President Paul Kagame is expected to attend the second edition of the Inclusive Fintech Forum (IFF), a global gathering that seeks to drive economic inclusivity through the sustainable development of financial technologies. The forum will take place on February 24-26 in Kigali. The forum, organized by Kigali International Financial Centre (KIFC), Singapore’s Elevandi and the National Bank of Rwanda (NBR), will attract high-level participation including Heads of State and government, global regulators, policymakers, decision-makers, founders, and investors, among others. Other participants include Alex Sea, Vice President of Africa Fintech Network, Sidi Ould Tah, President, Arab Bank for Economic Development, Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, Fadilah Tchoumva, CEO of African Business Angel Network, Minister of ICT and Innovation Paula Ingabire, Haim Taib, Founder of Mitrelli and Jeta Africa Holding, Sabine Mensah, Deputy CEO of AfricaNenda Foundation, Alfred Hanning, CEO of Alliance for Financial Inclusion, among others. The fintech forum was previously scheduled to take place in August 2024 but was postponed as a precautionary measure due to the outbreak of the Marburg virus, a healthcare threat that was successfully eliminated by December by the Ministry of Health. ALSO READ: Embracing inclusive fintech: Propelling Rwanda and Africa towards a thriving future Africa's fintech sector has shown resilience, attracting significant investment and global interest. However, the sector faces challenges in regulatory landscapes, building consumer trust, and developing sustainable business models as it matures. According to a report on driving economic inclusion through technology adoption by IFF, fintech startup funding in Africa declined 70 percent year-on-year in the first half of 2024, with only around 60 fintech startups across Africa raising approximately $340 million in equity and debt. Nigeria received the highest deal value of $140 million from a total of 24 deals, followed by Kenya which garnered $97 million from five deals. Globally, fintech companies raised $33.7 billion in private placements in 2024, marking a 20 percent drop year-over-year, as reported by CB Insights’ State of Fintech 2024. The UNDP’s Timbuktoo financing project, aims to invest US$1 billion in catalytic and commercial capital over 10 years to build a distributed innovation network of eight pan-African hubs, located in key ecosystems from Cairo to Cape Town and Dakar to Nairobi. The project aims to establish hubs in educational technology (EdTech), financial service technology (FinTech), health technology (HealthTech), and agricultural technology (AgriTech) sectors. ALSO READ: Global fintech forum returns to Kigali, seeks to bridge financial inclusion gap The second edition of IFF will feature different thematic dialogues including inclusive payments, capital market stability, digital infrastructure, digitizing inclusion, talent and skills, and entrepreneurship. The participants will delve into topics such as the role of industry associations in supporting fintech ecosystems, equipping African SMEs for digital ecosystem, unlocking investment in fintech for financial inclusion, AfCFTA vision for digital trade, modernizing insurance delivery in Africa, credit gap on the continent, financing emerging markets development against global headwinds, and designing for the unserved and underserved, among others. Previously, John Rwangombwa, the Governor of NBR, said it is imperative to recognize the transformative power of fintech in enhancing financial inclusion across Rwanda, Africa, and beyond. “This forum not only aligns with our national agenda to modernize financial services but also catalyzes international collaboration. By bringing together global and local stakeholders, we pave the way for innovative solutions that will ensure sustainable and inclusive economic growth and prosperity for all.”
