A $250,000 support grant has been agreed upon by the Africa Fintech Network (AFN) and the Africa Digital Financial Inclusion Fund (ADFI) to ensure the successful operation of an online digital hub project that will act as a knowledge base for African fintech companies, as captioned by Entrepreneurng report.
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The digital hub project, which will be carried out thanks to a strategic alliance between the AFN and Cenfri, is also anticipated to strengthen the fintech ecosystem across Africa and increase the competitiveness of the sector.
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The African Development Bank’s (AfDB) letter of intent was signed and sealed yesterday in Abuja. Speaking at the event, Lamidi Barrow, Director-General of the AfDB Nigeria Country Department, said the grant, which is funded by the ADFI, was first introduced in 2022 by the AfDB Group along with its partners, the Bill & Melinda Gates Foundation, the Luxembourg Ministry of Finance, and other stakeholders.
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“Fintech is projected to provide powerful, easily accessible, and effective digital financial solutions to help bridge the financial inclusion gap, Africa’s fintech sector also has a tremendous potential to contribute to job creation,” he said.
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He stated that the AfDB “recognizes that they have a vital role to play in helping to develop a healthy, efficient, and sustainable fintech ecosystem throughout the continent.
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According to him, “We are expediting the delivery of our ‘High Five’ Strategy goals, and our actions have enhanced access to digital infrastructure, including ICT backbones and broadband Internet services.
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Dr. Segun Aina, the AFN’s president, stated: “Today, Africa fintech is commemorating another key milestone with the formal signing ceremony of the Africa fintech hub project, which includes a grant of $250,000 from ADFI to the AFN.
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In conclusion, he added that fintech is enhancing digital, financial, and economic inclusion and that it has grown to be a significant influence in determining the structure of the financial sector both internationally and in Africa.
Source: The Guardian
