AfDB gives $320,000 grants to ECOWAS agency

The Board of Directors of the African Development Bank (AfDB) has awarded a grant of $320,535 to the West African Monetary Agency to mainstream gender in ECOWAS’ core Digital Financial Services (DFS) regulatory frameworks.

The funds, according to a statement by the AfDB on Tuesday, will support a gender gap analysis of several WAMA strategies including those for financial inclusion; gender disaggregation data analytics; digital payment services and infrastructure; and digital identity.

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The project, to be executed over a three year period, will potentially affect 350 million people in all 15 ECOWAS nations including Nigeria.

In a statement the bank said the grant will be disbursed through the Africa Digital Financial Inclusion Facility (ADFI), a blended finance vehicle, supported by AfDB.

“With a secretariat comprising all the 15 ECOWAS central banks, WAMA plays a pivotal role in the consolidation and implementation of strategic financial inclusion objectives. ADFI and the WAMA project team will work closely with other ecosystem players in the region to ensure harmonisation of efforts for maximum impact,” said Sheila Okiro, the ADFI Coordinator.