Africa is in dare need of a knowledge bank for financial technological entities (fintech).
The African Development Bank (AfDB) is doing its best to close this gap.
One thing it has done is to approve a $525,000 grant to take care of this.
The AfDB approved the grant for an online digital hub. The hub will serve as a repository of knowledge for fintech entities in Africa.
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The signing ceremony for the letter of agreement took place in Abuja on Tuesday.
It was between the AfDB group and the Africa Fintech Network.
The Director-General of the AfDB Nigeria Country Department, Lamin Barrow, gave more insight into the project.
He said it would be executed by the Africa Fintech Network and Cenfri.
Barrow said: “This grant, in the amount of $525,000, will support the operationalisation of an online digital hub to serve as a repository of knowledge for fintech entities across the continent, and globally.
“The Digital Hub is to be delivered through a strategic partnership between the Africa Fintech Network and Cenfri.
“It will help to strengthen the fintech ecosystem across Africa, and boost the industry’s competitiveness.”
Furthermore, Barrow, noted that the grant would be funded by the Africa Digital Financial Inclusion Facility, launched by the AfDB Group.
Also, this funding will have partners such as the Bill & Melinda Gates Foundation, Ministry of Finance of Luxembourg, and Agence Française de Développement, among others.
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Furthermore, he added that fintechs provided powerful, readily available and effective digital financial solutions to help bridge the financial inclusion gap.
