The Indian government has agreed to donate $2m to accelerate digital financial inclusion across Africa.
The funds will be donated to the Africa Digital Financial Inclusion Facility (ADFI), housed and managed by the African Development Bank, as it looks to affirm its commitment to breaking down barriers for the growth and uptake of digital financial solutions in Africa.
The news follows the release of data which shockingly highlighted that nearly half the continent’s adult population does not benefit from digital financial solutions, particularly women, youth, farmers, small businesses and rural communities.
Manisha Sinha, Additional Secretary in the Department of Economic Affairs and Principal ADFI Governing Council Member for India, said: “India’s pioneering role in digital financial services, extending financial inclusion to remote rural areas and creating infrastructure for digitisation of financial services, opens a significant opportunity for India to work within the ADFI partnership to share learning and expertise on digital public infrastructure to further digital financial inclusion across the continent.”
In other FinTech news on the continent, Nigeria was the most active FinTech country in Africa across Q2 with 25 deals, a 42% share of the market.
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