The African Development Bank has launched Africa Digital Financial Inclusion Facility to help safety and expansion of digital financial transactions in Africa.
This comes as AfDB partners with Bill & Melinda Gates Foundation, the Agence Française de Developement and the government of Luxembourg as initial contributors.
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The aim is to ensure at least 320 million Africans, of 60 percent women to have access to digital financial services.
The fund will deploy $100 million in grants and $300 million in the form of debt from the Bank’s ordinary capital resources by 2030 to scale up electronic financial services for low-income communities.
The grant will create a digital payment system to allow consumers send and receive money between mobile wallets to other bank accounts.
