment infrastructure by establishing a public-private dialogue B) Facilitating a joint payment platform through industry-wide consensus and stakeholder awareness-raising C) Identifying and engaging with potential partners who will develop and deploy mobile money products
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.
This project will facilitate expansion of digital financial services to remote areas of the Project countries, where most of the unbanked and under-banked population lives, with the lowest operational cost. The availability of/access to financial services is expected to help the poor better manage their finances which consequently will help them to improve their lives.
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/

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How it works