The Africa Digital Financial Inclusion Facility (ADFI) receives $2 million from India to improve digital financial solutions and financial inclusion in Africa.
To remove obstacles to the development and use of digital financial solutions and to promote financial inclusion in Africa, the Indian government plans to provide $2 million to the Africa Digital Financial Inclusion Facility (ADFI), which is run by the African Development Bank.
By working together with the Indian government, the Africa Digital Financial Inclusion Facility will be able to learn from best practices and support the scaling up of programs to meet the needs of neglected and financially excluded Africans.
According to data from the World Bank, less than half of adult Africans presently have access to digital financial services. This statistic holds true notably for women, young people, farmers, small enterprises, and rural areas.
By removing systemic obstacles to the expansion of digital financial inclusion generally and closing the gender gap in financial inclusion specifically, ADFI seeks to increase the affordability, safety, and accessibility of digital financial solutions across Africa.
“Learn from India’s success story in digital public infrastructure”
“India’s pioneering role in digital financial services, extending financial inclusion to remote rural areas and creating infrastructure for the digitisation of financial services, opens a significant opportunity for India to work within the ADFI partnership to share learning and expertise on digital public infrastructure,” said Manisha Sinha, additional secretary in the Department of Economic Affairs and the primary member of India’s ADFI governing council.
ADFI supports the African Development Bank’s ten-year inclusive growth strategy, which aims to raise the standard of living for Africans. Its function is also consistent with the Bank’s mission to expand underserved populations’ access to financing.
Under the three main strategic pillars of infrastructure, laws and regulations, and product innovation, ADFI seeks to grow breakthrough digital financial solutions.
“We welcome the government of India’s support of the catalytic role ADFI has been playing in accelerating greater access and usage of digital financial solutions and financial inclusion across the continent,” added Solomon Quaynor, vice president for the private sector, infrastructure, and industrialization at the African Development Bank.
“We look forward to working together to add learning from India’s digital public infrastructure success story within our expanding portfolio of digital financial solutions initiatives to enhance the impact on greater economic empowerment, resilience, and growth across Africa.”