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“African Development Bank Pledges $525K Grant to Establish Digital Hub for Fintech Innovation in Africa”


The African Development Bank (AfDB) has given the Africa Fintech Network (AFN) a $525,000 grant to help it build a digital hub for fintech companies all over the continent.

The AFN digital center, developed with Cenfri’s assistance, is intended to boost Africa’s fintech ecosystem and make the industry more competitive.

Lamin Barrow, director-general of the AfDB Nigeria country department, said that the grant, paid for by the Africa Digital Financial Inclusion Facility (ADFI), will help close the financial inclusion gap in Africa by giving people easy-to-use digital financial solutions.

Barrow talked about the results of the 2021 Global Findex Study, which showed that 49% of Africans don’t have access to the formal economy or its advantages.

The digital hub will allow fintech associations across Africa to share information, build relationships, and show off their innovations and successes, including those made by fintech companies run or owned by women.




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