ADFI, AFN sign $250,000 support grant for on-line digital hub
The Africa Digital Financial Inclusion Facility (ADFI) and the Africa Fintech Network (AFN) have signed a $250,000 support grant for the smooth operation of an online digital hub project that will serve as a repository of knowledge for fintech entities in Africa.
It is also expected that the digital hub project, which is to be delivered through a strategic partnership between the AFN and Cenfri, will help to strengthen the fintech ecosystem across the continent and boost the industry’s competitiveness.
The signing of the letter of intent put together by the African Development Bank (AfDB) was sealed yesterday in Abuja. Speaking at the ceremony, the Director-General, AfDB Nigeria Country Department, Lamidi Barrow, said the grant, which is funded by the ADFI, was earlier launched by the AfDB Group together with its partners – the Bill & Melinda Gates Foundation, Ministry of Finance of Luxembourg and other stakeholders in 2022.
“Fintech is expected to provide powerful readily available and effective digital financial solutions to help bridge the financial inclusion gap, Africa’s fintech sector also has a strong potential to contribute to job creation given the strong presence of youths in these industries,” he said.
According to him, AfDB “recognises that they have a major role to play in helping to create a robust, efficient and sustainable fintech ecosystem across the continent.
“We are accelerating the delivery of our ‘High Five’ Strategic priorities, our interventions have improved access to digital infrastructure including ICT backbones and broadband Internet services,” he said.
The President of AFN, Dr. Segun Aina, said: “Today, Africa fintech is marking another important milestone with the formal signing ceremony of the Africa fintech hub project consisting of a grant of $250,000 from ADFI to the AFN.
He explained that fintech has become a major force shaping the structure of the financial industry globally and in Africa, adding that it is improving digital, financial and economic inclusion.