The African Development Bank (AfDB) has signed a partnership agreement with the Africa Fintech Network to provide a grant of $525,000 for the establishment of an African Fintech Hub.
At the signing ceremony on Tuesday, the Director General of AfDB, Nigeria Country Department, Lamin Barrow said the grant was will go towards the promotion of digital innovation and financial inclusion in African countries.
The African Fintech Hub, which is an online portal, will serve as a one-stop shop for all fintech activities in Africa and will be fully funded by the AfDB through its Africa Digital Financial Inclusion facility.
Barrow lamented that Africa’s fintech sector lags behind those of Latin America, and South and South-East Asia despite its huge economic potential.
He, therefore, urged African digital investors to key into the initiative that will potentially birth more fintech platforms that will contribute to digital financial inclusion across the continent.
For his part, the president of Africa Fintech Network, Segun Aina, expressed satisfaction with the increasing interest in online transactions in Africa.
He assured the AfDB that the Network will deliver optimum value for the grant received.
