Kigali, September 14, 2023 - The Kigali International Financial Centre (KIFC) in collaboration with the AVCA - African Private Equity and Venture Capital Association has launched a new report titled "Unlocking the Potential of Digital Payments in Africa: A Comparative Analysis of Regulatory Sandboxes and Payment Service Providers."

The report showcases the current situation regarding the uptake of digital payments in Africa, characterized by the continuous global growth of e-commerce volumes. It also touches on the role of regulatory sandboxes and payment service providers in promoting the growth of digital payments across the continent.

The report findings are based on extensive research and analysis, including interviews with key practitioners in the digital payments ecosystem. It provides valuable insights and recommendations for policymakers, regulators, investors, and industry players looking to unlock the potential of digital payments in Africa.

Hortense Mudenge, Chief Strategy Officer at Rwanda Finance Limited, the agency mandated to promote the Kigali International Financial Centre noted: "As KIFC, we are working to position Rwanda as a hub for Fintech in Africa, and as part of our positioning efforts, we recently hosted the inaugural Inclusive Fintech Forum, a global platform for financial inclusion & FinTech for good, and we are happy to collaborate with AVCA on this important research, which comes as a follow­ up to the event. We believe that digital payments have the potential to change the financial systems landscape on the African continent, and this report will provide significant insights and recommendations to all stakeholders in this ecosystem:'

Nadia Kouassi Coulibaly, AVCA's Head of Research commented: "We are delighted to share the Unlocking the Potential of Digital Payments in Africa report with you. The report illuminates the remarkable evolution of digital financial systems in Africa and how technology has opened doors to financial inclusion. It uncovers the delicate balance regulators must strike between advancing beneficial innovation whilst ensuring financial stability and consumer protection in an increasingly dynamic and evolving landscape. Our audience will have the opportunity to dive deep into the innovation sandboxes and licensing frameworks enabling this digital transformation for payment service providers, as well as the measures that can be taken to enhance and align existing regulation across the diverse jurisdictions, benchmarked in the report:'