Thu. May 23rd, 2024

AFDB Releases $525,000 Grant For African Fintech Projects.

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The African Development Bank has approved a grant of $525,000 for an online digital hub to serve as a repository of knowledge for fintech entities in Africa.

This was disclosed during the signing ceremony for the Letter of Agreement between the AfDB Group and the Africa Fintech Network based on the grant to support the Africa Fintech Hub Project.

Speaking at the signing ceremony in Abuja on Tuesday, the Director-General, AfDB Nigeria Country Department, Mr Lamin Barrow, noted that the project would be executed by the Africa Fintech Network and Cenfri.

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He said, “This grant, in the amount of $525,000, will support the operationalization of an online digital hub to serve as a repository of knowledge for fintech entities across the continent, and globally. The Digital Hub, which is to be delivered through a strategic partnership between the Africa Fintech Network and Cenfri, will help to strengthen the fintech ecosystem across Africa, and boost the industry’s competitiveness.”

Barrow further noted that the  grant is funded by the Africa Digital Financial Inclusion Facility, launched by the AfDB Group, alongside its partners, such as the Bill & Melinda Gates Foundation,  Ministry of Finance of Luxembourg, and Agence Française de Développement, among others.

Also Read: African Fintechs Record 39.3% Rise In Investment, Brings In $1.3 Billion.

He added that fintechs provide powerful, readily available and effective digital financial solutions to help bridge the financial inclusion gap.

According to Barrow, the Hub will enable fintech associations across Africa to pool knowledge, strengthen partnerships and showcase their innovations and impact, including from female-led or owned fintech enterprises.

“The project design is underpinned by detailed needs assessment that informed the value proposition of the AFN Hub as a one-stop knowledge repository.

“It will help enhance coordination among African fintech associations, improve linkages for market access and investment opportunities, for effective advocacy with key public and private stakeholders.

“The AfDB is strongly committed to our partnership with the AFN to fully unlock Africa’s fintech potential and create a digital economy.”

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