50663 - Project Porcupine

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Summary of Investment Information

Project Number

50663

Company Name

Mastercard Settlement Risk Sharing Facility

Date SPI Disclosed

Sep 25, 2026

Country

World Region

Region

Global

Projected Board Date

Apr 10, 2026

Environmental Category

FI-3 - No Impact

Status

Pending Disbursement

Last Updated Date

Sep 26, 2026

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : Apr 10, 2026
Signed : Aug 7, 2026

Sector

Finance Companies

Project Description

The proposed project is for an unfunded risk participation facility on a portfolio of settlement risk exposures of eligible licensee financial institutions (primarily banks, and also non-bank financial institutions, and fintechs) of Mastercard International Incorporated (“Mastercard” or the “Company”) based and operating in emerging markets and developing economies (the “Facility”). The facility size will be up to US$500 million, to be established in phases.

In many of these markets, financial institutions are constrained by collateral requirements that can limit their ability to participate in global payment ecosystems, leaving millions of people and local merchants reliant on cash and cut off from the convenience, safety, and efficiency digital payments can provide.

The new IFC initiative addresses this gap directly by assuming a portion of the credit settlement risk, thus enabling more institutions to offer innovative and reliable digital payment services to more customers, including small business owners, women entrepreneurs, and people historically shut out of the formal financial system (the “Project”).

Associated Advisory Engagement

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	500.0
Loan
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Guarantee	Loans to MSME (mix of Micro and SME)

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

Increased access to payment services: Extending financial services requires addressing the barriers that can limit financial institutions' ability to scale access and meet demand. The Facility seeks to enable electronic payments which then expand access and opportunity for underserved individuals and small businesses by enabling participation in the formal economy and supporting more resilient commerce. Competitiveness: IFC believes the project has the potential to support significant growth in the number and range of financial institutions engaging in the card payment market, fostering competitiveness and further growth of digital payments. Over time, greater participation is expected to boost competition, accelerate digital payment adoption, and improve the availability of payment services across target markets.

Through the Project, IFC will provide an innovative, first-of-its-kind risk management solution designed to support the continued expansion of digital payments business in EMDEs. Given its extensive footprint across EMDEs, combined with its proven track record in structuring and executing risk transfer solutions on a commercial basis, IFC is uniquely positioned to deliver this structure.

E&S Category Rationale / Risks and Mitigation

The proposed project consists of an unfunded risk participation facility on a portfolio of settlement risk exposures of eligible Mastercard financial institution clients (banks, non-bank financial institutions and fintech). Pools of settlement risk exposures will consist predominantly of settlement obligations of individual consumers and businesses. All underlying risk tenors of supported transactions are low and short-term (less than 30 days). Settlement obligations guaranteed under the Facility are purely financial guarantees in nature and do not involve any new asset creation or direct support for specific activities.

As such, in accordance with the IFC’s Sustainability Framework, the Project’s E&S categorization is FI-3. Mastercard Human Resources (HR) policies and practices are generally aligned with IFC Performance Standard 2 (PS2) on Labor and Working Conditions. Mastercard will continue implementing its HR policies and procedures in alignment with PS2 and applicable law.

Contacts

For Inquiries About the Project, Contact

Mastercard Inc.
Sarah Ely
Global Communications
+1-914-249-2000
Government@mastercard.com
2000 Purchase Street, Purchase, NY 10577, U.S.A.
https://www.mastercard.com/

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CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Volume of Payments	USD M		Not Available	Not Available	Not Available

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