African Development Bank Group and MTN sign $ 500,000 grant agreement

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African Development Bank Group and MTN sign $ 500,000 grant agreement

By Edlyn Cardoza

Today

  • Ease of digital financial inclusion in Africa
  • African development bank
  • MTN Nigeria

The African Development Bank has signed a $ 500,000 grant agreement with Y’ello Digital Financial Services (YDFS), a FinTech subsidiary of MTN Nigeria, which will be used for a study on the economic, religious and social factors hampering the women’s access to finance in northern Nigeria.

The research, which includes a feasibility study, women-centered design and testing, will focus on both agents and customers to provide insight into women’s use of mobile money services, will be funded through the Africa Digital Financial Inclusion Mechanism (ADFI).

Despite being the largest economy on the continent, 55% of rural Nigerians still do not have access to financial services. The mobile money adoption rate is currently 4% with an agent ratio of 228.8 agents per 1,000 adults. Political instability and conservative cultural norms in parts of northern Nigeria are believed to be barriers to women’s access to finance. In addition, 80% of officers in the region are men.

“The African Development Bank, through the Africa Digital Financial Inclusion Facility (ADFI), is delighted to support this project, continuing our work to improve the quality of life of people in Nigeria and contribute to the goals. sustainable development, in particular with regard to poverty. , and gender inclusion, ”said Stefan Nalletamby, Director of Financial Sector Development at the African Development Bank.

On behalf of YDFS, Usoro Usoro, Managing Director, said: “We are truly excited about this partnership with the African Development Bank and the opportunities to advance financial inclusion in Nigeria, especially for the traditionally excluded segment of women. from northern Nigeria. “

ADFI is a pan-African initiative designed to catalyze digital financial inclusion across Africa with the aim of ensuring that an additional 332 million Africans, 60% of whom are women, enter the formal economy. ADFI’s current partners are the French Development Agency (AFD); the French Treasury’s Ministry of Economy and Finance; The Ministry of Finance of the Luxembourg Government; the Bill and Melinda Gates Foundation; and the African Development Bank, which also hosts the fund.

Y’ello Digital Financial Services is a FinTech subsidiary of MTN Nigeria, Africa’s largest communications service provider and operator of the MoMo Agent service. YDFS is a financial service provider in agency and super-agent banking under the CBN Super-Agent framework and agent banking guidelines to provide, among other services, a network of agents to serve the financial institutions and mobile money operators in Nigeria.


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