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Projects

Project Brief

Summaries of proposed guarantees are provided prior to Board consideration and before final contract signing, and they are therefore subject to change. Project briefs are disclosed after Board consideration and contract signing and reflect the terms of the project at the time of contract signature. Environmental and Social Review Summaries are provided for projects assigned an Environmental Assessment Category of A or B.

 

Project name
Splash Mobile Payments Ltd
Project ID
7835
Fiscal year
2010
Status
Not Active
Guarantee holder
ManoCap Soros Fund
Sierra Investment Fund LLC
Investor country
Mauritius
Host country
Sierra Leone
Environmental category
C
Sector
Banking
Date SPG disclosed
March 09, 2010
Project Board date
March 24, 2010
Gross exposure
 $1.0 million
Project type
SIP

View Summary of Proposed Guarantee


MIGA has issued a guarantee of $1 million to the Sierra Investment Fund LLC and the ManoCap Soros Fund LLC covering their investment in Splash Mobile Money Ltd., a greenfield mobile payments and banking company in Sierra Leone. The coverage is for a period of up to 10 years against the risks of transfer restriction, expropriation, war and civil disturbance.

Building on the emergence of successful payment systems across Africa, Splash Mobile Money Ltd. will allow customers to send money or make payments using their mobile phones.  This can be done by SMS, online access through a mobile phone or by the use of Near-Field Communication technology. Mobile-banking services allow customers to carry out additional banking activities using their mobile phone, for example making deposits, checking account balances, arranging credit facilities or establishing direct debits.  This technology is expected to improve security for users, increase liquidity and reduce the cost of transferring funds which is currently high in the formal banking sector.

MIGA’s support for this investment is aligned with the World Bank Group’s Country Partnership Strategy for Sierra Leone, which is supporting improved access to finance. The project is also aligned with key agency priorities, which include encouraging investment in countries affected by conflict and those eligible for concessional lending from the World Bank’s International Development Association. The project was underwritten through MIGA’s Small Investment Program.

 
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