The Board of Directors of the African Development Fund has approved $8 million in funding toward the establishment of a digitally interoperable unique bank identification system and harmonised customer identification framework for The Gambia, Guinea, Liberia and Sierra Leone.
The project is expected to enhance financial sector efficiency within the participating countries, leading to increased access to finance and further regional integration efforts. Approval of funding from the Bank’s concessional lending window was made on 29The new bank identification system will link banking accounts of individuals across different financial service providers.
Dr. Olorunsola E. Olowofeso, WAMI Director General, said: “The Unique Bank Identification and Digital Interoperability project was borne from the success of the Bank Verification Number implemented by the Central Bank of Nigeria.
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