back Back

India pledges $2m towards digital financial inclusion in Africa

By Delisha Fernandes

August 04, 2023

  • ADFI
  • African Development Bank
  • Digital Financial Solutions
Share

African Development Bank Group The Government of India has announced to contribute $2 million to the Africa Digital Financial Inclusion Facility (ADFI), housed and managed by the African Development Bank, affirming its commitment to help break down barriers to the growth and uptake of digital financial solutions and accelerate financial inclusion in Africa.

Globally recognised for the success of its digital public payments system that has transformed governance, financial inclusion, and resilience for millions of people nationwide, India’s collaboration with ADFI enables the facility to learn from best practices and help scale up initiatives to meet the needs of financially excluded and underserved people in Africa.

Manisha Sinha, Additional Secretary in the Department of Economic Affairs and Principal ADFI Governing Council Member for India said “India’s pioneering role in digital financial services, extending financial inclusion to remote rural areas and creating infrastructure for 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 to further digital financial inclusion across the continent.”

ADFI supports the African Development Bank’s Ten-Year Strategy focus on inclusive growth and the high 5 priority to improve the quality of life for the people of Africa. Its role also aligns with the Bank’s financial sector development department’s mandate to improve access to finance for the underserved. ADFI works to scale innovative digital financial solutions under the three broad strategic pillars of infrastructure, policies and regulations and product innovation.

Solomon Quaynor, Vice president for the Private Sector, Infrastructure, and Industrialisation African Development Bank, said, “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. 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.”

Previous Article

August 04, 2023

IndusInd Bank & Tiger FinTech roll out co-branded credit card powered by Visa

Read More
Next Article

August 04, 2023

Pockit, an all-in-one financial services app in UK, lands $10m

Read More






IBSi Daily News Analysis

Data privacy

June 19, 2024

ADFI

EMEA faces $85bn annual financial crime compliance costs, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 18, 2024

Dubai-based Payroll FinTech NOW Money secures $4m

Read More

June 17, 2024

5 Lifestyle Banks redefining banking for digital-savvy customers in GCC

Read More

June 17, 2024

Indonesia’s Jenius taps Perx to digitise its customer engagement strategy

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023