By Anthony Otaru, Abuja
ADFI
It is also expected that the digital hub
project, which is to be delivered through a strategic partnership between the
AFN and Cenfri, will help to strengthen the fintech ecosystem across the
continent and boost the industry’s competitiveness.
The signing of the letter of intent put
together by the African Development Bank (AfDB) was sealed yesterday in Abuja.
Speaking at the ceremony, the Director-General, AfDB Nigeria Country
Department, Lamidi Barrow, said the grant, which is funded by the ADFI, was
earlier launched by the AfDB Group together with its partners – the Bill &
Melinda Gates Foundation, Ministry of Finance of Luxembourg and other
stakeholders in 2022.
“Fintech is expected to provide powerful
readily available and effective digital financial solutions to help bridge the
financial inclusion gap, Africa’s fintech sector also has a strong potential to
contribute to job creation given the strong presence of youths in these
industries,” he said.
According to him, AfDB “recognises that they
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 Five’ Strategic priorities, our interventions have improved access to
digital infrastructure including ICT backbones and broadband Internet
services,” he said.
The President of AFN, Dr. Segun Aina, said:
“Today, Africa fintech is marking another important milestone with the formal
signing ceremony of the Africa fintech hub project consisting of a grant of
$250,000 from ADFI to the AFN.
He explained that fintech has become a major
force shaping the structure of the financial industry globally and in Africa,
adding that it is improving digital, financial and economic inclusion.
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