The Board of Directors of the African Development Bank has approved a grant of $2.33 million to EthSwitch Share Company, an initiative led by 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.
The African Development Bank believes that 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.
The project that entails procurement and implementation of the required payment system, will facilitate design and use of different digital financial services (DFS) including , digital distribution of payments such as social benefits, pensions and other government payments, e-commerce, transport systems, and utility bills.