COVID-19: Team Europe supports African, Caribbean and Pacific countries to access finance through digital technology

The European Commission, together with the Organisation of African, Caribbean and Pacific States (OACPS), has signed today a new initiative of €14.5 million with the United Nations Capital Development Fund (UNCDF) to unlock the potential of digital finance. This will benefit more than 600,000 women, youth and entrepreneurs across African, Caribbean and Pacific countries. “Today more than ever, digital technologies have a central role to increase access and usage of affordable financial products and services that meet people and business needs as well as accelerate economic recovery from the coronavirus pandemic. This is why, as reflected in our EU Strategy with Africa, we want to join forces with Africa to foster a digital transformation that also helps us close the digital gender divide”, said Jutta Urpilainen, Commissioner for International Partnerships. “If we want to achieve the Sustainable Development Goals, digital solutions are key to create more jobs and improve basic services such as health and education”, she added. Mobile money is the provision of financial services through mobile technologies. It allows paying bills and transferring money by using mobile apps and creates new opportunities for businesses and individuals. For more details, please consult the press release and the new Digital 4 Development Hub, launched in December by the Commission, aimed at building strong ties across the globe to make the digital revolution an opportunity for everyone.