The African Development Bank (AfDB) has signed a $525,000 grant agreement with the Africa Fintech Network (AFN) to set up the Africa Fintech Hub, an online portal that will serve as a one-stop shop for fintech activities in Africa.
PHOTO (BAD): Lamin Barrow, Managing Director of the Nigerian branch of the BAD and Dr. Segun Aina, Chairman of the Africa Fintech Network.
The AfDB’s African Digital Financial Inclusion Facility (ADFI) will provide funding and technical assistance to the Africa Fintech Network to host and manage the Africa Fintech Hub. The Africa Fintech Hub will be “a digital platform that will enable fintech associations across Africa to pool resources and knowledge, strengthen relationships and partnerships, as well as showcase the work of fintechs on the continent, including those led or owned by women.”
“At the African Development Bank, we recognize that we have a major role to play in helping to create a robust, efficient and sustainable fintech ecosystem across the continent. We are accelerating the achievement of our “High 5″ strategic priorities through our various innovative interventions. These have helped to improve access to digital infrastructure, including information and communications technology links with landlocked countries and broadband Internet services. The need to overcome barriers and develop inclusive digital financial solutions to accelerate economic resilience across Africa has become even more urgent,” said Lamin Barrow, Managing Director of the African Development Bank’s Nigeria Department.
The African Development Bank, in collaboration with its partners, has launched the African Digital Financial Inclusion Facility (ADFI) to make catalytic investments in support of innovative ideas to expand access to and use of digital financial solutions to meet the needs of all Africans.