AFDB launches Africa Digital Financial Inclusion Facility (ADFI)
The African Development Bank and its partners on the 13th of June, 2019 launched the Africa Digital Financial Inclusion Facility (ADFI), designed to aid safety and expansion of digital financial transactions in Africa.
The Fund, launched at the Bank’s Annual Meetings in Malabo, Equatorial Guinea, is supported by the Bill & Melinda Gates Foundation, the Agence Française de Développement (AFD) and the Government of Luxembourg, as initial contributors.
The fund will deploy $100 million in grants and $300 million in the form of debt from the Bank’s ordinary capital resources by 2030, to scale up electronic financial services for low-income communities.
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Quick facts about the Africa Digital Financial Inclusion (ADFI) Facility
- Africa Digital Financial Inclusion Facility (ADFI) is a new innovative financing vehicle designed to accelerate digital financial inclusion across Africa, with a goal of ensuring 332 million more Africans, of which, 60% are women, have access to the formal economy. Read more
- ADFI is structured as a blended finance vehicle composed of a multi-donor special fund with a target envelope of USD 100 million and resourced with donor’s grant money and debt funding of up to USD 300 million from the African Development Bank. ADFI currently has committed funding of USD forty (40) million from three (3) initial donors namely; The Bill and Melinda Gates Foundation (BMGF), The Government of Luxembourg and Agence Française de Développement.
- How it will work. ADFI will intervene along four key pillars aimed at scaling innovative digital financial inclusion and increased integration throughout the continent. This will include infrastructure, including payment systems development and payment systems interoperability; digital products and innovation; policy and regulatory reform and harmonisation; and capacity building.
You an watch the launch below