This morning at the Kigali Convention Centre, H.E. Paul Kagame, President of the Republic of Rwanda, addressed the congregation at the second edition of the Inclusive Fintech Forum — where he delivered a compelling keynote address on Africa’s potential to lead in financial technology (fintech) innovation while urging leaders and entrepreneurs to confront systemic challenges head-on.
The Inclusive Fintech Forum held annually in Kigali, Rwanda, is a global platform that convenes hundreds of leaders, investors, and fintechs from over 80 countries to harness fintech’s potential for economic inclusion and sustainable development.
In his speech, President Kagame opened by highlighting Rwanda’s commitment to becoming a hub for investment and digital innovation, crediting the Kigali International Financial Centre for advancing this vision. He emphasized the strategic partnership between Rwanda and Singapore, noting that collaboration is focused on leveraging Singapore’s expertise in fintech, digital innovation, and economic development to support Rwanda’s ambition to become a leading fintech and innovation hub in Africa. “This gathering is a testament to the unique partnership between Rwanda and Singapore to harness the power of the digital economy,” he stated. “We look forward to continuing working together.”
Central to his optimism is Africa’s demographic advantage: a young, tech-savvy population poised to drive innovation. Fintechs, he noted, dominate the continent’s startup ecosystem, with the number of companies tripling in recent years. Mobile money and remittance services, in particular, he said have revolutionized financial access. Citing a recent study, President Kagame projected that African Fintech revenues could reach US$40 billion (approx. RWF56.27 trillion, UGX147.2 trillion) by 2028—a figure reflecting both opportunity and unmet demand.
Africa’s fintech sector has experienced explosive growth over the past decade. According to reports, the number of tech startups in Africa tripled between 2020 and 2021, with nearly half being fintechs. In 2023, African fintech startups raised a total of approximately US$1.55 billion in capital, with 75% of equity funding (US$673 million) going to just 10 companies.
Fintech activity is concentrated in 11 key markets—Cameroon, Cote d’Ivoire, Egypt, Ghana, Kenya, Morocco, Nigeria, Senegal, South Africa, Tanzania, and Uganda—which account for 70% of Africa’s GDP and half its population. South Africa, Nigeria, and Kenya are particularly dominant hubs.
Despite this progress, President Kagame acknowledged critical hurdles. The exodus of skilled developers from Africa, often referred to as “brain drain,” remains a pressing issue. “Africa is experiencing a brain drain with the many of our skilled developers leaving our continent to go work abroad,” he noted. However, he refused to fault them seeking opportunities abroad, instead calling on leaders to introspect. “They cannot be blamed for that. I think we [the leaders] should be able, to take the blame,” he said, stressing the need to create compelling incentives for talent retention.
Financial inclusion also lags, especially for women and those in the informal economy. The President linked this gap to broader global financial constraints, urging stakeholders to “put resources to better use and support each other.” He framed these challenges as a call to action: “Taking ownership of our development is not something we can ask others to do for us.”
President Kagame also outlined Rwanda’s approach to fostering Fintech growth, emphasizing strategic investments in digital infrastructure and skills development.
“Creating an enabling environment for business scale should be our number one priority,” he asserted, highlighting the need for harmonized regulations and stronger cybersecurity measures to combat fraud.
Public-private partnerships (PPPs) and artificial intelligence (AI) emerged as critical levers for unlocking opportunities. He urged governments and businesses to align their efforts and work as one team.
To African entrepreneurs, the issued a challenge: focus on solving homegrown problems while cultivating investor trust. “Ask yourself: Why you—and not anybody else—are best placed to solve the problem you have identified,” he said, encouraging founders to leverage their unique insights into local needs.
This message resonated with his broader theme of self-reliance. While global partnerships are vital, he stressed that Africa’s development must be driven by its people. “Business founders need to do their part and gain the confidence of investors,” he remarked, linking entrepreneurial grit to continental progress.
The President closed with a note of confidence, affirming that Africa is “moving in the right direction.” His vision hinges on collaboration—between nations, sectors, and leaders—to create inclusive systems that empower communities.
As the Fintech sector evolves, Rwanda’s investments and Kagame’s advocacy for regulatory cohesion, talent retention, and PPPs offer a roadmap for Africa.
The Inclusive Fintech Forum has not only solidified Kigali’s role as a rising Fintech hub but also reinforced a shared truth: Africa’s digital revolution will be written by those who dare to own it.
“The bottom line is that we need to work as one team,” Kagame concluded—a rallying cry for a continent poised to redefine its future in fintech.
