AfDB commits US$525K grant to create a digital hub for African fintechs

The African Development Bank (AfDB) has approved a $525,000 grant to support the Africa Fintech Network (AFN) in creating a digital hub for fintech entities across the continent.

The AFN digital hub, which will be delivered in partnership with Cenfri, aims to strengthen the fintech ecosystem in Africa and enhance the industry’s competitiveness.

Lamin Barrow, director-general of the AfDB Nigeria country department, stated that the grant, funded by the Africa Digital Financial Inclusion Facility (ADFI), will help bridge the financial inclusion gap in Africa by providing accessible and efficient digital financial solutions.

Barrow highlighted the 2021 Global Findex Study’s findings that revealed 49% of Africans are excluded from the formal economy or its benefits.

The digital hub will offer fintech associations across Africa a platform to exchange knowledge, strengthen relationships, and showcase their innovations and achievements, including those made by fintech companies led or owned by women.