More Africans are being enabled to access digital financial solutions.
The Agence française de développement (AFD) is contributing an additional EUR3 million to the AfDB-managed Africa Digital Financial Inclusion Facility (ADFI), ITWeb reports.
The goal of the contribution is to increase investment in scalable programmes that provide access to credit and other financial services promoting entrepreneurship in underserved communities.
Research by AFD indicates that about 50% of the adult population in Africa, especially women, youth, farmers, small businesses and rural communities, lack access to digital financial solutions.
Audrey Brule-Françoise, head of AFD’s financial systems division, says strengthening digital financial services is ‘a key pathway to reach financially excluded populations in Africa’.
The ADFI was launched in 2019 as a collaboration between the AfDB, AFD, the Bill & Melinda Gates Foundation and the government of Luxembourg.
Aligning with the AfDB’s 10-year strategy for inclusive growth, the ADFI makes strategic investments in digital infrastructure, policy and regulation, and product innovation, with a special focus on reducing gender gaps and building capacity.
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