African Development Bank and Africa Fintech Network sign $525,000 agreement

By Delisha Fernandes

The African Development Bank has signed a $525,000 grant agreement with Africa FinTech Network (AFN) to set up the African FinTech Hub. This online portal will be a one-stop shop for all FinTech activities.

The agreement was signed on 4 April 2023. The hub is a digital platform that will enable FinTech associations across Africa to pool resources and knowledge, strengthen relationships and partnerships, and showcase the work of FinTech on the continent, including those which are female-led or owned.

Lamin Barrow, Director General of the African Development Bank’s Nigeria, said, “At the African Development Bank, we recognize that we have a major role to play in helping to create a robust, efficient and sustainable FinTech ecosystem across the continent. We are accelerating the delivery of our High 5 strategic priorities through various innovative interventions. These have helped improve access to digital infrastructure, including Information and Communications Technology linkages to landlocked countries and broadband internet services. The need to leapfrog barriers and scale up inclusive digital financial solutions to accelerate African economic resilience has become even more urgent.”

Dr Segun Aina, President of Africa FinTech Network, said, “We are truly excited about this partnership with the African Development Bank, and the possibilities of working in partnership with Cenfri on multiple initiatives with FinTech across Africa to further our mission to drive Africa-led FinTech solutions, stimulate information exchange, ideation and the support and to promote innovative technologies within the financial services sector across Africa and beyond. “

Currently, ADFI-supported projects are enhancing digital financial infrastructure and regional interoperability through the development of payment systems and infrastructure in Ethiopia and the ECOWAS region. Other projects are equipping financial sector regulators with innovative technology to strengthen consumer protection in Ghana, Rwanda and Zambia.