The Board of Directors of the African Development Fund has approved $8 million in funding toward the establishment of a digitally interoperable unique bank identification system and harmonised customer identification framework for The Gambia, Guinea, Liberia and Sierra Leone. The project is expected to enhance financial sector efficiency within the participating countries, leading to increased access to finance and further regional integration efforts. The new bank identification system will link banking accounts of individuals across different financial service providers. African Development Bank Director for the Financial Sector Development Department, Ahmed Attout, welcomed the Board approval, noting that it attested to the strong partnership between the Bank and WAMI. “Irrefutable and secure identification is fundamental to building financial consumer access and trust and overall development of the financial sector,” he observed.

Source: The North Africa Journal April 08, 2023 06:09 UTC