Experts seek to promote Sino-African cooperation in digital financial inclusion

NAIROBI, Aug. 21 (Xinhua) -- Experts met in the Kenyan capital of Nairobi on Wednesday to discuss ways to promote China-Africa cooperation in promoting digital financial inclusion.

The day-long China-Africa Digital Financial Inclusion Summit 2024 brought together over 100 participants, including officials from central banks and governments as well as officials from development financial institutions in China and Africa, to discuss how to reduce the percentage of the population without access to financial services.

Grace Kyokunda, chief investment officer at the Financial Sector Development Department of the African Development Bank, said Africa can learn from China's journey of achieving financial inclusion through leveraging mobile technology.

"We look forward to strengthening our partnership with China in developing digital financial solutions that cater to underserved populations," Kyokunda added.

According to data from the African Union, about one-third of the continent's adult population currently holds mobile money accounts.

Min Ji, director of the Counselor Office at the People's Bank of China, said Africa can accelerate digital financial inclusion through regulatory reforms that promote financing for small, medium, and micro enterprises as well as agricultural financing.

Building on this perspective, Fui Meng Liew, chief of the Digital Center of Excellence at the United Nations Children's Fund, noted how these regulatory reforms can dovetail with the growing adoption of mobile money accounts.

He highlighted that this surge in digital financial tools is not only broadening access but also unlocking new opportunities to serve traditionally marginalized groups, including youth, women, and rural communities, thus amplifying the impact of financial inclusion efforts across Africa.