Agence Française Dévelopepement (AFD) has committed an additional 3 million euros to the African Development Bank-Managed Digital Financial Inclusion Facilities (ADFI) to accelerate financial inclusion in Africa.
This increase brings AFD total funding to more than 5 million euros. This resource supports the ADFI partnership catalyzing digital financial solutions across Africa by expanding investments in scalable, replicable initiatives that allow access to credit and other financial services that support investments between underserved communities and entrepreneurship.
The African Development Bank and AFD co-founded ADFI with the Gates Foundation and the Treasury Ministry of the Luxembourg government in 2019. The French Ministry of Economics, Finance, Industry, Digital Sovereignty, Women’s Enterprise Finance Initiative (WE-FI), and the Ministry of Finance of India participated in 2020, 2022 and 2023, respectively.
AFD Group is strongly committed to aligning financial and human resource mobilization to the Sustainable Development Goals, allowing vulnerable groups to access financial tools that help them adapt and prosper.
“The development of digital financial services is an important route to reaching financially excluded populations in Africa,” said Oudrey Brule-Françoise, head of AFD’s Financial Systems Division. “Through our continued collaboration within ADFI, we aim to promote access to digital financial services delivered in a responsible way to meet diverse needs. This new contribution will help expand our impactful and comprehensive solutions.”
“Digital financial solutions are key to improving the quality of life for Africans and reducing gender access to gender gaps. Together, we will expand our efforts to increase the impact on economic empowerment, resilience and growth across Africa,” said Mohamadou BA, head of financial intermediation and inclusion at the African Development Bank.
Recent data shows that almost half of the continent’s adult population do not benefit from women, young people, farmers, small businesses, rural communities, and in particular digital financial solutions.
ADFI is working to expand digital financial solutions across Africa through strategic investments in digital infrastructure, policy and regulation, and product innovation, with a special focus on reducing gender gaps and reducing building capacity.
ADFI is in line with the African Development Bank’s 10-year strategy on comprehensive growth and its priorities to improve the quality of life for people in Africa. It will also promote delegation of banks’ financial sector development departments to improve financial access for underserved individuals. ADFI works to expand innovative digital financial solutions under three broad strategic pillars: infrastructure, policy, regulation and product innovation. Capacity building and gender inclusion are reduced across all interventions.
About Agence Françaised Eveloppement (afd)
The Agence Françaised éveloppement (AFD) helps to promote French policies on sustainable investment and international solidarity. Supports and drives AFD’s finances, a transition to a more equitable and more resilient world through public sector and NGO fundraising operations, research and publications (éditions Afd), sustainable development training programmes (AFD Group Campus), and awareness-raising activities in France.
AFD, alongside our partners, offers sustainable solutions for our communities. The AFD team is working on more than 2,700 projects in over 115 countries, including the French international sector and regions, to support projects on climate, biodiversity, peace, gender equality and global health. Proparco and Expertise Along with France, AFD supports the French and French people’s commitment to achieving the Sustainable Development Goals (SDGs).
