Connect with us
Anglostratits

Business

Accelerating Growth in an Inclusive Rwandan and Pan-African Digital Economy (By Dr. Diane Karusisi and Dr. Reda Helal)

Published

2 years ago

on

Digital Economy

One of the visible signs of a growing digital economy is its flourishing initiatives for financial inclusion and financial literacy

KIGALI, Rwanda, April 15, 2024/APO Group/ — 

By Dr. Diane Karusisi, CEO, Bank of Kigali and Dr. Reda Helal, Group Managing Director – Processing, Africa and Co-Head Group Processing, Network International (https://www.Network.ae).

One of the visible signs of a growing digital economy is its flourishing initiatives for financial inclusion and financial literacy. Rwanda recognizes financial inclusion as a crucial component for realizing its development and economic prosperity and is a remarkable example of a country that is introducing such programs to aid in setting up a vast digital economy, which are increasingly gaining international recognition. The country has set an ambitious target to achieve 90% formal financial inclusion by 2024.

Building inclusivity by involving microfinance institutions, savings and credit cooperatives, and mobile network operators, as well as enabling interoperability in digital payments, play a critical role in ensuring accessibility for populations that have historically been unbanked and rely on cash-based transactions.

Digital transformation

Traditionally, Banks and FIs feel enormous pressure to grow their digital payments penetration in a landscape that is radically different from even five years ago. This pressure is accentuated when Fintechs and wallet operators are added to the mix. Everything from regulatory requirements, a competitive landscape and consumer expectations to product innovations has upended the “business as usual” outlook for digital payment providers. The industry is fraught with challenges that payments leaders must carefully navigate.

Financial institutions are increasingly recognizing the importance of digital transformation and access to data. A legislation on the protection of personal data and privacy that was passed in October 2021 serves as a foundation for enabling trusted and secure domestic and international data flows and maximising the economic and social benefits of data-driven technologies, such as artificial intelligence (AI), for businesses and individuals in Rwanda.

The Bank of Kigali is an interesting example of a financial institution that has transitioned from traditional banking processes and payments to a structured digital platform. Embarking on a digital journey four years ago, the bank introduced several measures including internet banking and a mobile app, ISO standardization, and cyber resilient systems tuned to ensure the safety of customers’ data while enabling digital transactions through mobile phone.

With the surge in mobile usage and e-commerce within the country, it is natural for banks to respond to the momentum and strengthen their digital payment services

Internet penetration in Rwanda stood at 30.5 per cent of the total population in January 2023, with 4.25 million internet users.[1] Incidentally, the ownership of smartphones in Rwanda stands at 26.7 per cent among men and 21 per cent in women respectively, according to the 2022 Rwanda Population and Housing Census, with the number of mobile phone users standing at 11.7 million in June 2023. Mobile phone penetration of 87 per cent has consecutively increased the interest in digital payment solutions.

With the surge in mobile usage and e-commerce within the country, it is natural for banks to respond to the momentum and strengthen their digital payment services. The Bank of Kigali, for example, sought the advisory services of Network International (Network) to understand how to enhance and structure their product offering to cater to evolving customer behavior.

Network has been at the helm of accelerating digital transformation and has extensive experience in revolutionizing digital finance in the region with a deep understanding of digital payment offerings and technology usage. Network, using generational artificial intelligence and machine learning technologies, as well as market knowledge and data utilization, helps the Bank generate informed business decisions to refine their services proposition in accordance with consumer spending trends.

Threat landscape

In a rapidly evolving digital payments landscape, the threat of fraud looms large. According to TransUnion Africa, digital transactions in financial services surged by 12.2 per cent during the first half of 2023, and the alleged rate of suspected digital fraud attempts for transactions from Rwanda in financial services increased 252 per cent year-over-year (YoY) – the highest rise among industries analyzed. The Rwanda Investigation Bureau reported 254 cases of cybercrime involving up to RWF 416 million in 2021. While fintechs and other new stakeholders in the environment pave the way to superior banking services, they also ensure to bolster their systems with strategic analysis and secure data management systems to counter sophisticated fraudulent activity. In this regard, Network supported Bank of Kigali with an authorization strategy with detailed analysis focusing on authorization diagnostic, data and fraudulent transactions. Based on the findings of this analysis, Network provided recommendations to aid the Bank in improving operational efficiency, reducing risks, and accelerating growth.

Advanced tools and technology leave no room for error or vulnerabilities, in an environment that is seeing a growing dependence on mobile wallets, digital-only banking platforms, and contactless payments, which fosters adoption of digital payment solutions between merchants and consumers. This security allows for convenient access to digital payment services which include remittances, timely purchases, e-commerce and small businesses promotions, insurance payouts and more.

By enabling innovation and operational efficiency for financial institutions, Network International contributes to government-led financial inclusion initiatives and supports the sustainability of commerce among the masses.

[1] https://apo-opa.co/3vVR6g3

Distributed by APO Group on behalf of Network International.

Related Topics:
Continue Reading
Advertisement

Events

As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

Published

2 days ago

on

February 6, 2026

By

Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

Continue Reading

Business

Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

Published

2 days ago

on

February 6, 2026

By

CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

Continue Reading

Business

The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

Published

2 days ago

on

February 6, 2026

By

ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

Continue Reading

Trending