The African Development Fund (ADF) Board of Directors has approved an investment of $8 million to strengthen the continent’s banking system.
According to an African Development Bank (AfDB) announcement, the investment would be used to build a digitally interoperable unique bank identification system.
The fund was also intended to build a unified customer identity framework for the Gambia, Guinea, Liberia, and Sierra Leone, according to the statement.
According to the announcement, the new bank identification system will connect individuals’ banking accounts from various financial service providers.
It stated that the project would comprise over 53 financial service firms from the participating countries.
Dr. Olorunsola Olowofeso, Director-General of WAMI, stated that the Unique Bank Identity (UBI) and Digital Interoperability initiative arose from the Central Bank of Nigeria’s successful implementation of the Bank Verification Number (BVN).
Ahmed Attout, AfDB Director for the Financial Sector Development Department, welcomed the board’s approval, noting that it demonstrated the Bank’s solid collaboration with WAMI.
