The Indian government has committed $2 million to the Africa Digital Financial Inclusion Facility (ADFI), housed and managed by the African Development Bank. The donation will help to break down barriers to the growth and uptake of digital financial solutions in Africa, and accelerate financial inclusion on the continent.
India has a long history of success in digital financial inclusion. The country’s Unified Payments Interface (UPI) is one of the most successful mobile payment systems in the world, and has helped to bring millions of people into the formal financial system.
The Indian government’s donation to ADFI will help to share India’s expertise in digital financial inclusion with other African countries. The funds will be used to support a number of initiatives, including:
Piloting new digital financial products and services
Developing capacity for financial institutions and regulators
Raising awareness of the benefits of digital financial services
The Indian government’s commitment to digital financial inclusion in Africa is a welcome development. The continent has a long way to go in terms of financial inclusion, and India’s expertise can help to accelerate progress.
Here are some of the benefits of digital financial inclusion:
Increased access to financial services
Improved financial management
Increased economic growth
The Indian government’s donation to ADFI is a significant step towards achieving these benefits for millions of people across Africa.