The African Development Bank (AfDB) and MasterCard announced a
broad collaboration that aims to expand financial inclusion across the African
continent. The collaboration seeks to develop solutions that drive inclusive
growth in Africa by broadening access and usage of digital financial services.
Ajay Banga, President and
CEO at MasterCard, said: “Less than one adult
out of four in Africa has access to an account at a formal financial
institution. While many of our industry partners have been active in this
space, we believe that through our payments expertise, and the AfDB’s 50 years
of experience in financing Africa’s economic transformation, we can achieve
scaled impact and lasting transformation. This can only be accomplished when the
public and private sectors combine resources and act together.”
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