Indian Government Donates $2 Million to Boost Financial Inclusion in Africa

Indian government donates $2 million to Africa Digital Financial Inclusion Facility for enhancing financial inclusion.

The Indian government has pledged $2 million to the Africa Digital Financial Inclusion Facility (ADFI) of the African Development Bank (AfDB) to promote financial inclusion in Africa. This donation reflects India’s commitment to overcoming barriers to digital financial solutions, which can accelerate financial inclusion in the region.

ADFI’s main focus is to scale up innovative digital financial solutions that align with the African Development Bank’s 10-year inclusive growth strategy, aimed at improving the quality of life across Africa.

The collaboration between India and ADFI is expected to foster knowledge exchange and facilitate the expansion of efforts to cater to the financial needs of underserved populations in Africa.

Manisha Sinha, the secretary in India’s Department of Economic Affairs, highlights India’s leading role in digital financial services, particularly in rural areas, and emphasizes the potential for India to share expertise on digital public infrastructure within the ADFI partnership.

Solomon Quaynor, vice president for the private sector, infrastructure, and industrialization at the African Development Bank, expresses appreciation for India’s support and recognizes ADFI’s significant role in driving increased access and utilization of digital financial solutions, contributing to enhanced financial inclusion across Africa.

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