Wamkele Mene, Secretary General of the African Continental Free Trade Area (AfCFTA), commended Rwanda’s progress and efficiency, noting that he visited the country multiple times last year. “Last year, I visited Rwanda six times for one simple reason: to be inspired—because this is a country where things get done,” Wamkele Mene declared, drawing a standing ovation from the audience. He was addressing thousands of participants at the ongoing Inclusive FinTech Forum in Kigali during a presidential session themed ‘Empowering Economic Inclusion through Accelerated Technology Adoption’, which was graced by President Paul Kagame. Mene emphasised that the session’s theme aligns perfectly with the mandate of the African Continental Free Trade Area (AfCFTA), highlighting the significance of the protocols on women and youth in trade, as well as digital trade. The protocol on women and youth in trade, Mene explained, goes beyond aspirational statements on empowerment – it establishes legally binding commitments to dismantle barriers that restrict market access and hinder the growth of businesses led by young people and women. “It actually takes us in the rail of legally binding commitments to break down barriers that prohibit market access, that prohibit growth of businesses that are led by young people and women,” he remarked. Accelerating digital trade In February last year, African countries adopted the AfCFTA Protocol on Digital Trade, a framework designed to accelerate digital trade across the continent. The protocol encompasses key areas such as market access, digital trade facilitation, data governance, business and consumer trust, digital inclusion, emerging technologies, regulatory transparency, and capacity building. “It is the first of its kind in the world,” Mene noted, emphasising that last month in Addis Ababa, Ethiopia, heads of state adopted eight annexes critical to the protocol’s implementation. Mene observed that Africa is becoming a major fintech hub, showcasing rapid growth and promising future potential. With 32 per cent compound annual growth rate, Africa is set to be the fastest growing continent in fintech revenue. According to the Boston Consulting Group, the African fintech market is anticipated to attain approximately over $65 billion by 2030, “Our objective is to ensure that with the moderate success we’ve made as a continent that all African countries have the opportunity to evolve to become financial technology hubs in order to accommodate our objective of inclusive growth, inclusive opportunities through digital financial inclusion,” he noted. The Inclusive FinTech Forum, which has brought together more than 3,000 delegates from more than 32 countries, is running under the theme, ‘Shaping the Future of Financial Technology.’ Alvin Tan, Minister of State at Singapore’s Ministry of Trade and Industry, emphasised that Africa is well-positioned to lead the future of fintech, driven by its young and tech-savvy population. He also underscored the importance of partnerships in unlocking fintech’s potential to transform Africa’s financial landscape. “In an increasingly fragmented world, we have the opportunity to build bridges, address infrastructure gaps, harmonise regulations, and collaborate across borders and sectors,” he said. The forum concludes on Wednesday, February 26.
