www.ifc.org/thoughtleadership NOTE 109 • JAN 2022 Banking on FinTech in Emerging Markets By Cleo Rose Innes and Jacqueline Andrieu Despite near-universal access to financial services in advanced economies, financial exclusion is stubbornly persistent in many emerging markets, leaving huge swaths of low-income populations unbanked or underbanked. FinTech companies, which apply innovative technologies to deliver such services in new ways, have begun to tap into the enormous unmet demand that this represents. These companies are starting to thrive in emerging markets, though regulatory issues, particularly weak consumer protection measures, remain to be resolved in many countries. If these can be overcome, and more progress toward universal access to digital infrastructure can be made, FinTechs will continue to scale and spread. Financial services are almost universally available in high- market economies undertook extensive reforms in the income countries. However, in emerging markets, 1.6 1980s and 1990s to improve financial depth (size and billion people and 200 million small businesses do not have liquidity of the financial sector) in an effort to increase access to formal financial services.1 the use of formal financial services. However, the growth and development impact of liberalization fell short of These people and businesses do not have basic transactions expectations. 2 By the late 1990s, policy makers shifted accounts. They cannot make or receive anything other than their attention to financial breadth or inclusion (access), cash payments for their work or products or remit funds particularly through microlending. This was triggered by to family and friends, and without access to credit, they the success of high-profile business models such as that of cannot invest in business ventures or smooth consumption. the Grameen Bank.3 Furthermore, the absence of insurance and savings mechanisms reduces these individuals’ resilience to sudden Financial inclusion has remained at the top of the global emergencies or shocks such as ill health or destructive public policy agenda. Increased access to finance is weather and impairs their ability to prepare for old age. positively associated with GDP growth and that there is a strong correlation between access to finance and the As shown in Figure 1, these finance gaps are very large narrowing of gender gaps, as well as increased resilience to and impose a constraint on both economic participation financial shocks.4 and achievement of the Sustainable Development Goals (SDGs). The failure to intermediate savings and enable Despite enormous demand for financial services in these the participation of everyone in society suppresses long- underserved markets, reducing the number of “unbanked” term investment and productivity and weakens economic has proven difficult. However, the application of new performance. technologies to the provision of financial services, or FinTech, has generated solutions that overcome specific Financial sector reform has been a policy priority in barriers to access and use of financial services. emerging markets for several decades. Many emerging About the Authors Cleo Rose Innes, Senior Operations Officer, Blended Finance & Corporate Strategy, Economics and Private Sector Development, IFC. Jacqueline Andrieu, Strategy Officer, Blended Finance & Corporate Strategy, Economics and Private Sector Development, IFC. 1 This publication may be reused for noncommercial purposes if the source is cited as IFC, a member of the World Bank Group. Gap 1: A third of adults still lack access to a Gap 2: Millions of MSMEs and adults lack basic transaction account sufficient access to credit $5.3 trillion 20 percent 1.7 billion finance gap borrow formally adults still lack access to a basic transaction account 9m (44 pct.) of formal SMEs and 56m Micro Less than 20 pct. of adults in EMs enterprises (40 pct.) are credit constrained. borrow formally (vs. 60 pct. in HICs). Gap 3: Few people in Emerging Markets are able Gap 4: Low access to insurance leaves people to save at a formal financial institution more vulnerable to shocks Formal savings rates are Life Advanced markets very low in Emerging Markets (excl. EAP) Non-life 2x gap Life In premium penetration Emerging Markets between advanced markets Non-life (>3%) and EM (~1%) Source: 1. Findex, 2017; 2. “MSME Finance Gap” IFC, 2017; 3. Findex, 2017; 4. Sigma World Insurance Database 1 FIGURE 1 Gaps In Access to Financial Services Sources: Gap 1: IFC. 2018. “Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution”; Gap 2: “MSME Finance Gap” IFC, 2017; Gap 3: IFC. 2018. “Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution”; Gap 4: Sigma World Insurance Database. Why Financial Exclusion Has Persisted easily synchronize their finances with regular repayment schedules. In addition, banks frequently require borrowers Most of the unbanked in emerging markets are among the to pledge tangible assets such as real estate to offset risk approximately two billion workers, or 60 percent of the and anchor the borrower’s commitment to repay. Most of global labor force, who are in seasonal or informal jobs, or the unbanked in emerging markets are unable to satisfy this are self-employed. Traditional retail banks provide financial requirement. services through mechanisms and processes that are not tailored to the needs and characteristics of this population. How FinTech Overcomes These Challenges Their business model has included operating from within physical branches and they undertake many of their client As illustrated in Figure 2, FinTech companies are evaluation activities through face-to-face meetings. For many companies that have applied advances in technology to of the unbanked, visiting a branch may be prohibitively transform the provision of financial services, developing expensive, either because these are physically remote or new business models, processes, and products. Digital because they are only open during working hours. innovation lowers transaction costs, making it easier to store, search for, track, copy, and verify information. Before taking on new clients or issuing a loan, traditional It also significantly reduces the fixed costs of providing banks assess client risk through a review of client credit financial services.5 Access to data on current and potential records and transaction histories. These may be unavailable clients provides alternative sources of information to assess or incomplete if national legal and institutional frameworks creditworthiness, reducing reliance on credit and income are underdeveloped. Direct engagement with clients assessments and collateral. also results in fixed costs per transaction, irrespective of transaction size. Some banks may look to offset higher Mobile phones are the primary tool used by FinTech operating costs by imposing fixed transaction charges and/ providers to reach current and potential clients. Two out or minimum balance requirements. Thus, for clients who of three adults who do not have access to financial services undertake frequent but small transactions, the benefits of do have access to mobile phones,6 a phenomenon that has having an account may be outweighed by the costs. enabled Fintech companies, such as those described in Box 1, to be successful in entering emerging markets and scaling Borrowers with irregular or seasonal income may not be up their activities. This expanding access to this necessary able to satisfy income eligibility requirements or be able to 2 This publication may be reused for noncommercial purposes if the source is cited as IFC, a member of the World Bank Group. Tech builds on these trends to deliver new solutions that are more efficient and inclusive FOR EMC Traditional retail Barriers to Financial Services New technology Enables FinTech solutions banking access and usage § Cash/ATM § Online, mobile payments, POS § Check/Cards (deb/cred) § Peer-to-peer, B2B Payments § Wire/MTO § High cost-structure § Digitization § QR codes § Centralized settlement § Tokenization § Distance to access § Connectivity points § Spending monitoring Savings & § Bank deposits § Data & analytics § Online savings solutions § Mutual funds § Reliance on § Investment platforms investment traditional sources § Network effects § Robo advisors, auto wealth mgt. of information § Credit modeling § Bank loans § Process re-engineering § Geared towards § Alternative credit scores Lending § Mortgages formal, larger § Online SME lending § Credit clients § Peer-to-peer, crowd-funding § Automated insurance § Community insurance § Policies geared to § Digital distribution Insurance § Traditional Insurance Co’s, traditional § Sophisticated analytics brokerages, re-insurers products/FSPs § Smart contracts § Spot currency exchange § Peer to peer § Inv. banks / asset mgrs. § Digital brokerage Capital Markets Exchanges, depositories, § Fund raising platforms centralization § Cross-border A2F, decentralization FIGURE 2 FinTech leverages technology to deliver new and improved solutions to a broader market Source: IFC Sector Deep Dives: “FinTech” (internal document). and foundational technology, together with overwhelming in cash. Moreover, 300 million account holders get paid levels of unmet demand, is driving sustained investor in cash, and approximately 280 million account holders interest in this sector. In addition to the 1.6 billion people continue to use cash or over-the-counter services to send or without access to financial services, more than a billion receive remittances.7 people who do have bank accounts pay their utility bills Box 1. Examples of IFC’s FinTech Engagements in Emerging Markets Konfío (Mexico) is an online lending platform that capitalization of $1 billion within a year of its IPO. The provides unsecured lending to small businesses. Firms company is looking to expand into neighboring markets. without formal credit history can access capital at lower Coverfox (India) is an insurance platform that covers prices than other unsecured borrowing options. Konfío health, car, bike, life, and travel insurance, enabling users to processed 400,000 loan applications and enabled more compare insurance providers, apply for plans, and manage than 22,000 borrowers to receive unsecured loans subsequent insurance claims and settlements online. within its first five years of operations. Airtel Money (Uganda) is a financial services Fawry (Egypt) is an e-payment platform launched platform that provides mobile wallet deposits and in 2013 to enable electronic bill payments. People were withdrawals, merchant and commercial payments, initially reluctant to take their accounts online, but benefits transfers, loans and savings, virtual cards, the company adjusted to local conditions and installed and international money transfers. Airtel continues to electronic payment machines in small businesses, expand across Africa. building confidence and consumer trust and increasing turnover for host businesses. By 2021, Fawry had Earthport (global) is a cross-border payment nearly 225,000 service points, which see three million platform that has enabled a more transparent low- transactions per day and support 30 million users a cost payments infrastructure suitable for remittances month. In 2019, the initial public offering (IPO) for Fawry and low-value trade payments. Earthport was acquired was oversubscribed by 30.3 times, reaching a market by Visa in 2019. 3 This publication may be reused for noncommercial purposes if the source is cited as IFC, a member of the World Bank Group. Payments & Credit & other Advanced digital Basic payments infrastructure Financial sector-level financial (e.g., basic transaction accounts, financial infrastructure payments infrastructure agents, e-channels, branches) (e.g., credit bureaus, (e.g., interoperability, infrastructure collateral registries) merchants, aggregators) Enabling Policy Regulation and Consumer Data protection Financial policies & commitment supervision protection and privacy literacy institutions for FinTech Entrepreneurial Enabling regulation for entrepreneurship Supportive factors for entrepreneurship ecosystem (e.g., policies & institutions for entrepreneurship) (e.g., funding, incubators, mentorship) Country-level Digitization of commerce and other activities Data sharing and analytics Digital Connectivity infrastructure (e.g., telecom, towers, mobile connectivity, use of internet) foundations Power/energy infrastructure (access to reliable, affordable, and efficient electricity) Government use of e-platforms, services Market structure / competitiveness Market (e.g., e-filing, e-services, open data, ID systems) (e.g., SOE / firm dominance) conditions Demographics (e.g., size of population, youth as share of total, literacy rates) FIGURE 3 Foundations, Infrastructure, and Institutions to Support Vibrant FinTech Ecosystems in DE4A 6; CGAP 2018; FAS 2018; Findex 2017; WEF Competitiveness Index 2019; EIU Microscope 2019; ITU 2019; WB 2019; IMFMarkets Emerging 2018 Source: IFC Sector Deep Dives: “FinTech” (internal document). What Factors Support FinTech Innovation? and feedback provided by community members and peers. Local entrepreneurship is important to calibrating business Country- and sector-level factors promote FinTech to the specific needs of country contexts. innovation and support the sector as it matures (Figure 3). Sector-level. FinTech enablers at the sector-level include Country-level factors include how FinTech innovations are financial sector policies, institutions, and infrastructure deployed and are sustainable over time in a particular market. (including payments and credit infrastructure). Market conditions define the scope of the local market. Enabling policies and institutions promote FinTech Government use of payments fintech can be a catalyst for innovation through their commitment to FinTech, digital payments, as governments in lower-middle-income protecting individuals and the financial system through countries are typically the largest local payment users. updated or improved regulation, consumer protection, data Digital foundations support people’s ability to connect privacy, and the promotion of financial literacy.8 to financial services and affect how they use them. The Payment and settlement systems clear and settle monetary increasing use of digital means for commerce and other and financial transactions and enable access to transaction activities such as healthcare and education complement the accounts to store value and make and receive payments.9 adoption of FinTech. Credit bureaus or credit registries provide consumer credit An entrepreneurial ecosystem supports the emergence of information with value-added services such as credit scores local FinTech start-ups that design products and services to private lenders.10 tailored to local needs. This includes regulatory enablers The demands on the enabling environment evolve as FinTech such as taxation and entry/exit regulations, as well as activity develops.11 Finding the right balance between trade- access to funding, mentorship, and incubators. offs at every stage of FinTech development is essential to A vibrant FinTech ecosystem benefits from local knowledge promoting activity and innovation while managing risk. 4 This publication may be reused for noncommercial purposes if the source is cited as IFC, a member of the World Bank Group. Responding to FinTech Box 2. Responsible investing in digital financial FinTech products and services are having a disruptive services effect on the financial services industry across the world. As highlighted in EM Compass Note 67,20 the relative In high-income countries, where access to financial services novelty of digital financial services means that is near universal, incumbent providers are reorganizing consumer protection is weak. The policy question is and restructuring to meet the shifting preferences and how to find the right balance between (1) the risk to expectations of their customers. In emerging markets, consumers, stability, and market integrity and (2) the traditional banks appear to be viewing FinTech innovators benefits of financial sector development, financial less as competitors and more as potential partners with inclusion, and improved efficiency.21 useful tools and know-how that can help them to reach new customers.12 Their approach to FinTech is to seek IFC is among the co-founders of and signatories to partnerships and/or integration of FinTech approaches as the Investor Guidelines for Responsible Investing part of the development of their own business models. in Digital Financial Services to build industry awareness of risks to consumers and financial However, it is important to note that FinTech innovations stability. There are over 120 signatories to these introduce new challenges and risks at both the macro Guidelines, representing $180 billion in assets under and micro levels. At the macro level, it is necessary to management. They cover important topics for the differentiate between the benefits and risks of access to basic development of digital financial services, including payments services and access to credit. While increased tailored product and pricing disclosure, consumer efficiency of day-to-day banking improves growth and awareness, and consumer protection from aggressive development outcomes, the expansion of FinTech credit may marketing practices. pose macro stability risks, as it increases private liabilities and both credit and liquidity risk, with little sovereign control or oversight. At the micro level, it may create distinct policy objectives: (1) financial stability and market unsustainable debt burdens for certain groups of borrowers. integrity, (2) efficiency and competition, and (3) data privacy and consumer protection. Many of the issues and FinTech users need protections against loss of privacy, identity questions raised in balancing these trade-offs are entirely theft, and fraud, and without these in place, confidence in new to regulators. For example, the relationship between the use of digital financial services may quickly erode. Users data and market power creates a new tension between may also find themselves vulnerable to discrimination where issues of efficiency and competition, and those of privacy decision-making tools applied in FinTech reflect biases in the and consumer protection. It will be critical to introduce underlying data. Finally, the reliability and governance of new regulation that addresses any new risks arising from the new kinds of “cyber” market infrastructure upon which the new activities as shown in Figure 2. FinTech solutions rely is also uncertain. Regulators have been responding to FinTech through Conclusion adjustments to their existing regulatory frameworks Financial technology is altering market structures in the and ongoing assessments of the extent to which these provision of financial services, enhancing existing business frameworks cover emerging risks. Global initiatives models and creating new ones. highlight practices that pose risks either to consumers or to financial stability. Foremost among these initiatives Expanding connectivity, improved network effects, and are the IFC-led Investor Guidelines (Box 2). Public an ever-increasing ability to process data have led to very policy responsiveness to FinTech has tended to be a high levels of interest in FinTech by investors. By mid-2021, function of the size and structure of domestic financial the global value of FinTech was estimated at $1.1 trillion, and FinTech sectors, and the flexibility of existing equivalent to 10 percent of the value of the global banking regulatory frameworks.13 Methodologies have included and payments industry, and up from 4 percent in 2018.16 regulatory experimentation (sandboxes), incorporation, FinTech is having a transformative effect on growth and accommodation, and adjustment.14 development in some country contexts through its effect However, Feyen et al.15 note that the characteristics of on financial inclusion.17 This is encouraging, because FinTech upend traditional regulatory approaches and transformation at the scale and speed that is required to existing insights. The nature and characteristics of meet ambitions such as those set out in the Sustainable FinTech reveal that its regulation needs to deliver on three Development Goals (SDGs) is almost always driven by 5 This publication may be reused for noncommercial purposes if the source is cited as IFC, a member of the World Bank Group. very rapid innovation and adoption of new technologies.18 CONTACT INFORMATION WITHIN FinTech expansion in emerging markets is increasing FINANCIAL INSTITUTIONS GROUP, IFC financial inclusion and economic participation at a For any inquiries regarding this Note, please reach out to: remarkable speed, although it is not without risk, both for Martin Holtmann, Manager, Financial Inclusion (mholtmann@ individuals and at the systemic level. ifc.org). The benefits to people and businesses of increased access to For any further information, please contact: Andi Dervishi, capital, more efficient payment mechanisms, and access to Chief Investment Officer, FinTech (adervishi@ifc.org) or visit tools to support risk management will not be immediately FinTech at IFC. apparent. However, Sen argues that “the exercise of development” is the release of the individual agency of ACKNOWLEDGMENTS every person. He emphasizes that support for development is the act of removing obstacles in people’s lives and that The authors would like to thank the following colleagues interventions to support economic development should focus for their review and suggestions: Sabine Durier, Principal on expanding what it is that people are able to do and be.19 Operations Officer, Stakeholder Engagement, Corporate Support, IFC; Martin Holtmann, Manager, Financial Inclusion, FinTech is expanding possibilities for many millions of Financial Institutions Group, IFC; within Blended Finance & individuals and businesses in emerging markets. Ensuring Corporate Strategy, IFC: Brian Casabianca, Senior Strategy financial access for all of those that are unbanked requires Officer; Meera Narayanaswamy, Senior Operations Officer; solutions for a new constraint, digital access. And ensuring within Thought Leadership, Economics and Private Sector that this financial access is strong and sustainable requires Development, IFC: Imtiaz Ul Haq, Economist; Ghita Chraibi, attention to new and unfamiliar risks and policy trade-offs Research Assistant; and Thomas Rehermann, Senior Economist. arising from FinTech business models. 1 See for similarities between the regions Africa and Asia: Alexander, Alex J., Lin Shi, and Bensam Solomon. 2017. “How Fintech is Reaching the Poor in Africa and Asia: A Start-Up Perspective”, EM Compass Note 34, IFC, March 2017. 2 See especially Capital Market Liberalization, Economic Growth, and Instability by Joseph Stiglitz, World Development, 2000, vol. 28, issue 6, 1075-1086. 3 Grameen Bank is a microfinance organization and community development bank founded in Bangladesh. It makes small loans (known as microcredit or “grameencredit”) to the poor without requiring collateral. 4 “The Promise of FinTech Financial Inclusion in the Post COVID-19 Era.” IMF No. 20/09. Capital Markets Department Working Paper, July 2020. 5 Feyen, Erik, Jon Frost, Leonardo Gambacorta, Harish Natarajan, and Matthew Saal. 2020. “FinTech And the Digital Transformation of Financial Services: Implications for Market Structure and Public Policy.” BIS Papers No 117, July 2021. https://www.bis.org/publ/bppdf/bispap117.pdf. 6 IFC. 2018. “Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution.” 7 IFC. 2018. “Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution.” 8 Bank for International Settlements. 2020. “Policy Responses to FinTech: A Cross-Country Overview.” https://www.bis.org/fsi/publ/insights23.pdf 9 World Bank Payment Systems. https://www.worldbank.org/en/topic/paymentsystemsremittances 10 World Bank. Credit Bureau. https://www.worldbank.org/en/publication/gfdr/gfdr-2016/background/credit-bureau 11 World Bank Group. “FinTech Around the World – Patterns of Activity and Enabling Factors.” Technical Note, (internal document). 12 Zalan, T. and Elissar Toufaily. 2017. “The Promise of FinTech in Emerging Markets: Not as Disruptive.” Contemporary Economics. 11. 415-430. 13 Financial Stability Board. 2019. “FinTech and Market Structure in Financial Services: Market Developments and Potential Financial Stability Implications.” February 14, 2019. https://www.fsb.org/2019/02/fintech-and-market-structure-in-financial-services-market-developments-and-potential- financial-stability-implications/a. 14 Omarova, Saule T. 2020. “Dealing with Disruption: Emerging Approaches to FinTech Regulation.” Washington University Journal of Law & Policy 61 (2020): 25-54. 15 Feyen, Erik et al. 2021. 16 The Economist. 2021. “Investment in Fintech Booms as Upstarts go Mainstream.” www.economist.com, July 15, 2021. 17 Sahay, Ratna et al. 2020. “The Promise of FinTech Financial Inclusion in the Post COVID-19 Era.” Monetary and Capital Markets Department, Departmental Paper Series No 20, IMF, July 2020. https://www.imf.org/en/Publications/Departmental-Papers-Policy-Papers/Issues/2020/06/29/The- Promise-of-Fintech-Financial-Inclusion-in-the-Post-COVID-19-Era-48623. 18 World Bank Group; China Development Bank. 2017. “Leapfrogging: The Key to Africa’s Development?” World Bank, Washington, DC. 19 Sen, Amartya. 1999. Development as Freedom. 1st ed. New York: Alfred Knopf. 20 Biallas, Margarete, Momina Aijazuddin, and Lory Camba Opem. 2019. “The Case for Responsible Investing in Digital Financial Services.” EM Compass Note 67, IFC, April 2019. 21 See Regulating FinTech financing: digital banks and FinTech platforms By Johannes Ehrentraud, Denise Garcia Ocampo, Camila Quevedo Vega (FSI Insight on policy implementation No 27, August 2020) and FinTech and the digital transformation of financial services: implications for market structure and public policy by Erik Feyen, Jon Frost, Leonardo Gambacorta, Harish Natarajan and Matthew Saal (BIS Papers No 117, July 2021). https://www.devex.com/news/opinion-in-blended-finance-transparency-and-rigor-must-rule-the-day-95776. 6 This publication may be reused for noncommercial purposes if the source is cited as IFC, a member of the World Bank Group. Additional EM Compass Notes Previously Published by IFC Thought Leadership DECEMBER 2021 NOVEMBER 2020 Note 108: What Gets Measured Gets Done: Using a Note 94: Deep Tech Solutions for Emerging Markets Corporate Scorecard to Drive Greater Investment Impact Note 93: :Impacts of COVID-19 on the Private Sector in NOVEMBER 2021 Fragile and Conflict-Affected Situations Note 107: Municipal Broadband Networks—Opportunities, OCTOBER 2020 Business Models, Challenges, and Case Studies Note 92: How Natural Capital Approaches Can Support OCTOBER 2021 Sustainable Investments and Markets Note 106: Creating Housing Markets in Emerging Market SEPTEMBER 2020 Economies Note 91: Artificial Intelligence and Healthcare in Emerging Special Note 1: Financing Deep Tech Markets JULY 2021 Note 90: Lessons for Electric Utilities from COVID-19 Note 105: Blended Concessional Finance—The Benefits of Responses in Emerging Markets Transparency and Access AUGUST 2020 JUNE 2021 Note 89: Social Bonds Can Help Mitigate the Economic and Note 104: Enabling A Competitive Mobile Sector in Emerging Social Effects of the COVID-19 Crisis Markets Through the Development of Tower Companies Note 88: What African Industrial Development Can Learn from East Asian Successes—The Role of Complexity and MAY 2021 Economic Fitness Note 103: Private Sector Initiatives in Forced Displacement Contexts: Constraints and Opportunities for Market-based JULY 2020 Approaches Note 87: AI Investments Allow Emerging Markets to Develop and Expand Sophisticated Manufacturing Capabilities APRIL 2021 Note 102: Enabling Private Investment in 5G Connectivity in JUNE 2020 Emerging Markets—An Assessment of Challenges and Policy Note 86: Leveraging Big Data to Advance Gender Equality Options Note 85: Artificial Intelligence Innovation in Financial Services Note 101: Blue Natural Capital: Enhancing Business Outcomes and Sustainability of Coastal Tourism Markets MAY 2020 Note 84: Leveraging Inclusive Businesses Models to Support MARCH 2021 the Base of the Pyramid during COVID-19 Note 100: Promoting Impact by Creating Markets: Management and Measurement Note 83: What COVID-19 Means for Digital Infrastructure in Emerging Markets FEBRUARY 2021 Note 99: Blended Concessional Finance and COVID-19 MAY 2020 Note 82: Artificial Intelligence in Agribusiness is Growing in JANUARY 2021 Emerging Markets Note 98: Private Credit in Emerging Markets APRIL 2020 Note 97: How Artificial Intelligence Can Help Advance Post- Note 81: Artificial Intelligence in the Power Sector Secondary Learning in Emerging Markets MARCH 2020 DECEMBER 2020 Note 80: Developing Artificial Intelligence Sustainably: Note 96: Innovation, Investment, and Emerging Toward a Practical Code of Conduct for Disruptive Opportunities in Today’s Textile and Apparel Value Chain Technologies Note 95: How Tourism in Emerging Markets is Recovering from Covid-19 7 This publication may be reused for noncommercial purposes if the source is cited as IFC, a member of the World Bank Group. 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