The Agence française de développement (AFD) is contributing an additional €3 million to the African Development Bank (AfDB)-managed Africa Digital Financial Inclusion Facility (ADFI) to help accelerate financial inclusion in Africa.

The additional funding brings the total amount to €5 million, with the goal of assisting the ADFI partnership in catalysing digital financial solutions across Africa by increasing investment in scalable and replicable initiatives that provide access to credit and other financial services that promote investment and entrepreneurship in underserved communities.

Recent data from the AFD suggest that about half of the continent’s adult population, notably women, youth, farmers, small businesses, and rural communities, do not have access to digital financial solutions.

The ADFI, founded in 2019 by the AfDB, the Gates Foundation, and the Luxembourg Ministry of Finance, aims to accelerate the mobilisation of financial and human resources to align financial systems with the United Nations’ Sustainable Development Goals, ensuring that vulnerable populations, particularly those in climate-affected regions, have access to financial tools that will help them adapt and thrive.

Mohamadou Ba, head of the AfDB’s financial intermediation and inclusion division, commented: “Digital financial solutions are key to improving the quality of life of people in Africa and reducing the gender access to finance gap. We welcome the Agence française de développement’s renewed support of the catalytic role ADFI has been playing in accelerating greater access and usage of digital financial solutions and financial inclusion across the continent.”

Audrey Brule-Françoise, head of AFD’s financial systems division, added: “Developing digital financial services is a key pathway to reach financially excluded populations in Africa.”

The European Commission (EU) said it had launched a strategy on Wednesday to remove barriers to the use of Artificial Intelligence (AI) and better equip Europe’s companies for global competition.

At the presentation of its new AI strategy, the Brussels authority announced that it would simplify rules, promote investment and massively expand the establishment of its own data centres.

The aim of the AI Continent Action Plan was to “transform Europe’s strong traditional industries and its exceptional talent pool into powerful engines of AI innovation and acceleration,’’ according to a statement released.

There has been criticism from the tech industry that European regulations such as the AI Act were too bureaucratic and hostile to innovation.

One focus of the new strategy is on infrastructure and data centres.

The commission called on member states to apply for the construction of so-called AI gigafactories to train particularly powerful AI models.

A total investment of 20 billion euros (22 billion dollars) is to be earmarked for this purpose.

According to the Brussels authority, only 13.5 per cent of companies in Europe currently use AI technologies, a figure the commission wants to increase significantly.

So far, the EU has lagged behind China and the U.S. in AI technologies, for example. Germany’s outgoing digital minister, Volker Wissing, welcomed the plan and called for less bureaucracy and better investment conditions.

The German AI Association on the other hand said the strategy had little new substance.

“The European AI sector does not need any more announcements regarding previously known measures and small-scale individual strategies.

“But it’s functional funding and award procedures that can keep pace with the speed of technological development,’’ said association head Jörg Bienert.

Nigeria has reaffirmed its dedication to deepening its collaboration with Ericsson, Swedish technology firm with Vice President Kashim Shettima promising swift implementation of the Memorandum of Understanding (MoU) signed earlier in 2024.

The vice president made this statement  during a courtesy visit from a delegation representing Ericsson, led by Mr Patrick Johansson, its senior vice president and head of Market Area for Europe, the Middle East, and Africa.

The meeting took place at the Presidential Villa in Abuja, the nation’s capital.

During the engagement, Vice President Shettima described Ericsson as a key player in Nigeria’s technological journey, acknowledging the company’s early role in establishing a foundation upon which other major tech firms have since built.

He praised Ericsson for remaining a reliable ally in Nigeria’s developmental narrative, particularly commending its current initiatives such as the creation of innovation hubs and support for small and medium-sized enterprises.

According to him, these actions serve to strengthen an already enduring partnership.

Encouraging Ericsson and other foreign investors to take advantage of the country’s vast potential, Shettima highlighted the vitality and promise of Nigeria’s youthful population.

“We cherish our relationship with Sweden and your company, and I must urge you to harness our manifest destiny. We are a large nation with a tech-savvy population. We are making efforts across different fields. A good number of the unicorns that we have in Africa are Nigerian-based. The future is Nigeria,” the vice president stated.

Mr Patrick Johansson echoed this sentiment, stressing the importance of reinforcing ties between Nigeria and Ericsson by championing local innovation and entrepreneurship.

He noted these as key priorities for the company’s engagement in the region.