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Banking and Insurance

US finances digital money project in Angola

The United States Agency for International Development (USAID) and the mobile operator Africell will finance a project aimed at promoting digital money in Angola, in an investment of approximately 10 million dollars.

: Facebook da U.S. Embassy Luanda
Facebook da U.S. Embassy Luanda  

The "Dinheiro digital é melhor" project was launched this Monday in Luanda and aims to highlight the importance of digital money, namely with regard to sending and receiving money.

The initiative focuses on improving and expanding the use of mobile money applications and supporting the Government of Angola to increase financial inclusion, with funding of nearly 5 million dollars from USAID and the same amount from Africell.

The project "builds on the commitment made by President [Joe] Biden at the 2023 G7 Summit to support the development of the Lobito corridor and existing funding from the US International Financial Development Corporation, to the operator Africell in the Democratic Republic of Congo , Sierra Leone and Gambia," the US embassy said in a statement.

The Ambassador of the United States of America (USA), Tulinabo S. Mushingi, underlined that digital financial tools and virtual money have emerged as "facilitators", reaching even people previously excluded from the formal financial system.

"This project will enable the Angolan population to conveniently make and receive payments at their fingertips, bridging the gap between individuals and financial services", added the US diplomat.

Furthermore, through the project, "Angolan women will be able to take control of their finances", he continued.

For small and medium-sized businesses, using digital money applications to manage sales and payments is another tool to boost business growth, he pointed out.


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