Agence française de développement commits additional €3 million to Africa Digital Financial Inclusion Facility to boost digital financial inclusion

The Agence française de développement (AFD) has committed an additional €3 million to the African Development Bank (www.AfDB.org) -managed Africa Digital Financial Inclusion Facility (ADFI) (https://apo-opa.co/4iXF6xK) to accelerate financial inclusion in Africa. 

The increase brings AFD’s total funding to over €5 million. The resources will support the ADFI partnership in catalyzing digital financial solutions across Africa by expanding investment in scalable and replicable initiatives that enable access to credit and other financial services that support investment and entrepreneurship among underserved communities. 

The African Development Bank and AFD co-founded ADFI in 2019 with the Gates Foundation and the Ministry of Finance of the Government of Luxembourg. France’s Ministry for the Economy, Finance and Industrial and Digital Sovereignty, the Women’s Enterprise Finance Initiative (We-Fi), and India’s Ministry of Finance joined in 2020, 2022 and 2023 respectively.  

AFD Group is strongly committed to accelerating the mobilization of financial and human resources to align the financial systems with the Sustainable Development Goals, ensuring that vulnerable populations—especially in regions most affected by climate change—can access financial tools that help them adapt and thrive.  

“Developing digital financial services is a key pathway to reach financially excluded populations in Africa,” said Audrey Brule-Françoise, head of AFD’s Financial Systems Division. “Through our continued collaboration within ADFI, we aim to promote access to digital financial services that are tailored to diverse needs and delivered in a responsible manner. This new contribution will help scale up impactful and inclusive solutions.” 

Mohamadou Ba, head of the African Development Bank’s Financial Intermediation and Inclusion Division, said, “Digital financial solutions are key to improving the quality of life of people in Africa and reducing the gender access to finance gap. We welcome the Agence française de développement’s renewed 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 scale our efforts to enhance the impact on greater economic empowerment, resilience, and growth across Africa.”  

Recent data shows that nearly half the continent’s adult population does not benefit from digital financial solutions, particularly women, youth, farmers, small businesses, and rural communities. 

ADFI works to expand digital financial solutions across Africa through strategic investments in digital infrastructure, policy and regulation, and product innovation, with a special focus on reducing gender gaps and building capacity. 

ADFI aligns with the African Development Bank’s Ten-Year Strategy for inclusive growth and its priority to improve the quality of life for the people of Africa. It also advances the mandate of the Bank’s financial sector development department 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, regulations, and product innovation. Capacity building and gender inclusion cut across all interventions. 

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media contacts: 
Louise Simpson,
Africa Digital Financial Inclusion Facility (ADFI)
l.simpson@afdb.org 

About Agence Française de Développement (AFD): 
Agence Française de Développement (AFD) helps advance France’s policy on sustainable investment and international solidarity. Through its public sector and NGO financing operations, research and publications (Éditions AFD), sustainable development training programs (AFD Group Campus) and awareness-raising activities in France, AFD finances, supports and drives the transition to a fairer, more resilient world.  

Alongside its partners, AFD provides sustainable solutions for—and with—communities. AFD teams are working on over 2,700 projects in the field, in over 115 countries, including France’s overseas departments and territories, to support projects for the climate, biodiversity, peace, gender equality and global health. Together with Proparco and Expertise France, AFD supports the commitment of France and the French people to achieve the Sustainable Development Goals (SDGs). 

The post Agence française de développement commits additional €3 million to Africa Digital Financial Inclusion Facility to boost digital financial inclusion first appeared on Future Media News.

The post Agence française de développement commits additional €3 million to Africa Digital Financial Inclusion Facility to boost digital financial inclusion appeared first on Future Media News.