EFInA welcomes funding commitment from UK aid to initiate new phase of financial sector development

by | Jan 22, 2020

This article is a Brand Press post. Brand Press is a paid service for brands that want to reach Techpoint Africa’s audience directly. Techpoint Africa’s editorial team doesn’t write Brand Press content. To promote your brand via Brand Press, please email business@techpoint.africa

Commitment comes as part of an ambitious £320m UK aid package for strengthening Africa’s financial markets, to boost economic growth and reduce poverty at scale.

20 January 2020, London:  EFInA today welcomes an additional funding commitment from UK Aid, part of a £320m package that will initiate an ambitious new phase of financial sector development across the continent. Announced ahead of the UK-Africa Investment Summit London, the package includes additional funding for 9 existing Financial Sector Deepening Programmes (FSDs) and to set up and scale new FSDs in high-priority markets, including Ethiopia, Ghana, Sierra Leone and the West African Monetary Union.

The new commitment, announced by Secretary of State Alok Sharma, represents the start of an important new approach to financial sector development in sub-Saharan Africa. The package from UK Aid recognises that a comprehensive, integrated approach to financial market development in Africa is required to realise the continent’s potential and help meet the United Nations global goals. The £320m commitment provides funding for ambitious programmes that create financing solutions for the opportunities and challenges faced across Africa’s economies, from individual households and micro-enterprises to business and infrastructure investment.  This means addressing the entire system of finance from savings groups to capital market development and operating more closely to the interface between finance and the real world.

UK International Development Secretary Alok Sharma said: “Africa’s substantial investment potential is clear, with many African countries outstripping global economic growth in recent decades. The UK is already the top financial exchange for Africa’s businesses and we want investors to seize the exciting opportunities that Africa offers. These new initiatives, announced ahead of the UK-Africa Investment Summit, will make it easier, greener and more secure to invest in Africa, mobilising billions of pounds of sustainable investment to help end poverty.”

The Chairman of EFInA’s Board, Segun Akerele, said, “EFInA’s catalytic and strategic collaboration with financial service regulators, operators and providers has contributed to 28 million additional Nigerians accessing formal financial services since EFInA was established in late 2007. Through research, advocacy, capacity building, and promoting innovation, EFInA has provided the critical support required to expand access to affordable, relevant financial services to all Nigerians, including under-served groups such as women and Northern Nigerians.”

In the wake of this new commitment, Ashley Immanuel (Head of Programmes, EFInA), says EFInA will build on its foundational work promoting financial inclusion and identify linkages with other sectors, such as agriculture, health, and education, that can drive progress toward meeting the Sustainable Development Goals in Nigeria.

The £320m package also marks an important step forward for the FSD Network. After nearly twenty years of operation and UK aid support, the FSD Network today comprises 9 active FSD programmes, with a strong track-record of impact, unparalleled local insight with applied research, and a powerful network of relationships with local regulators, policy makers, industry bodies, and low-income households.  The new FSDs will join the Network, enabling them to benefit from, and contribute to, continent-wide knowledge sharing and cross-border collaboration.

Betty Wilkinson, Chair of the FSD Network Council, commented on the commitment: ‘On behalf of the nine existing members of the FSD Network and those new FSDs in formation, our sincere gratitude to the UK Government for this generous, constructive, and thoughtful five-year commitment. We pledge to broaden and deepen our innovative work across Africa to make money work for low-income families, women, youth, the excluded, and those who need financial services the most. This new package will enable us to apply finance – in all its forms – to the challenge of the Sustainable Development Goals. The FSD Network will enhance livelihoods for poor people; improve access to basic human services where finance is a barrier; and enable a sustainable future, particularly addressing the financial aspects of climate change and illicit capital flows’.

Comms contact details

Temi Otumara

09087491837

Brand Press
Brand Press

This Brand Press article wasn’t written by Techpoint Africa’s editorial team. To promote your brand via Brand Press, please email business@techpoint.africa.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More Brand Press

Subscribe to Crypto Explorer

A monthly series featuring in-depth analysis on the cryptocurrency sector in Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap