Funding announced for African e-commerce and fintech initiatives

The African Development Fund and the Smart Africa Alliance have jointly launched a US$1.5 million project to streamline digital trade and e-commerce policies across 10 African countries.

The Institutional Support for Digital Payments and E-Commerce Policies for Cross-Border Trade (IDECT) project, as it is known, will evaluate policy gaps in digital commerce and e-commerce ecosystems in Côte d’Ivoire, Benin, Ghana, Liberia, Uganda, South Sudan , Zimbabwe, the Republic of the Congo, São Tomé and Príncipe and the Democratic Republic of the Congo.

The project aims to drive the implementation of regional training and capacity-building programs with a focus on cross-border e-payment and e-commerce for authorities, the private sector and small and medium-sized enterprises (SMEs). These programs are expected to reach 600 participants, 60% of whom are women and youth.

In addition, a certified gender-sensitive e-learning program that addresses the unique challenges women face in digital commerce and e-commerce will be developed and disseminated to 2,500 participants, 60% of whom will be women.

Smart Africa is a commitment by African heads of state and government to accelerate sustainable socio-economic development on the continent, and move Africa into a knowledge economy through affordable access to broadband and the use of information and communication technology. Since its founding in 2014, the Smart Africa Alliance has grown to include 36 African countries.

Meanwhile, the African Development Bank has signed a US$525,000 grant agreement with the Africa Fintech Network (AFN), a continent-wide institution that brings together African fintech leaders, organizations and stakeholders, for the establishment of the Africa Fintech Hub, an online portal that will serve as a one-stop shop for all fintech activities in Africa.

This hub is a digital platform that will enable fintech associations across Africa to pool resources and knowledge, and strengthen relationships and partnerships, as well as showcase fintech work on the continent, including women-led or owned groups.

The Africa Digital Financial Inclusion Facility (ADFI), a pan-African initiative designed to catalyze digital financial inclusion across Africa, will provide funding and technical assistance to the Africa Fintech Network to host and manage the African Fintech Hub.

ADFI also supports projects to improve the distribution of digital microinsurance to smallholder farmers in Nigeria, Zambia and Kenya, as well as build capacity for cyber resilience and help remove barriers to access to fintech services across the continent.