The Board of Directors of the African Development Fund (ADF) has approved eight million dollars to boost the banking system on the continent.
A statement by African Development Bank (AfDB) said the fund was for establishing a digitally interoperable unique bank identification system.
It said the fund was also meant to establish a harmonised customer identification framework for the Gambia, Guinea, Liberia and Sierra Leone.
“Implementation of the project will commence in July 2023, led by the West African Monetary Institute (WAMI).
“It will work with central banks of the participating countries and in close collaboration with banking and non-banking financial service providers.
“The project is expected to enhance financial sector efficiency within the participating countries, leading to increased access to finance and further regional integration efforts.
“Approval of funding from the bank’s concessional lending window was made on March 29,” it said.
According to the statement,…