On the second day of proceedings, the Inclusive FinTech Forum featured over 40 speakers on the Forum stage, including special addresses by His Excellency Hakainde Hichilema, President of Zambia, and His Excellency Paul Kagame, President of Rwanda. The day also hosted a roundtable of Central Bank Governors and discussed inspirational stories from entrepreneurs in the FinTech space from The Founders Peak stage.

Financing Emerging Markets Development Against Global Headwinds 

The second day started with a keynote address by Hon. Richard Tusabe, Minister of State in charge of the National Treasury of Rwanda. The Minister outlined the importance of FinTech to the country’s economic and investment strategy. "We’re investing in digital public goods. 90% of the country has broadband internet and 75% have phones. Collaboration and exchange of ideas between countries are crucial for countries to fast-track their digital transformation journey. Together we can build a future where technology acts as a catalyst for prosperity and progress." 

The Minister also took part in the subsequent dialogue on Financing Emerging Markets Development Against Global Headwinds, which featured  Piyush Gupta, Chief Executive Officer of DBS Bank, Tommaso Mancini-Griffoli, Division Chief in the Monetary and Capital Markets Department of the International Monetary Fund, and moderated by Sopnendu Mohanty, Chief FinTech Officer of the Monetary Authority of Singapore, and Chairman of the Board of Elevandi. Addressing the question of how technology can increase the capacity of financing in emerging markets, Mr Gupta said, “In our experience, digital technology has been a big game-changer. One of the classic examples is M-PESA in East Africa”.  While Mr Tommaso highlighted the importance of changing the perception of public goods, “We need to think about expanding our view of public goods. As we transact across borders, we are not just moving value, we are moving information. We, therefore, need to look at compliance and privacy.”

Re-thinking Licensing to Promote FinTech for Good

The first half of the day also featured a Central Bank Governors Roundtable, centred around Rethinking Licensing to Promote FinTech for Good. The panel, which featured Central Banks representing different African regions highlighted the need to balance regulation and innovation to benefit underserved communities. The session discussed licensing reforms that allow FinTechs to operate independently, removing previous requirements. Harmonizing regulatory frameworks and promoting cross-border interoperability were identified as key factors for scaling up the FinTech sector. The panel comprised of Dr Maxwell Opoku-Afari, Deputy Governor of Bank of Ghana, Michael Atingi-ego, Deputy Governor of Bank of Uganda, Miguel Engonga Obiang Eyang, Secrétaire Général du Banque des Etats de l'Afrique Centrale (BEAC), Njuguna Ndung'u, Cabinet Secretary of The National Treasury and Economic Planning, and Sauda Msemo, Deputy Governor Financial Stability and Deepening of the Bank of Tanzania. The Roundtable was hosted by John Rwangombwa, Governor of the Central Bank of Rwanda, Ravi Menon, Managing Director of the Monetary Authority of Singapore, and Irene Arias Hofman, Chief Executive Officer of IDB Lab.

Presidential Addresses & FinTech for Good

FinTech for good has been the central message surrounding the launch of the Inclusive FinTech Forum. The segment on FinTech for Good started with speeches by Ravi Menon, Managing Director of the Monetary Authority of Singapore, Tidjane Thiam, Board Chairman of Rwanda Finance Limited, and Achim Steiner, UNDP administrator representing UNDP at Digital Impact Alliance. In his speech, Mr Menon spoke of the success of bilateral payment interoperability between Singapore and Thailand, Singapore and India, and his hope for more such partnerships including countries in Africa in the future. Mr Thiam also spoke of how Technology presents Africa with a path for economic development and inclusive growth. Mr Thiam highlighted how Rwanda is already walking down this path: “Rwanda possesses a young, dynamic and educated education with several learning institutions. This is critical to catalysing the growth of the FinTech sector.”

Special Address from His Excellency Hakainde Hichilema, President of the Republic of Zambia

In his address, President Hichilema emphasised the need to embrace technology for Africa’s inclusive development and economic growth. “Financial technology and access to finance, capital, is of utmost importance to our quest to achieve accelerated economic and social development, so we can take care of our populations”. President Hichilema concluded his remarks by noting the role of policymakers in enabling a thriving ecosystem, “it is a duty we have to support young entrepreneurs (and) innovators.”

Special Address from His Excellency Paul Kagame, President of the Republic of Rwanda

Representing the host country of the inaugural Inclusive FinTech Forum, President Kagame opened his remarks by thanking President Hichilema for his presence in the country and thanking the Monetary Authority of Singapore. Recognising the importance of the topic, President Kagame highlighted that “FinTechs are accelerating Africa’s digital transformation and the impact is evident,” while noting the importance of ensuring inclusivity in the development of the sector, “The digital economy is not a zero-sum game. Everyone must benefit. That is why we must do more to ensure that women are more active participants in the FinTech space”. The President concluded his remarks by calling for greater cooperation between nations, noting that “a persistent challenge is Africa’s unharmonized regulatory environment. It affects the speed at which African FinTechs can scale.”

The Business Case for Women in FinTech

For FinTech to develop inclusively, gender representation must be part of the ethos of companies operating in the sector. The Business Case for Women in FinTech session opened with keynote remarks by H.E. Jeannette Kagame, First Lady of the Republic of Rwanda, who noted “Financial backing for women-led FinTech solutions must carry strong, compelling incentives; not because women are in need of assistance, but because equality is their legitimate right”. The First Lady concluded her remarks by calling on commitments to greater representation and said that “by limiting the space for women in Finance and Technology, we are not just failing women: we are failing everyone.” - Download the full speech by H.E. Jeannette Kagame, First Lady of the Republic of Rwanda

The remarks were followed by a panel discussion featuring Hon. Paula Ingabire, Minister of Information Communication Technology and Innovation of the Republic of Rwanda, Inez Murray, Chief Executive Officer of the Financial Alliance for Women, Maxwell Gomera, Resident Representative of the UNDP, Marlon Chigwende, Managing Partner, Admais Capital Partners, and moderated by Farai Gundan, Co-founder & Chief Executive Officer of Abantufy. Minister Ingabire, highlighted that access to capital and “the gender pay gaps are still persistent issues facing women in fintech”. The panel agreed that greater representation in institutions allocating capital is not only essential to ensure greater inclusion of Women in the FinTech space but also makes business sense, with Ms Chigwende noting that, “Women bring a different perspective to deliberations and there is a real practical advantage to having diversity in decision making”.

Key Announcements from #IFF2023

Rwandan Fintech MVend Gets National Bank of Rwanda License
Africa FinTech Network and FinTech Association of South Africa Join Forces to Advance Fintech Ecosystem in Africa

Key Highlights for Day 3

08:30 | MOU Signing - Elevandi and Qatar Financial Centre (Room AD6)

Elevandi, co-organiser of the Inclusive FinTech Forum and a nonprofit set up by the Monetary Authority of Singapore (MAS), and the Qatar Financial Centre will sign an MOU to collaborate on ecosystem development projects that build the community and industry sectors and to collaborate by leveraging our respective resources - network, content and insights. The MOU will be signed by Sopnendu Mohanty, Chairman of the Board of Elevandi, and Yousuf Mohamed Al-Jaida, Board Member and Chief Executive Officer of Qatar Financial Centre. Journalists attending are recommended to arrive at 08:15.

09:30 | The Big Talk: State of Technology Readiness to Address Financial Inclusion Goals (Forum Stage)

Featuring Assel Zhanassova, Chief Executive Officer of Kazpost, Michael Mazza, Chief Executive Officer of Railpays (Singapore) Pte Ltd, Olivier Crespin, Managing Director of Giift Exchange, Pieter Franken, Co-founder of Safecast and Hon. Ursula Owusu-Ekuful, Minister of Communications and Digitalisation of the Republic of Ghana. Moderated by Sopnendu Mohanty, Chief FinTech Officer, Monetary Authority of Singapore and Chairman of the Board of Elevandi.

10:30 | Development of Digital Public Goods & Infrastructure (Forum Stage)

Featuring Hon. Felix Mutati, Minister of Technology and Science of the Republic of Zambia, Ritesh Shukla, Chief Executive Officer of the NPCI International Payments Limited, Robert Kainamura, Chief Executive Officer of the QT Software Limited, Robert Ochola, Chief Executive Officer of the AfricaNenda and Hon. Paula Ingabire, Minister of Information Communication Technology and Innovation of the Republic of Rwanda. Moderated by Lucy Nshuti Mbabazi, Lead, Africa Policy, Advocacy & Partnerships, Better Than Cash.

11:30 | Sustainable Finance & Digital Banking (Forum Stage)

Featuring Christian Kajeneri, Fintech Strategy, Products & Services of Mobile Money Rwanda, Dare Okoudjou, Founder & Chief Executive Officer of MFS Africa, Marina Dimova, Global Director of Financial Industry & Network Advocacy at Women's World Banking, Meagan Rabe, Senior Director of Fintech Management at Visa, Hon. Mohamed Rahman Swaray, Minister of Information and Communications of the Republic of Sierra Leone, and Premier Oiwoh, Managing Director & Chief Executive Officer of Nigeria Inter-Bank Settlement System Plc. Moderated by Mayada El-Zoghbi, Strategic Advisor, Center for Financial Inclusion, Accion.

11:30 | Industry Panel: Digital Currency and Blockchain Ecosystem. Is This a Once-In-A-Lifetime Opportunity to Leapfrog Traditional Finance? (FinTech Without Borders)

Featuring Brooks Entwistle, Senior Vice President & Managing Director of Ripple, Echeme Emole, Founder of Afropolitan, Iris Du, Head of Africa of Binance, Richmond Teo, Chief Executive Officer Asia at Paxos and Stephen Richardson, Managing Director, Financial Markets & Head of APAC of Fireblocks. Moderated by Sopnendu Mohanty, Chief FinTech Officer of Monetary Authority of Singapore and Chairman of the Board of Elevandi.

14:55 | Reimagining Capital Market Infrastructure for Emerging Markets (Forum Stage)

Featuring Aditya Kumar Sinha, Head Fintech & Digital Innovation of Qatar Financial Center, Alexio Manyonde, Chief Technology Officer of ZEP-RE (PTA Reinsurance), Damien Pang, Deputy Chief FinTech Officer of the Monetary Authority of Singapore, Irene Arias Hofman, Chief Executive Officer of IDB Lab and Jean Bosco Iyacu, Chief Executive Officer of Access to Finance Rwanda. Moderated by Sharanjit Leyl, International Broadcaster