Over 2,500 delegates are attending the inaugural inclusive FinTech Forum as part of the efforts to discuss the opportunities and requirements for driving the digital economy. ALSO READ: Kagame, First Lady to grace global fintech forum in Kigali The forum, a result of a partnership between the Kigali International Financial Centre (KIFC) and Elevandi, a not-for-profit originally set up by the Monetary Authority of Singapore to foster an open dialogue between the public and private sectors to advance FinTech in the digital economy will kick off today, June 20 through 2023. With a particular emphasis on the Global South, which includes Asia, Latin America, and Africa, the forum seeks to stimulate discussions, brainstorm solutions, and showcase best-in-class inclusive Fintech projects. ALSO READ: Positioning Kigali as a Pan African hub for FinTech and green finance It also aims to foster the implementation of strategies for the sustainable development of Fintech, focusing on inclusivity. Here are five things you should know Kagame, First lady among keynote speakers The three-day event will bring together influential figures such as world leaders, regulators, policymakers, decision-makers, founders, and investors. Among the more than 100 keynote speakers, President Paul Kagame and First Lady Jeannette Kagame will be present to address the audience. Also expected at the event is Zambia’s President Hakainde Hichilema as one of the keynote speakers. Other invited guests include governors of central banks from Rwanda, Singapore, Ghana, Uganda and Tanzania along with heads of FinTech associations from Africa, Asia and Europe. $3 billion worth of Private Investors at the Forum With over more than 2000 participants from across 50 countries and 120 international expert speakers from seven regions, participants at the event will have access to $3 billion worth of private investors at the forum. Equally important is the over $500 million worth of institutional investors available for public-private partnerships. This, experts say, comes at a time when there is a need for capital and investors to meet ideas. The forum, organizers said, is an opportune moment to create such linkages. Need for more women in FinTech highlighted Over the last decade, according to Nick Barigye, Chief Executive at Rwanda Finance, FinTech has driven a significant increase in financial inclusion, including of women, in Africa. But if the industry is to continue to expand and strengthen access to financial services and credit, it needs not only to serve women, but also to be shaped by them. The need for more women in FinTech is expected to be highlighted at the event, with First Lady Jeannette Kagame also expected to address the audience at the women in FinTech session. According to Barigye, the FinTech revolution is sweeping across Africa, creating wealth and opportunity from Cairo to Cape Town. But, like the broader tech sector, the FinTech industry suffers from a fundamental weakness: too few women. Africa, however, does have something to boast about on this front: the share of FinTech companies founded by women is double the global average. But unfortunately, the figure is still just 3.2 percent. Moreover, while 30 percent of tech professionals in Sub-Saharan Africa are women, the share of women in FinTech remains well below the industry average. With flexible, innovative, and targeted solutions, FinTech companies can help to close this gap. One reason why women might struggle to access financing is that they lack a financial history or credit record – the basis of traditional assessments of creditworthiness. Digital economy to take center stage Throughout the forum, attendees will engage in deep-dive roundtables, workshops, and exhibitions, exploring topics such as digital payments and lending, micro-wealth management, insurance and pensions, capital markets infrastructure, and ESG financing. The goal is to address the implementation of affordable and scalable interoperable payment infrastructure, as well as affordable lending products for low and middle-income segments. By developing and promoting public goods, infrastructure, and financial literacy, the forum aims to enhance financial inclusion and ensure equitable, accessible, and sustainable FinTech development for people worldwide. Kigali as a hub for FinTech, green finance This significant gathering takes place at a pivotal moment when Kigali is solidifying its position as a Pan African hub for FinTech and green finance. With KIFC at the center of this ambitious journey and the Norrsken East Africa hub hosting numerous African startups in this sector, Kigali aims to attract foreign businesses and investors, enhancing Rwanda's competitiveness within the financial sector.
