Chad and the African Development Bank (AFDB) have signed a $650,000 grant agreement to expand digital services, through the Africa Digital Financial Inclusion Facility.
The funding will advance the Microfinance Development Support for Women and Youth Entrepreneurship project, which aims to strengthen women’s economic empowerment and youth entrepreneurship in rural Chad.
The project has three components: improve the supply of microfinance services and develop digital finance; stimulate demand for financial services; and strengthen the business ecosystem in rural Chad.
Ali Lamine Zeine, African Development Bank country director for Chad, said: “At the Bank, we recognize that we have an important role to play in supporting innovative technologies that can increase access and use of digital financial solutions and stimulate entrepreneurship, especially among excluded and less well-off groups”. He added: “This initiative contributes to the achievement of our High 5 strategic priorities seeking to build a strong and sustainable microfinance sector in Chad, with the potential to break down barriers to inclusive digital finance solutions, accelerating economic resilience, reducing poverty and stimulating growth.” [Da Redazione InfoAfrica]
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