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Browsing: Financial Inclusion
The African Development Bank (AfDB) has inked a massive grant agreement to the tune of $400,000 to modernize the regional financial market infrastructure in West Africa.
The funding is to be extended via the West African Monetary Union (WAMU) and among other things is meant to fund the creation of a digital platform to automate securities issuance for the regional financial market.
In a press release, the AfDB said the funding will also help reduce the holding period preceding subscription allocations and registration on the said digital platform.
The financial services space is being disrupted by new entrants that are nimble and more innovative. The overwhelming result of this has been the closure of bank branches right across the broad spectrum of the banking sector and across the country.
Whenever a branch closes press space is taken up by the banks running adverts citing the growth and advent of mobile technology to be the cause of bank branch closures. To the passive reader it would then look as though technological advancements, growth, and adoption together with the prosperity of banks with respect to their branch networks are mutually exclusive.
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