AfDB aims at financial inclusion of additional 332 million Africans

11 Jun 2019
Financial Nigeria

Summary

The AfDB’s donor partners that will join the launch event are the French Development Agency, the Bill and Melinda Gates Foundation and the Government of Luxembourg.

AfDB President Akinwumi Adesina

The African Development Bank (AfDB), together with donor partners, will be launching the Africa Digital Financial Inclusion Facility (ADFI) on June 12 in Malabo, Equatorial Guinea, during its 2019 Annual Meetings which will take place from the 11th – 14th June.

The ADFI is a new financing vehicle aimed at accelerating digital financial inclusion across Africa. Its objective is to ensure additional 332 million Africans have access to the formal economy. Women will constitute 60 percent of the number.

The AfDB’s donor partners that will join the launch event are the French Development Agency, the Bill and Melinda Gates Foundation and the Government of Luxembourg.

Despite the growing ownership of mobile phones in Africa, the benefits of digital financial inclusion have not been fully harnessed, AfDB noted in a statement released on Monday. The World Bank and the AfDB had reported there were more than 650 million mobile users in Africa, surpassing the number in the United States or Europe.

Digital financial services are emerging as a powerful force for financial inclusion, gender equality and inclusive economic growth. For consumers in low and middle-income countries, digital financial solutions, such as mobile payment systems, provide a gateway to greater economic security, empowerment and opportunity.

At the launch event in Malabo, AfDB and its donor partners will outline the objectives, structure and focus areas of ADFI. They will also discuss the challenges and opportunities around digital financial inclusion. According to the World Bank Findex survey, financial inclusion in Sub-Saharan Africa has increased from 23 percent in 2011 to 43 percent in 2017.

The event is expected to convene regional member countries of the AfDB, multilateral organisations, the private sector, donor organisations, and business leaders and experts in digital financial inclusion.


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