The Africa Digital Financial Inclusion facility (ADFI), signs grant agreements for over $2.3 million to contribute to economic growth and resilience through innovative digital financial solutions.
In December 2022, the Africa Digital Financial Inclusion Facility (ADFI) signed four agreements to further greater digital financial inclusion in Africa through harmonisation of payment systems and gender sensitive digital financial policies and regulations in West Africa, capacity building among Africa’s fintechs and strengthening of microfinance institutions in Chad for greater economic empowerment of women and youth.
- ECOWAS Payments and Settlement Systems (EPSS) interconnection (Grant: $1 million) project aims to contribute to the development of an integrated regional digital payments system that is cost-effective and fast. the technical assistance aims to provide support to strengthen the governance framework, project management and capacity.
- Promoting economic empowerment of women and youth through digital financial and non-financial services (Grant: $650,000) aims to build the capacity of microfinance institutions in Chad to develop new digital financial services for excluded women and youth.
- Africa Fintech Hub (Grant: $525,000) initiative aims to strengthen African fintechs through an online platform that will integrate knowledge database and community collaboration facilities and showcase the works of fintechs in Africa, including those which are female-led or owned.
- Extension to project to promote Gender Sensitive Digital Financial Services Policies and Regulations Across ECOWAS (Supplementary grant: $200,000) to design gender-sensitive digital financial services regulatory standards in the ECOWAS region and enhance the capacities of the central banks towards the adoption of gender- friendly digital financial regulatory frameworks at national and regional levels.
“The African Development Bank, through the Africa Digital Financial Inclusion Facility (ADFI), is delighted to support these initiatives with the potential to help unlock greater economic growth and resilience across the continent through digital financial infrastructure, enabling regulatory environments and innovative digital financial solutions, increasing gender inclusion and building capacity across our stakeholders,” said Sheila Okiro, ADFI Coordinator.