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AfDB Approves $2.33 Mn Grant to Help Modernize Ethiopia's e-Payment Infrastructure


AfDB Approves $2.33 Mn Grant to Help Modernize Ethiopia s e-Payment Infrastructure
The Board of Directors of the African Development Bank (AfDB) has approved a grant of $2.33 million to EthSwitch Share Company, an initiative led by the National Bank of Ethiopia, for the modernization of its payments infrastructure. The grant is resourced from the special fund of the Africa Digital Financial Inclusion Facility (ADFI), a pan African initiative that aims to facilitate digital financial inclusion for an estimated 332M unbanked population across the African continent, 60% of whom are women.
On its website, the African Development Bank stated that it believes the provision of interoperable payment systems that are aligned to Level One Principles of reach, safety and affordability, provide the needed grounding to accelerate financial inclusion on the continent and enable opportunities for people in low-income groups, especially women. ....

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EthSwitch, Ethiopia's e-payments provider, secures $2.33 million grant from the African Development Bank


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Electronic payments in Ethiopia are about to get a facelift following the approval of a $2.33 million grant by the African Development Bank (AfDB) for EthSwitch.
EthSwitch is the official backbone for e-payments providers and end-users in the country. It runs Ethiopay, the card scheme that helps Ethiopian banks issue payment cards. As the country’s national payment switch, EthSwitch also handles dispute resolution for financial institutions.
The National Bank of Ethiopia facilitated EthSwitch’s establishment in 2011 and owns a 46% stake in the company, while commercial banks (about 17 of them) in Ethiopia own the rest. The intention was to create a modern national payments system and accelerate financial inclusion in the country.  ....

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Pula Advisors & M-KOPA receive AfDB funding to research on women's access to digital financial services


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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. ....

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AfDB's Board Approves $1.024 Million Grant for 3 African Countries


AfDB’s Board Approves $1.024 Million Grant for 3 African Countries
AfDB’s Board Approves $1.024 Million Grant for 3 African Countries
African Development Bank’s (AfDB) Board of Directors has approved a grant of $1.024 million for artificial intelligence enabled systems to process customer complaints on behalf of the national banks of Ghana and Rwanda and the Competition and Consumer Protection Commission of Zambia.
The grant resources are from the special fund of the Africa Digital Financial Inclusion Facility (ADFI), a financing vehicle to accelerate digital financial inclusion across Africa.
ADFI is a pan-African instrument designed to accelerate digital financial inclusion throughout Africa, with the goal of ensuring that an additional 332 million Africans (60% of them women) have access to the formal economy. ....

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AfDB approves $2.33m grant to support modernization of electronic payments infrastructure in Ethiopia

AfDB approves $2.33m grant to support modernization of electronic payments infrastructure in Ethiopia
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