“Digital Money is Better” project revolutionises Angola

The project has a funding of almost US$5mn financed through the US government agency for International Development (USAID), and will be implemented in partnership with the mobile operator Africell, providing a similar contribution to the project, in addition to its existing mobile network.

The project will focus not only on improving and expanding the use of mobile money applications, but also on supporting the government of Angola to increase financial inclusion. The official launch of the project took place at the headquarters of mobile operator Africell in Luanda and was attended.

The “Digital Money is Better” project (Dinheiro Digital é Melhor- DDM in Portuguese) is part of the US Government’s contribution to the Partnership for Global Infrastructure Investment (PGII) initiative, a G7 initiative to mobilise hundreds of billions of dollars in infrastructure for low- and middle-income countries. The project builds on the commitment made by President Biden at the 2023 G7 Summit to support the development of the Lobito Corridor and existing funding from the US International Development Finance Corporation to Africell in the Democratic Republic of Congo, Sierra Leone and The Gambia. Supporting investment in secure and efficient mobile network infrastructure is an extremely important part of PGII, as emerging 5G networks and digital financial applications related to digital money have a major impact on development.

During his speech at the event, the US ambassador underlined that “Digital financial tools and virtual money have emerged as powerful enablers, breaking down barriers and reaching those previously excluded from the formal financial system.” However, he added, “Unfortunately, this revolution in the way we access and use financial services has not yet fully reached Angola.”