Rwanda-Singapore Partnership Boosts Digital Economy and Innovation

11 Mar, 2025

Rwanda and Singapore are strengthening their partnership to drive digital economic growth, with President Paul Kagame commending fintech’s transformative role in Africa. Speaking at the second edition of the Inclusive Fintech Forum (IFF) in Kigali, Kagame emphasized how digital finance is revolutionizing economic inclusion across the continent.

The event, co-hosted by the Kigali International Financial Centre (KIFC), Singapore’s Global Finance & Technology Network (GFTN), and the National Bank of Rwanda (NBR), attracted over 3,000 participants, including policymakers, regulators, technology experts, and investors. Discussions focused on leveraging fintech to boost financial inclusion and economic development.

Kagame highlighted Africa’s young, tech-savvy population as a competitive advantage, with fintech startups leading in mobile money and remittance services. He stressed the importance of Rwanda’s investment in digital infrastructure and called for a business-friendly environment with harmonized regulations and strong cybersecurity measures.

The President also pointed to the power of public-private partnerships and artificial intelligence in unlocking new opportunities. However, he acknowledged the challenge of brain drain, urging African leaders to create better opportunities for skilled developers to thrive within the continent.

Kagame underscored the importance of financial inclusion, particularly for women in the informal sector, advocating for improved resource utilization and mutual support. He encouraged entrepreneurs to take ownership of their growth, attract investors, and build sustainable businesses.

As Rwanda continues to position itself as a fintech hub, Kagame remains confident in Africa’s digital transformation. He called for greater collaboration between governments, businesses, and investors to create a more connected and inclusive digital future. This partnership between Rwanda and Singapore serves as a model for leveraging technology to drive economic progress and innovation across emerging markets.

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