ADA launches the digital finance initiative
The Digital Finance Initiative can really drive financial inclusion. According to the World Bank, mobile money services and technological breakthroughs helped around 700 million adults emerge from financial exclusion between 2011 and 2014.
ADA’s “Digital Financial Inclusion Initiative”
Through this initiative, ADA will co-fund the efforts made by small and medium-sized microfinance institutions in 12 African countries, most of which are least advanced countries: Benin, Burkina Faso, Burundi, Cameroon, Côte d'Ivoire, Guinea, Madagascar, Mali, Senegal, Democratic Republic Congo, Congo Republic and Rwanda. In these countries, where financial inclusion is still low, digital finance tools will help improve access to financial systems at an unprecedented rate.
The Digital Financial Inclusion Initiative will run for five years, from 2017 to 2021. During the first phase, ADA will arrange training for selected MFIs, who may apply to perform a diagnosis and draw up an action plan to implement the selected technology solution. In the second phase, from 2018 onwards, the Initiative will co-fund implementation of the chosen action plans.