The African Union Commission has entered into a strategic partnership with AfricaNenda in a collaboration that aims to bridge the gap in financial inclusion. This collaboration seeks to unlock access to the formal financial system for over 400 million adults in Africa, who are currently excluded from the formal economy.
The core objective of this partnership is to support the Digital Transformation Strategy for Africa (2020-2030), emphasizing policy harmonization and the implementation of the strategy’s roadmap. The focus is on developing Inclusive Instant Payments Systems, a move that is set to revolutionize access to digital financial services for millions of Africans.
With millions relying on cash or informal providers for their financial needs, the AU Commission and AfricaNenda are committed to addressing this challenge. The partnership seeks to collaborate with governments, central banks, regional organizations, the private sector, and development institutions to foster financial inclusion.
A recent High-Level Forum convened by the AU Commission and AfricaNenda explored solutions to accelerate the expansion of Digital Public Infrastructure. This forum becomes even more crucial as Africa advances in intra-African trade through the African Continental Free Trade Area, where digital financial services play a pivotal role in boosting economic activities and reducing transaction costs.
What they said
African Union Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals, H.E. Amb. Albert Muchanga, highlighted the significance of the partnership, stating, “By leveraging the power of technology, we remove key obstacles that prevent financial inclusion. We must work together to provide digital financial services to every African.”
Dr. Robert Ochola, CEO of AfricaNenda, reiterated the institution’s commitment to strengthening relationships with stakeholders, emphasizing the importance of collaborative efforts in advancing financial inclusion.
Both parties emphasized the urgency to address digital deficits and vulnerability by implementing inclusive instant payment systems across Africa. By removing barriers to digital payments, the continent aims to mobilize its digital financial ecosystem for inclusive growth.
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