Launch of the AfDB Digital Financial Inclusion Facility in Sipopo

The African Development Bank (AfDB), together with the Bill and Melinda Gates Foundation and the French Development Agency and the Government of Luxembourg, will launch the Africa Digital Financial Inclusion Facility (ADFI) on 12th June 2019, at the annual meetings of the bank, which begin tomorrow at the International Palace of Conferences in Sipopo, with the aim of accelerating integration and development in Africa through digital financial inclusion.

ADFI is an innovative financial facility designed to accelerate digital financial inclusion in Africa, with the aim of guaranteeing that 332 million Africans, of whom 60% are women, have access to the formal economy.

The digital financial services are emerging as a powerful force for financial inclusion, gender equality and inclusive economic growth.

For consumers in countries with low and medium incomes, systems such as mobile payment provide an entry to greater economic security, empowerment and opportunities.

Although there is growing ownership of mobile phones in Africa, the benefits of digital financial inclusion have not been fully used.

Malabo will launch the areas of aims, structure and focus for the fund. The contributing partners, including the Bill and Melinda Gates Foundation, the Government of Luxembourg and the French Development Agency, will discuss the challenges and opportunities of digital financial inclusion during a round table.

Those present will include the governors of the bank and representatives from regional members, multilateral organisations, the private sector, donor organisations and experts in digital financial inclusion businesses.

Source: Equatorial Guinea Press and Information Office

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