The Board of Directors of the African Development Fund (ADF) has approved eight million dollars to boost the banking system on the continent.

A statement by African Development Bank (AfDB) said the fund is for establishing a digitally interoperable unique bank identification system.

It said the fund is also meant to establish a harmonized customer identification framework for the Gambia, Guinea, Liberia and Sierra Leone.

Implementation of the project will commence in July 2023, led by the West African Monetary Institute.