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The United Nations Economic Commission for Africa (ECA) is collaborating with the International Financial Corporation (IFC) and Ant Financial to enhance digital financial inclusion in Africa, through investment and technical capacity building.

According to a statement released on Monday, ECA – which is a UN agency that provides technical advisory services to African governments, intergovernmental organizations and institutions – said the agency is seeking to ensure that SMEs, and not only big companies, take advantage of the African Continental Free Trade Agreement (AfCFTA). 

“Agenda 2030 and Agenda 2063 say we should leave no one behind, and many people have been asking what happens to SMEs with the AfCFTA,” said ECA’s Executive Secretary, Vera Songwe. “We are bringing Ant Financial, which has the largest platform for financial inclusion and assists people with very small financial capacity to be involved in the society.”

Songwe said Africa has an opportunity to leapfrog technology for social, financial and political inclusion. She also highlighted the importance of digital IDs, noting that there are many displaced people and refugees on the continent without proper official identity.

“We know that without an identity you are not a complete citizen and life can be challenging. So, we are trying to see how we can go from getting identities to getting financial and social inclusion particularly for youth and women,” said Songwe.

At a meeting on Friday, ECA’s Executive Secretary; Ant Financial’s CEO, Eric Jing; IFC’s VP and Treasurer, Jingdong Hua; and President Mulatu Teshome of Ethiopia discussed a wide range of issues, including harnessing the power of information technology for financial, social and political inclusion.

“We have expanded well beyond China and are recording tremendous success in our effort to bridge the gap between the reach and the poor in many other countries such as India, the Philippines and more,” Jing said.  

Ant Financial is a Chinese fintech company and an affiliate of the Alibaba Grou. It runs one of the world’s largest online payment platforms, valued at $150 billion.

ECA provides specialized regional advisory services to member nations in priority areas such as promotion of industrialization, design and implementation of macroeconomic policy, design and articulation of development planning, and promotion of proper management of natural resources for Africa’s transformation.