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Nigeria to benefit from $6.95m ADFI grant

The Africa Digital Financial Inclusion Facility (ADFI) is offering six grants valued at USD6.95 million to finance digital financial inclusion in Africa.

The grant is supported by the French Development Agency (AFD) and hosted by the African Development Bank (AfDB).

A statement from the French Development Agency (AFD) yesterday said the Africa Digital Financial Inclusion Facility (ADFI) offer is intended to reduce Africa’s existing gender gap in digital financial services.

ADFI, established by the African Development Bank (AfDB), is co-financed by AFD, the Ministry of the Economy and Finance of the Government of France, the Ministry of Finance of the Government of Luxembourg and the Bill and Melinda Gates Foundation.

According to the statement, the purpose of the grant “is to ensure that 332 million more Africans, of which 60percent are women, have access to the formal economy by 2030”.

In February 2021, the AfDB board of Directors approved a series of five grants from this blended finance vehicle, to the benefit of the following organisations: African Cybersecurity Resource Center (ACRC), EthSwitch Share Company, M-Kopa Kenya Limited, Pula Advisors Limited – Kenya, Sinitic Africa and the West African Monetary Agency.

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