Niger: African Development Fund provides $16 million to support deepening and integration of the financial sector | African Development Bank

The board of directors of the African Development Fund, the concessional lending arm of the African Development Bank Group, has approved $16 million in loans and grants to Niger to implement the Financial Sector Deepening and Inclusion Project.

The project will strengthen the mobilization of long-term resources for financial services providers and improve the financial inclusion of vulnerable populations, in particular women, youth, rural residents and micro, small and medium-sized enterprises.

In particular, the project will contribute to the establishment of a financing mechanism conducive to the needs of micro, small and medium-sized enterprises through the capitalization of the Financial Inclusion Development Fund and the strengthening of the technical and operational capacities of financial services providers, in particular the decentralized financial systems. This will enable them to develop financial products and services adapted to the needs of the population. All this with a view to increasing the resilience of the financial sector and reducing poverty in Niger.

Niger’s Finance Minister, Ahmat Jidoud said he was pleased “this support from the African Development Bank which will strengthen the technical and financial capabilities of financial services providers in Niger, especially decentralized financial systems, which will enable access to financial services to the largest number of our citizens, especially those who live in rural areas.”

Ahmed Attout, Head of the Capital Markets Development Division of the African Development Bank said: “We are delighted with this partnership between the African Development Bank Group and Niger. By strengthening the capacity of the Financial Inclusion Development Fund and financial services providers, this will project help diversify funding sources for Nigerien SMEs and increase financial inclusion in Niger.