The Afdb-managed Africa Digital Financial Inclusion Facility is providing a $650,000 grant to help extend digital services to women and youth entrepreneurs in Chad.
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Pula Advisors and M-KOPA have received received funding from AfDB to research on women’s access to digital financial services.
The African Development Bank (AfDB) has approved the two grants for research that will increase African women’s access to digital financial services including loans and micro-insurance.
The grants, for Ksh. 110 million ($1 million) and Ksh. 33 million ($300,000) respectively, will be disbursed through the Africa Digital Financial Inclusion (ADFI) facility. The facility, supported by the AfDB, will then relay the funds to two financial technology firms, Pula Advisors and M-KOPA.
Pula Advisors will use the Ksh. 110 million for research of social, cultural and economic factors that impact women farmers’ access to micro-insurance in Kenya, Nigeria and Zambia. Research findings will inform the design and implementation of gender-centric insurance products. The project will be undertaken over a 3-year time frame.