The African Development Bank (AFDB) has approved a $525,000 grant for an online digital hub that will serve as a knowledge base for African fintech companies.
This information was provided at the signing ceremony for the Letter of Agreement between the AfDB Group and the Africa Fintech Network regarding the grant to support the Africa Fintech Hub Project.
Director-General of the AfDB’s Nigeria Country Department, Mr. Lamin Barrow, noted that the Africa Fintech Network and Cenfri would carry out the project during the signing ceremony on Tuesday in Abuja.
He declared, “This $525,000 grant will support the operationalization of an online digital hub to serve as a knowledge base for fintech entities throughout the continent and globally.
The Digital Hub will contribute to the strengthening of the fintech ecosystem in Africa and increase the competitiveness of the sector thanks to a strategic partnership between the Africa Fintech Network and Cenfri.
Barrow added that the grant is supported by the Africa Digital Financial Inclusion Facility, which was established by the AfDB Group and its partners, including the Bill & Melinda Gates Foundation, the Ministry of Finance of Luxembourg, and Agence Française de Développement, among others.
To close the gap in financial inclusion, he added, fintech offers strong, easily accessible, and efficient digital financial solutions.
