IsDB and Tunisian Post Unite to Drive Financial Inclusion for the Unbanked Through Mobile Platforms

JEDDAH, August 3, 2023 – Today, the Islamic Development Bank (IsDB) led by Dr. Mansur Muhtar, Vice President (Operations), has signed a Memorandum of Understanding (MoU) with Tunisian Post. This landmark agreement aims to harness the combined capabilities and resources of both institutions to promote financial inclusion in IsDB Member Countries.

Under the MoU, the IsDB and Tunisian Post will collaborate on Reverse Linkage projects, establishing mobile-based financial services platforms administered by the public postal authorities in the Member Countries.

Reverse Linkage is one of the flagship programs of Islamic Development Bank that promotes knowledge-sharing and transfer of know how between countries and institutions.

The IsDB was motivated by the promising results of the Reverse Linkage project between Mauritania and Tunisia, which paved the way for a long-term collaboration with Tunisian Post. This project demonstrated the cost-effectiveness of digitalization and its significant contribution to financial inclusion.

One of the notable outcomes of the Reverse Linkage project was the successful launch of the mobile-based platform for digital financial services, branded as BaridCash (بريد كاش).

Dr. Mansur Muhtar expressed enthusiasm for the upcoming project benefiting the Postal Authority of Djibouti, showcasing Member Countries' keen interest in implementing mobile-based platforms to serve the unbanked population.

The digitalization of financial services, encompassing money transfer, payment of public services, and invoice settlement, is expected to bring about positive changes for various stakeholders:

  • The citizens of the respective countries will have access to highly available, secure, and affordable financial services.
  • The postal authorities will emerge as major facilitators of financial inclusion.
  • Providers of public services can optimize their cash flow and reduce administrative costs associated with cash collection.
  • Small enterprises will benefit from seamless e-transactions across different regions of their country.

Dr. Mansur Muhtar emphasized the significance of ensuring the sustainability of digital financial platforms by developing local human and institutional capacities within the respective postal authorities. He commended the successful handling of this matter during the previous project and expressed confidence that the same approach would be adopted in future initiatives.

Dr. Mansur Muhtar extended gratitude to Tunisian Post for its willingness to share expertise with the Member Countries. He also expressed anticipation for expanding collaboration with Tunisian Post and other Tunisian institutions, in coordination with the Tunisian Agency for Technical Cooperation (ATCT), which plays a pivotal role in driving these initiatives.

CEO of Tunisian Post, HE Sami Mekki, conveyed sincere thanks and gratitude to the Islamic Development Bank for its readiness to strengthen the constructive and fruitful cooperation between the two institutions. He further assured his firm commitment, as well as that of Tunisian Post, to continue developing an exemplary cooperation and partnership with the IsDB in various fields, materializing constructive projects that serve the interests and aspirations of both institutions.