AfricaNenda Annual Report 2023

19 April 2024

Across the continent, over 400 million adults in Africa currently lack formal banking services. This lack of access excludes them from the formal economy and subjects them to the high costs and risks of cash and informal financial methods. This situation affects the continent's most vulnerable populations, particularly rural women, exacerbating economic disparities and obstructing efforts towards inclusive development.

AfricaNenda, a nonprofit initiative led by Africans and supported by the Bill & Melinda Gates Foundation, is dedicated to changing this narrative by fast-tracking the adoption of inclusive, efficient, and economical instant payment systems accessible to everyone across Africa. Our diverse team, operating out of 10 countries, works closely with regional economic communities, central banks, and government bodies to broaden digital payment infrastructures and champion policies that promote financial inclusiveness.

In 2023, AfricaNenda celebrated major achievements, including forming partnerships with the African Union Commission, which bolstered collaborative efforts within the payment ecosystem, and launching a fully operational real-time payments platform in Rwanda. These efforts are crucial in moving us towards our goal of universal financial inclusion by 2030, a target that aligns with the United Nations' Sustainable Development Goals.

As we look to 2024, our initiatives are set to expand to include new projects in Guinea, Rwanda, and the CEMAC region, as well as beginning preparatory work in Cabo Verde and South Sudan. We are committed to enhancing interoperability, ensuring transparency in policies, and maintaining inclusive practices that will benefit particularly those unbanked and underserved throughout Africa.

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