MUMBAI, India — “Information & Communication Technology and Digital Economy are the backbone of Rwanda’s economic development,” said Soraya M. Hakuziyaremye, Board Vice Chairperson and Deputy Governor, National Bank of Rwanda, during a fireside chat on ‘Innovation for Inclusion’ at the Global Fintech Fest 2023 (GFF 2023). Cecilia Skingsley, Head, BIS Innovation Hub, Bank for International Settlements, was also part of the session, hosted by Shri Rajesh Bansal, Chief Executive Officer, Reserve Bank Innovation Hub.
GFF 2023 is supported by the Ministry of Electronics and Information Technology (MietY), the Department of Economic Affairs (DEA), Ministry of Finance, the Reserve Bank of India (RBI), and the International Financial Services Centres Authority (IFSCA) and is organized by the Payments Council of India (PCI), Fintech Convergence Council (FCC), and National Payments Corporation of India (NPCI).
Smt. Nirmala Sitharaman, Minister of Finance, Government of India, inaugurated the conference. “Fintechs in India are driving more inclusion and influencing India’s financial ecosystem. Today, fintech has become a robust and dynamic financial inclusion tool,” Smt. Sitharaman said, dwelling at length on the role of fintechs in building a global responsible financial ecosystem.
Talking about the growth in digital financial solutions, Soraya M. Hakuziyaremye said, “Mobile money penetration has allowed us to increase financial inclusion. Before mobile money was introduced, only 48% Rwandans had a bank account, today we are at 77%. There is also a spurt in the adoption of electronic payments.”
She also spoke about the opportunity for cross-border collaboration stating that fintech space in Africa was growing very fast, and Rwanda could be a gateway to serve Africa as a whole.
Highlights of Global Fintech Fest 2023:
3 days | 13 tracks | 800+ Speakers | 15+ Thought Leadership Reports | 81 Academic Papers | 50+ Workshops | 125+ Countries | 250+ Sessions | 250+ Investors | 500+ exhibitors | 150K Sq. Ft Exhibition Area | 3 Hackathons | 50000+ Delegates
