According to Akinwumi Adesina, the proposed financial institutions will finance youth innovations in wealth creation.
“When young people (in Africa) go to the bank, they only see risks in them, but not innovation, creativity and the ability to create wealth”, he said, adding that this is the reason why financial institutions in Africa, including their own homes, failed the young.
During the Africa Day celebrations, the AfDB President urged African leaders to put resources at risk for young people, deeming it "useless to ask for a land title as collateral from a 21 year old looking for funding".
"The fintech industry is a good example for betting on young people, because it has a large number of companies worth more than a billion dollars owned by young people", he said, also warning that it was "time to have youth-based wealth in Africa .For that to happen, we need financial institutions around you”.
The AfDB President also emphasized that what young people need to participate in the development of the continent is not empowerment, but funding.
The AfDB initiative is seen as a boost for the young generation, which currently makes up 70 percent of Africa's population.
