The Agence française de développement (AFD) has announced an additional contribution of €3 million to the Africa Digital Financial Inclusion Facility (ADFI), which is managed by the African Development Bank (AfDB). This new funding aims to accelerate financial inclusion efforts across the African continent.
With this latest contribution, the total funding provided by AFD to the ADFI now amounts to €5 million. The primary objective of this partnership is to catalyze the development of digital financial solutions throughout Africa. By increasing investments in scalable and replicable initiatives, the ADFI seeks to enhance access to credit and other essential financial services that foster investment and entrepreneurship, particularly in underserved communities.
Recent statistics from the AFD reveal a concerning reality: approximately half of Africa’s adult population lacks access to digital financial solutions. This gap is especially pronounced among women, youth, farmers, small businesses, and rural communities, who often face significant barriers to financial inclusion.
The ADFI was established in 2019 through a collaboration between the AfDB, the Bill and Melinda Gates Foundation, and the Luxembourg Ministry of Finance. Its mission is to accelerate the mobilization of both financial and human resources to align financial systems with the United Nations’ Sustainable Development Goals (SDGs). A key focus is ensuring that vulnerable populations, particularly those in regions affected by climate change, have access to financial tools that can help them adapt and thrive in challenging environments.
Mohamadou Ba, the head of the AfDB’s financial intermediation and inclusion division, emphasized the importance of digital financial solutions in enhancing the quality of life for people across Africa. He stated, “Digital financial solutions are key to improving the quality of life of people in Africa and reducing the gender access to finance gap. We welcome the Agence française de développement’s renewed support of the catalytic role ADFI has been playing in accelerating greater access and usage of digital financial solutions and financial inclusion across the continent.”
Audrey Brule-Françoise, head of AFD’s financial systems division, echoed this sentiment, stating, “Developing digital financial services is a key pathway to reach financially excluded populations in Africa.” This collaboration between AFD and AfDB underscores a shared commitment to fostering financial inclusion and empowering marginalized communities through innovative financial solutions.
