FEATURED: Inclusive Fintech Forum: Experts' roundtable discussion on supporting SMEs, boosting cross-border trade

A dynamic roundtable discussion titled Driving Inclusive Access for SME Cross-Border Currency Flows took place during the Inclusive Fintech Forum 2025 in Kigali, focusing on how SMEs can better navigate cross-border currency flow amidst challenges like currency fluctuations, liquidity, and payment certainty. The session, aimed at finding solutions to support SME growth and facilitate seamless international trade, featured a diverse group of thought leaders, including Valence Kimenyi, Director of Financial Sector Development and Inclusion at the National Bank of Rwanda, Tony Francis Ntore, CEO of the Rwanda Bankers Association, and Henry Chinedu Obike, Chief Innovation Officer at I&M Bank Rwanda. Experts from the South African Reserve Bank, Bank of Ghana, NALA, and Bybit shared insights on cryptocurrency adoption, regulatory frameworks, and the importance of digital literacy, emphasising the need for stronger financial tools and international collaboration. The roundtable was part of the second edition of the Inclusive Fintech Forum, held from February 24-26, which brought together over 3,000 participants to discuss actionable steps to overcome growth barriers and drive the digital economy across Africa. ALSO READ: Experts on how to tackle brain drain in Africa’s tech industry Chief Innovation Officer at I&M Bank, Henry Chinedu Obike, emphasised the urgent need for Africa to prioritise economic growth, noting that while the roundtable discussion was valuable, it often strayed from its core focus of supporting SMEs and driving cross-border growth. The conversation ended up heavily centred on cryptocurrency, which, while important, diverted attention from the main issue—how do we help SMEs expand internationally and overcome the challenges they face? SMEs are crucial for economic growth, and if we focus on developing local businesses to a level where they can compete globally, we've already made significant progress, he said. Obike further highlighted Rwanda's leadership in cultivating a service-oriented economy, but he also pointed out that more work is required to help businesses meet international standards and become globally competitive. He underscored the importance of building frameworks and providing the necessary support to ensure businesses can thrive on the global stage. ALSO READ: AfCFTA’s Mene roots for SME support to drive Africa’s digital trade Obike also commended the Pan-African Payment and Settlement System (PAPSS) for its potential to simplify transactions between African nations, explaining that integrating such systems into mobile platforms would make it far easier for SMEs to manage payments and trade effectively. Platforms like PAPSS are key for enabling SMEs to trade across borders seamlessly, allowing local currencies to be exchanged without the complexity of foreign exchange. At I&M Bank, we're working on integrating such systems into mobile apps to ensure that payments can be made directly and efficiently, he added. Tony Francis Ntore, Chief Executive Officer of the Rwanda Bankers Association, discussed the evolving relationship between banks and SMEs, particularly in the context of addressing cross-border challenges and creating more sustainable partnerships. He acknowledged that historically, SMEs were seen as risky ventures, but emphasised that the approach is shifting, highlighting the importance of digital literacy in empowering SMEs, and how banks are focusing on enhancing the financial knowledge of SME owners to better service their needs. As we mentioned earlier, SMEs were seen as risky, but now there is a standard being developed that can bridge the gap between banks and SMEs. This is something we are committed to continuing. Banks are working to improve the financial literacy of SMEs, enabling them to better understand and navigate the available banking products, he explained. ALSO READ: How new Pan-African payment system will boost AfCFTA implementation He also pointed out that financial institutions are offering a range of products tailored to SMEs, including credit facilities and payment solutions designed to ease transactions and business operations. The Director of Financial Sector Development and Inclusion at the National Bank of Rwanda, Valence Kimenyi, emphasised the role of fintechs in driving inclusivity for SMEs during the roundtable discussion, acknowledging that fintechs are critical in enhancing the financial ecosystem for SMEs, particularly in terms of payment solutions and financial services. Kimenyi also spoke about the evolving regulatory landscape, noting the ongoing efforts to explore new financial technologies such as Central Bank Digital Currencies (CBDCs), highlighting the importance of payment initiation opportunities that fintech can offer, and the capacity to execute these services successfully. Our intention in exploring CBDC is to understand its value, without disrupting the existing systems, and to assess if it can provide an alternative solution to challenges faced by SMEs in cross-border transactions, he stated.

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FEATURED: Inclusive Fintech Forum: Experts' roundtable discussion on supporting SMEs, boosting cross-border trade