AfDB Approves $525,000 Grant for African Fintech Firms

The African Development Bank has approved a grant of $525,000 for an online digital hub to serve as a repository of knowledge for fintech entities in Africa.

This was disclosed during the signing ceremony for the Letter of Agreement between the AfDB Group and the Africa Fintech Network based on the grant to support the Africa Fintech Hub Project.

Speaking at the signing ceremony in Abuja on Tuesday, the Director-General, AfDB Nigeria Country Department, Mr Lamin Barrow, noted that the project would be executed by the Africa Fintech Network and Cenfri.

He said, “This grant, in the amount of $525,000, will support the operationalization of an online digital hub to serve as a repository of knowledge for fintech entities across the continent, and globally. The Digital Hub, which is to be delivered through a strategic partnership between the Africa Fintech Network and Cenfri, will help to strengthen the fintech ecosystem across Africa, and boost the industry’s competitiveness.”

Barrow further noted that the  grant is funded by the Africa Digital Financial Inclusion Facility, launched by the AfDB Group, alongside its partners, such as the Bill & Melinda Gates Foundation,  Ministry of Finance of Luxembourg, and Agence Française de Développement, among others.

He added that fintechs provide powerful, readily available and effective digital financial solutions to help bridge the financial inclusion gap.