African Development Bank Facilitates More Digital Payments

In line with its agriculture transformation agenda for the continent, the African Development Bank (AfDB) is launching a new digital payment project in Togo. Announced this month, the West African nation is next in line for “electronic wallets”, the Bank said.

Togo is one of the lowest users of farm inputs globally. Prior to the ongoing reforms in the country’s agricultural sector, it is approximated that only six kilograms of fertilizers per acre were used against the recommended 50 kilograms for good agricultural performance. It is expected that this innovation will result in more than half of Togo’s population being recognized in the financial system, making them more attractive to financial institutions and improving their overall well being.

Discussing the Agriculture Transformation Agenda in October of 2015, AfDB president Dr. Akinwumi A. Adesina emphasized the organization’s position and long-term vision in regards to building up the agricultural sectors across the continent.

“We at the African Development Bank have a clear vision and an ambitious agenda,” Adesina said. “We are ready to move Africa to the top of the agriculture value chain. Technology is one of the key enablers that will get us there fast and cost effectively. Partnerships with like-minded technology companies on the continent are instrumental to achieving our vision and agenda.”

The AfDB is clearly eager to remain a champion of using technology to boost agriculture on the continent. These initiatives make sense, analysts say, given that Africa, as a whole, is nowhere close to utilizing its full potential in regards to digital technology and growth of its agricultural sector.

Photo Credit: African Development Bank