African Development Bank creates fintech fund to boost financial inclusion

According to a news report, the African Development Bank (AfDB) has allocated £100 million in working capital and £300 million in debt financing to boost financial inclusion initiatives across the continent.

The fund dubbed as ‘the Africa Digital Financial Inclusion Facility (ADFI)’, supported by the Bill & Melinda Gates Foundation, the Agence Française de Développement (AFD), and the government of Luxembourg, is designed to inspire the expansion of digital financial transactions in Africa.

According to the report, the AFDI’s opening project which serves as a pilot, is a grant of USD $11.3 million which has been issued to help spur the creation of an interoperable digital payment system that will allow consumers to send and receive money between mobile wallets, and from these wallets to other digital and bank accounts.