African Development Bank Approves $525,000 Grant for Fintech Companies.

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A grant of $525,000 has been authorized by the African Development Bank for an online digital hub that will act as a knowledge base for African fintech companies. The Letter of Agreement between the AfDB Group and the Africa Fintech Network based on the grant to support the Africa Fintech Hub Project was signed during the signing event, and this information was shared.

The Africa Fintech Network and Cenfri would carry out the project, according to Mr. Lamin Barrow, Director-General of the AfDB Nigeria Country Department, who spoke at the signing event in Abuja. “This award, in the sum of $525,000, will enable the operationalization of an online digital hub to serve as a knowledge base for fintech organizations around the continent and beyond,” he declared.

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.

Punch.

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