The African Development Bank (AfDB), with donor partners, will launch the Africa Digital Financial Inclusion Facility (ADFI) on June 12, 2019 at the Bank’s Annual Meetings in Malabo, Equatorial Guinea, according to the latest press release.
“ADFI is an innovative financing facility designed to accelerate digital financial inclusion across Africa, with a goal of ensuring that 332 million more Africans, of which, 60 per cent are women, have access to the formal economy,” says part of the press release published June 10, 2019.
It says digital financial services are emerging as a powerful force for financial inclusion, gender equality and inclusive economic growth. “For consumers in low and middle-income countries, digital financial tools, such as mobile payment systems, provide a gateway to greater economic security, empowerment and opportunity,” it continues.
It says although there is a growing ownership of mobile phones in Africa, the benefits of digital financial inclusion have not been fully harnessed.
According to the press release, the Malabo launch will outline the Fund’s objectives, structure and focus areas. Donor partners, including the Bill & Melinda Gates Foundation. The Government of Luxembourg and Agence Française de Développement, will discuss challenges and opportunities around digital financial inclusion during a panel discussion.
Attendees at the launch ceremony will include the Bank’s Governors and representatives of regional member countries, multilateral organizations, the private sector, donor organizations and digital finance inclusion experts and businesses.