As part of its ongoing efforts to achieve the Sustainable Development Goals (SDGs), the government of Benin must find additional sources of revenue that would supplement Official Development Aid (ODA). In this respect, the Innovative Financing for Development (IFD) model represents a very promising avenue that is well worth exploring.
An IFD programme would assist the government of Benin to lessen its dependence on external development aid. The first step would be to establish regulations and appropriate control systems. By setting up the governance of ICT solutions that integrate fraud management systems, the Government of Benin would be able to capitalize on the revenue generated by the IFD programmes and use these revenues for their own development projects.
Innovative Financing for Development mechanisms can structure and streamline investment initiatives and, at the same time, ensure that the government remains in full control of any data generated so that they can manage and monitor it all effectively and efficiently.