India pledges $2m to promote financial inclusion in Africa
The Indian government will give $2 million to the African Development Bank's Africa Digital Financial Inclusion Facility (ADFI) to enhance financial inclusion in Africa.
According to India, the donation demonstrates its commitment to assisting in the removal of hurdles to the growth and use of digital financial solutions that accelerate financial inclusion.
With a focus on scaling new digital financial solutions, ADFI supports the African Development Bank's 10-year inclusive growth strategy to improve the quality of life in Africa.
According to the parties, India's engagement with ADFI allows the facility to learn from best practices and help scale up efforts to satisfy the needs of financially excluded and underprivileged individuals in Africa.
Manisha Sinha, secretary in India’s Department of Economic Affairs, says: "India's pioneering role in digital financial services, extending financial inclusion to remote rural areas and creating infrastructure for digitisation of financial services, opens up 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.
Solomon Quaynor, vice president for the private sector, infrastructure, and industrialisation, African Development Bank says: "We welcome the Government of India's 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.”