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African development bank supports Fintechs with $525,000 grant

President AFDB, Dr. Akinwunmi Adeshina. Photo: AFDB

The African Development Bank (AFDB) has supported the development of financial technology, (Fintech) on the continent with a grant of $525,000.

The grant will help to develop the Fintech industry into a viable digital hub capable of promoting the growth of businesses, especially small-scale.

The Director-General of the AFDB, Nigeria Country Department, Mr. Lamine Barrow stated this in Abuja at the grant signing ceremony with the African Fintech Networks; beneficiaries of the grant.

Mr. Barrow noted that Fintechs were fast developing on the continent, helping to enable and modernize payment systems but said that they could do much more with the right support.

He explained that the vision of the AFDB President, Dr. Akinwunmi Adeshina was achieving the right level of investment in innovation and digital growth as a way of improving financial inclusion and greater economic opportunity.

From left: Director -General, AFDB, Nigeria Country Department, Mr Lamine Barrow and President African Fintech. Network, Dr Segun Aina signing the grant

The President of the African Fintech Network, Dr. Segun Aina thanked the African Development Bank for the grant and pledged its support to implementing the partnership agreement.

Reporting by Biodun Dare; Editing by Chinasa Ossai and Annabel Nwachukwu