An agreement for financial inclusion signed by African Development Bank and the Alliance for Financial Inclusion
An agreement to enhance access to finance across the African Continent has been recently signed by African Development Bank - AfDB (INSME Member) and the Alliance for Financial Inclusion (AFI).
AfDB aims at improving financial systems and expand their coverage by reaching the 90% of the African population by 2025. In this frame and according to the MoU essential financial services will be provided and a full range of financial products will be offered. In addition the technical capacity of financial regulators and policy makers will be improved in order to implement policy reforms to advance financial inclusion.
One of the main challenges to be faced is the gender gap in access to financial services and the two organizations agreed on the need to scale up the efforts and enhance the committmemt to gender and women’s financial inclusion.
As declared by Mr. Pierre Guislain, AfDB Vice-President for Private Sector, Infrastructure and Industrialization at the signing of the MoU “The Bank will leverage its resources to support AFI’s efforts on digital financial services, agricultural and SME sectors as well as gender. It will prioritize capacity building and knowledge sharing activities and nourish the dialogue for Africa’s policy-makers through global events and activities.”