The African Development Bank (AfDB), have signed a 525,000 dollar agreement to support Africa Fintech Network\u2019s (AFN)\u2019s Hub project.<\/p>\n\n\n\n
Mr Lamin Barrow, the Director-General, AfDB, Nigeria Country Department, during the signing in Abuja on Tuesday, said the project would boost the fintech industry on the continent.<\/p>\n\n\n\n
`This grant of 525,000 dollars, will support the operationalisation of an on-line digital hub to serve as a repository of knowledge for fintech entities across the continent, and globally.<\/p>\n\n\n\n
\u201c The Digital Hub, which is to be delivered through a strategic partnership between the Africa Fintech Network and Cenfri, will help to strengthen the fintech ecosystem across Africa, and boost the industry\u2019s competitiveness.<\/p>\n\n\n\n
\u201cThe grant is funded by the Africa Digital Financial Inclusion Facility (ADFI), inaugurated by the AfDB Group, together with its partners the Bill and Melinda Gates Foundation<\/p>\n\n\n\n
\u201cOther partners are Ministry of Finance of Luxembourg, and Agence Fran\u00e7aise de D\u00e9veloppement in 2019, with the Ministry of Finance and Economy of France and the Women Entrepreneurs Finance Initiative (We-Fi) joining in 2020 and 2022 respectively.\u201d<\/p>\n\n\n\n
The director-general said the event marked an important milestone in AfDB\u2019s efforts to promote digital innovation and financial inclusion in African Countries.<\/p>\n\n\n\n
Barrow quoted the 2021 Global Findex Study, as saying that 49 per cent of Africans were excluded from the formal economy and the benefits it brought.<\/p>\n\n\n\n
He reiterated the importance of fintech on the continent among which is to provide powerful, readily available and effective digital financial solutions to help bridge the financial inclusion gap.<\/p>\n\n\n\n
Barrow said with the current digital disruption in the financial sector, more fintech startups were coming to the fore.<\/p>\n\n\n\n
\u201cThese companies are leveraging technology to provide innovative financial services, including payment, lending, savings, financial literacy and financial infrastructure services.<\/p>\n\n\n\n
\u201cThat result in greater efficiency, better service provision and lower costs,\u201dhe said.<\/p>\n\n\n\n
According to him, financial inclusion is key to economic empowerment and resilience, particularly for underserved segments of our society.<\/p>\n\n\n\n
He said the need to leapfrog barriers and scale up inclusive digital financial solutions to accelerate economic resilience across Africa had become even more urgent.<\/p>\n\n\n\n
He quoted AfDB\u2019s President, Dr Akinwumi Adesina, as saying, with the right investments in innovation and smart digital growth, the obstacles to achieving financial inclusion and greater economic opportunity for all would be overcome.<\/p>\n\n\n\n
According to Barrow, the Hub will enable fintech associations across Africa to pool knowledge, strengthen partnerships and showcase their innovations and impact, including from female-led or owned fintech enterprises.<\/p>\n\n\n\n
\u201cThe project design is underpinned by detailed needs assessment that informed the value proposition of the AFN Hub as a one-stop knowledge repository.<\/p>\n\n\n\n
\u201cIt will help enhance coordination among African fintech associations, improve linkages for market access and investment opportunities, for effective advocacy with key public and private stakeholders.<\/p>\n\n\n\n
\u201cThe AfDB is strongly committed to our partnership with the AFN to fully unlock Africa\u2019s fintech potential and create a digital economy.\u201d<\/p>\n\n\n\n
Responding, Dr Segun Aina, AFN President, thanked AfDB for the support, while pledging their commitment to deliver the project.<\/p>\n\n\n\n
\u201cWe are indeed delighted that AfDB is playing a leading role in supporting this innovative initiative. The AFN is equally committed to the partnership with the AfDB.<\/p>\n\n\n\n
\u201cAnd we look forward to building on this productive collaboration going forward, as there is still a lot to be done to unleash the potential of digital inclusion for Africa toward creating the Africa that we want,\u201d Aina said.<\/p>\n\n\n
The African Development Bank (AfDB), have signed a 525,000 dollar agreement to support Africa Fintech Network\u2019s (AFN)\u2019s Hub project. Mr Lamin Barrow, the Director-General, AfDB, Nigeria Country Department, during the signing in Abuja on Tuesday, said the project would boost the fintech industry on the continent. `This grant of 525,000 dollars, will support the operationalisation […]<\/p>\n","protected":false},"author":2,"featured_media":14447,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949,241],"tags":[146],"class_list":["post-49566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-foreign","tag-afdb","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n