Speaking at the second edition of the Inclusive FinTech Forum in Kigali on Tuesday, February 25, the Head of State highlighted the need for a secure and regulated environment to not only attract investment but also enhance financial inclusion and build resilience in Africa’s rapidly evolving financial sector.

In his keynote address, Kagame noted that Africa’s young, tech-savvy population presents a unique opportunity for innovation in the financial sector.

"Indeed, with our continent’s young and tech-savvy population, Africa can compete with the rest of the world and successfully innovate," he said.

"FinTechs continue to dominate, with the number of companies tripling in recent years. These enterprises are fundamentally shaping our financial services sector, especially with mobile money and remittance services."

The president pointed out that regulations must evolve to keep up with this rapid growth, particularly to address challenges like cybercrime and fraud.

"We need a harmonized regulatory landscape, and we must come together to combat cybercrime and fraud," President Kagame remarked.

He also called for closer cooperation between public and private sectors to unlock opportunities through innovation.

"We can unlock many more opportunities through public-private partnerships and by harnessing the power of artificial intelligence," he added.

The Head of State also discussed the need for Africa to develop its own regulatory frameworks and infrastructure, highlighting Rwanda’s commitment to digital infrastructure and skills development as key drivers of the country’s economic progress.

"Moving forward, creating an enabling environment for business and skills development should be our number one priority," he said.

Kagame also addressed challenges facing Africa, including the growing brain drain of skilled professionals and financial exclusion, particularly among women in the informal economy. He argued that the continent must take ownership of its own development, rather than relying on external support.

“Taking ownership of our development is not something we can ask others to do for us. Business founders also need to do their part and gain the confidence of investors,” Kagame said.

The three-day Inclusive FinTech Forum brings together global leaders, entrepreneurs, and innovators, providing a platform to explore solutions for the continent’s economic challenges through digital finance.

Among the attendees was Alvin Tan, Minister of State for Trade, Industry, Culture, Community, and Youth in Singapore.

In his remarks, the minister celebrated the longstanding relationship between Rwanda and Singapore as the two countries mark 20 years of diplomatic ties.

He praised Rwanda’s rapid development in recent years, expressing his pleasure at seeing Rwanda becoming the "Singapore of Africa."

"We admire and respect Rwanda for your resilience and outstanding achievements in economic and technological development," the minister remarked.

Singapore is highly regarded for its exceptional development, driven by strong governance, strategic economic diversification, and world-class infrastructure. Under visionary leadership, particularly that of Lee Kuan Yew, the country transformed from a small port city into a global financial hub, maintaining one of the highest GDPs per capita in the world, valued at 501.4 billion USD as of 2023.

Speaking at the second edition of the Inclusive FinTech Forum in Kigali on Tuesday, February 25, the Head of State highlighted the need for a secure and regulated environment to not only attract investment but also enhance financial inclusion and build resilience in Africa’s rapidly evolving financial sector.

The Inclusive FinTech Forum brings together global leaders, entrepreneurs, and innovators, providing a platform to explore solutions for the continent’s economic challenges through digital finance.