Rwanda, Zambia embracing inclusive fintech

The inaugural Inclusive FinTech Forum recently took place in Kigali, Rwanda, with a key focus on fostering strategies for the inclusive and sustainable development of financial technology. The event highlighted Rwanda's commitment to being a proof-of-concept country and positioning itself as an innovation hub in Africa. President Paul Kagame, in his remarks, reiterated the country's dedication to advancing FinTech to drive Africa towards a thriving future. The forum shed light on the transformative impact of FinTechs across the continent, creating more jobs, wealth, and opportunities. Africa's burgeoning FinTech industry is being propelled by a young and dynamic population eager to innovate solutions and promote financial inclusion. Investors have taken notice of Africa's demographic dividend and have been increasingly financing African FinTechs in recent years. Despite this, Africa lags behind the rest of the world in producing unicorns, and cash-based transactions still dominate the landscape. To sustain the progress made so far and accelerate growth, stronger partnerships and a more equitable, accessible, and sustainable FinTech ecosystem are essential. The digital economy presents vast opportunities that should benefit everyone, reinforcing the need for active female participation in the FinTech sector. One of the enduring challenges facing Africa's FinTech industry is the lack of regulatory harmonization across jurisdictions, hindering the ability of FinTechs to scale efficiently. In response to this, Rwanda has put in place an enabling policy and regulatory framework to support FinTechs in testing their solutions, including new and emerging technologies, in a controlled environment. Additionally, addressing issues such as inadequate broadband coverage, documentation, and financial literacy is crucial to enhancing the delivery of financial services in Africa. The Inclusive FinTech Forum emphasized the importance of collaboration, innovation, and inclusivity in driving the continent towards a more prosperous and financially inclusive future.