African fintechs secure commitments at UK Africa Summit Economic
The African fintech space registered gains from the UK-Africa Investment Summit held in London on 20 January 2020.
Initiatives that are already working in financial inclusion, such as Financial Sector Deepening (FSD) Africa were recognised for their efforts in alleviating poverty. UK AID committed GBP£320 million to support existing FSD programmes in Kenya, Mozambique, Nigeria, Rwanda, Tanzania, Uganda, Zambia and the SADC region, and to create new ones in Ethiopia, Ghana, Sierra Leone, and the West African Monetary Union.
The inaugural UK-Africa Investment Summit was held as the UK prepares to leave the European Union on 31 January 2020, and is seeking to secure new partnerships with African governments. It brought together several African heads of state where priority issues for investment co-operation included, UK-Africa trade, the expansion of African economies, a partnership with the city of London, renewable energy, and financing.