LocationsThe Yemen Financial Market Infrastructure and Inclusion Project (FMIIP)
Project Summary
The Yemen Financial Market Infrastructure and Inclusion Project (FMIIP) is a five-year initiative funded by the World Bank and implemented by the United Nations Development Programme (UNDP), starting in the second half of 2025. The project is designed to strengthen Yemen’s financial infrastructure and promote financial inclusion, with the Central Bank of Yemen (CBY), headquartered in Aden, as the primary beneficiary.
This project has four components. The first component, Development of Fast Payment Systems, will support the development of a well-functioning Fast Payment System in Internationally Recognized Government (IRG)-controlled areas. The second component, Development of a Real-Time Gross Settlement System (RTGS) and upgrading Core Banking for Central Bank of Yemen (CBY) Aden, will support the establishment of an RTGS in Yemen that will be managed by CBY-Aden and that will serve as the foundation for the payment’s infrastructure in the entire country. The third component, Supporting access and usage of the payment infrastructure, has the following sub-components: Developing a database for the access points with their geographical distribution, to encourage development of further access points in unserved and underserved areas; Capacity building and training to FIs and PSPs; Subsidizing the onboarding costs of merchants in underserved areas with a focus on areas where cash transfers are rolled out and incentive programs to merchants and consumers; and Outreach activities. The fourth component, Project management, will fund the costs associated with the Project management for the UNDP, which is the Project implementing entity, the grievance mechanism (GM) and Third-party Monitoring (TPM).
FMIIP interventions will enable the digitization of government payments, social transfers, and private sector transactions, improving the efficiency, transparency, and security of financial services. YFMIIP aligns with the World Bank Group’s strategic priorities for fragile and conflict-affected settings and supports Yemen’s broader development goals, including institutional strengthening, financial inclusion, gender equity, and climate resilience.
Objectives
The proposed Project's Development Objective is to develop a payment infrastructure that supports the efficiency of payment transactions in Yemen and increases financial inclusion. The objective will be achieved through the following outputs:
- Fast Payment System is developed and operational
- Real Time Gross Settlement System is developed and operational
- Supporting access and usage of the payment's infrastructure across Yemen
- Project management, monitoring and learning ensured
Gender Empowerment
FMIIP is supporting the creation of a more inclusive DFS system through activities that use a gender lens to ensure that constraints women face in accessing and using DFS in Yemen are accounted for, through policy and infrastructure.
The project supports the following activities:
- Payment Infrastructure: The Project will support the creation of a payment infrastructure that facilitates access to and use of DFS. While equally important for men, ease of access may have a greater impact on women’s uptake and usage of DFS.
- Gender-sensitive DFS policy: The Project promotes the adoption and usage of DFS and digital payments to make G2P payments, including cash transfer programs, which include for women. Long distance and time spent are major constraints for beneficiaries (48% of whom are women travel more than 10 km). Component 1 will support interoperability among financial institutions, so beneficiaries can access funds from any ATM and wallet, cutting the distance and time needed. Component 3 will support agent networks and merchants onboarding in underserved areas to create use cases and promote DFS adoption.
- Gender-centric interventions: Component 3 will develop a database for access points with geographical distribution to encourage development in unserved and underserved areas. This will provide guidance for appropriate and reliable access points (CICO agents, merchant payment points), particularly for areas easily accessible by women. This will be supported by capacity building and training to FIs and PSPs on good practices to strengthen agent/merchant networks and help merchants transition to electronic transactions.
- Women-focused financial literacy programs: Using digital and other communication tools to develop and deepen equitable financial and digital literacy programs tailored to address women’s specific needs. This includes SMS and messaging services for regular tips and updates.
Related documents
Expected results
- 20 percent increase in large-value payments across the financial markets, as measured by the percentage increase in the value of Real-Time Gross Settlement System transactions by 2030.
- 1,000,000 beneficiaries receiving or making payments and transfers through electronic channels by 2030 (up from 10,761 in 2025). Of which 480,000 are female (48 percent of total).
- 500 merchants accepting electronic payments by 2030 (up from 170 in 2025).
- 1,381,171 active bank accounts by 2030 (a 30 percent increase from 1,062,441 in 2025). Of these, 261,167 are female-owned bank accounts by 2030 (a 30 percent increase from 200,898).
- 487,828 active e-wallet accounts by 2030 (a 30 percent increase from 375,252). Of these, 73,174 are female-owned e-wallet accounts by 2030 (representing 15 percent of the total target).
- 25 percent increase in financial access points, reaching 1,021 by 2030.
- 50 percent decrease in transaction costs to customers by 2030, improving efficiency of payment systems.
