Embracing inclusive fintech: Propelling Rwanda and Africa towards a thriving future
Monday, June 19, 2023
Christian Kajeneri, Fintech Strategy, Products and Services at Mobile Money; Mathieu Rwiyereka, Founder, Managing Consultant Trustees Ltd; Jean-Claude Gaga, Managing Director of Airtel Money, during the launch Ekash on May 26, 2022. File

With great anticipation, Kigali, Rwanda, is preparing to host the inaugural Inclusive Fintech Forum from June 20-22. This monumental event will bring together a remarkable gathering of 2,000 attendees from across the globe, including policymakers, entrepreneurs, investors, corporates, and foundations. We are united by a common goal: to shape the future of inclusive finance and FinTech for the greater good.

Fintech in Rwanda has experienced a purposeful ascent, driven by our commitment to economic growth, financial inclusion, and improving the lives of our citizens. Kigali as a host city is of no strategic coincidence. Over the past years, we have taken significant strides to promote fintech and cultivate this sector, yielding transformative outcomes.

The widespread adoption of mobile money and other forms of digital payments, exemplified by platforms like MTN Mobile Money and Airtel Money, has empowered millions of Rwandans to access financial services, make payments, and send remittances using their mobile phones. This surge in mobile money penetration has dramatically improved financial inclusion, offering convenient and affordable alternatives to traditional banking.

In parallel, our nation has witnessed the emergence of numerous fintech startups, bravely tackling diverse financial challenges. Companies such as Yego Moto, AC group, Centrika have harnessed technology to enhance transportation services and promote road safety. Other startups focus on digital lending, payments, savings, and insurance, bringing financial services within closer reach of ordinary Rwandans. The potential benefits of this sector extend far beyond the immediate horizon.

In today's rapidly evolving world, where global shocks disrupt supply chains and inflationary pressures loom, we must find innovative solutions to mitigate their impact. The advancement of digital technologies and industries offers us a unique opportunity to overcome these challenges and forge a prosperous future for all.

Inclusive fintech stands as a beacon of hope, already demonstrating its transformative potential in the lives of millions. Unlike many other technologies that have yet to prove their societal value, fintech is making a remarkable difference, accelerating inclusivity and driving social change. Through universal financial inclusion, we unlock the doors to economic empowerment, granting access to credit, savings, and asset accumulation for all segments of society.

Among fintech's most extraordinary attributes is its ability to bridge the financial inclusion gap. In Rwanda, and in many developing countries, large portions of the population, including women, youth, refugees, and disabled individuals, remain unbanked or underbanked, lacking essential financial services. Traditional financial institutions have struggled to reach these underserved communities, leaving them disconnected from the formal economy. However, fintech solutions, such as mobile banking and digital wallets, have revolutionized the financial landscape, providing an unprecedented avenue for individuals to access essential services directly through their mobile phones.

During the COVID-19 pandemic, women's savings groups faced unprecedented disruptions. Yet, they embraced fintech solutions to transition their saving schemes and lending capabilities onto digital platforms. In doing so, they ensured the continuity of their financial activities, showcasing the resilience and adaptability that fintech offers in times of crisis. By leveraging digital tools, these groups were empowered to continue digitally saving and lending to each other throughout the pandemic, highlighting the vital role of fintech in sustaining economic activities and empowering communities.

Rwanda is committed to being a proof-of-concept country, consistently positioning itself as an innovation hub. By hosting international summits like the Inclusive Fintech Forum, we proudly demonstrate our unwavering dedication to driving progress, prosperity, and fostering partnerships that strengthen our fintech ecosystem and beyond Rwanda. This forum is not just an event; it is a powerful catalyst for change. It is an opportunity for us to collectively shape a future where the financial divide is bridged, the marginalized are empowered, and sustainable development becomes a reality for all. It is a moment to celebrate the transformative power of fintech and its ability to propel us towards a more inclusive, resilient, and prosperous future.

As we gather in Kigali, let us harness the boundless potential of inclusive fintech and embark on a journey towards an African continent that thrives economically, socially, and technologically. Together, we can create an environment where innovation prospers, partnerships flourish, and the dreams of millions are turned into reality.

I invite you to join us in embracing inclusive fintech and shaping the vibrant future that awaits Rwanda and Africa.

Paula Ingabire is the Minister of ICT and Innovation, Republic of Rwanda