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The role of financial services in achieving financial inclusion in Rwanda and beyond (By Dr. Reda Helal and Benjamin Mutimura)

Published

2 years ago

on

Rwanda

The momentum of financial inclusion programmes is progressively strengthened as financial institutions, businesses and consumers embrace cashless convenience and digital payments that are secure and seamless

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

By Dr. Reda Helal, Group Managing Director – Processing, Africa and Co-Head Group Processing, Network International (https://www.Network.ae) and Benjamin Mutimura, CEO, I&M Bank (Rwanda) Plc.

The momentum of financial inclusion programmes is progressively strengthened as financial institutions, businesses and consumers embrace cashless convenience and digital payments that are secure and seamless. Technology development broadens the scope of delivery of financial services, and the advantages of digital payments manifest in providing easy access to the masses, reducing travel and queuing times, quicker transactions and seamless money movements that are cashless.

Currently, Rwanda is a prime market for digital payments, with a young population of which 69 per cent is below the age of 30, and the second-highest population density in Africa. With 87 per cent mobile penetration and an accelerated mobile payments market that grew over 450 per cent [1] during the pandemic, the cashless economy is expected to expand further. In 2022, the number of fund transfers through mobile payment channels amounted to 310 million transactions. In November 2022, the value of these transactions also rose by 41 per cent, from RWF 4.7 trillion to RWF 6.6 trillion, as reported by the National Bank of Rwanda (NBR). The country has set an ambitious target to achieve full financial inclusion by 2024.

Rwanda’s Vision 2050 and the National Strategy for Transformation 2017–2024 set the aspiration for the country to become a strategic hub for financial services in Africa. The growth of the fintech sector is vital to achieving this goal as it encourages the use of digital payments by Rwandan residents. Fintech is a huge contributor in propagating cashless systems and promoting financial inclusion.

A study commissioned by Access to Finance Rwanda in 2022 to assess the “data analytics capacity of Rwanda’s financial institutions, regulators and other local service providers” showed that Rwanda’s financial sector produces a lot of data but only a handful of stakeholders are turning data into insights. Such a limited data-driven culture and the lack of use of data to build products and solutions will severely hinder the financial services sector.

The report states this constitutes a missed opportunity to understand the profiles and needs of clients, optimise business performance, and predict future results while creating efficiencies.

In a radically changing market such as Rwanda, digital payments are of prime importance, specifically in the context of contactless payments and mobile wallets. These unlock significant benefits for consumers for fast, easy, and secure transactions.

Network’s partnership with I&M Bank was formed to reinforce the bank’s digital-first strategy and leadership in the Rwandan market. Through this partnership, Network will offer a variety of payment products and services including credit and prepaid card hosting and processing, along with robust security protocols and a sophisticated API gateway to provide customers value-added services that will enable their financial services with data and analytics, hyper-targeted loyalty management solutions, and tokenization, among other benefits.

In a world where contactless payments and digital wallets are fast becoming the norm, services such as tokenization, customer loyalty management, data streaming, customer profiling and data analytics are simplifying and bringing innovation to commerce and payments. The Rwandan economy has already begun to see the benefits of such innovation, which ushers more citizens into the formal financial system. This will pave the way to making the country an important hub for financial services in the region, with superior banking frameworks that are on par with international standards.

Knowledge dissemination will play a vital role in laying out the foundation for a paradigm shift towards digital payments in the country, which is inclusive and resilient

New and superior digital banking experiences that leverage technological innovation will ensure financial inclusion in its truest form. The World Bank’s Rwanda Economic Update [2] suggests that financial services can play a larger role in increasing financial inclusion with the help of innovation. Challenges like the digital divide, limited infrastructure, and financial literacy gaps persist, but policymakers should enhance regulatory frameworks, improve financial and digital infrastructure, and expand government support to foster a digital-friendly environment, according to the report.

As the country tries to reach its financial inclusion target in 2024, knowledge dissemination will play a vital role in laying out the foundation for a paradigm shift towards digital payments in the country, which is inclusive and resilient.

[1] https://apo-opa.co/3V2hy12

[2] https://apo-opa.co/3V18wl1

Distributed by APO Group on behalf of Network International.

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Canada–Africa Financing Forum to Convene Investors and Decision-Makers in Cape Town – May 14, 2026

Published

15 hours ago

on

April 29, 2026

By

Ateau Zola

This timely Forum comes on the heels of commitments announced by Canadian Prime Minister Mark Carney, deepening Canada–Africa commercial ties and expanding investment partnerships

TORONTO, Canada, April 29, 2026/APO Group/ –The Canada–Africa Chamber of Business (https://CanadaAfrica.ca) will convene investors, financiers, policymakers, and industry leaders in Cape Town on May 14, 2026 for the Canada–Africa Financing Forum—a high-level platform focused on unlocking capital and accelerating deal flow across African markets.

Registration is open (http://apo-opa.co/4vZN6oV)

This timely Forum comes on the heels of commitments announced by Canadian Prime Minister Mark Carney, deepening Canada–Africa commercial ties and expanding investment partnerships. The program connects leaders from venture capital, private equity, and institutional investors to examine where capital is moving—and where the next opportunities lie—supported by Canadian project partners with proven capacity to deliver on-the-ground.

Delegates will engage directly with finance and investment decision-makers, following the program opening, featuring messages from President Cyril Ramaphosa and Prime Minister Mark Carney, in addition to high-level Ministerial representation.

This Forum is about capital deployment, not just conversation

“This Forum is about capital deployment, not just conversation,” said Garreth Bloor, President of the Canada–Africa Chamber of Business. “We are convening investors, institutions, and project leaders who are actively shaping transactions across Africa—and connecting them directly with Canadian partners who are ready to work together.”

The Canada–Africa Financing Forum reflects the Chamber’s role as a privately financed, market-led platform advancing Canada-Africa trade and investment through world-class networking and information-sharing events.

Why Attend

  • Direct access to active dealmakers and capital allocators
  • Insights into where capital is being deployed and key players delivering major projects
  • Opportunities to build partnerships across Canada and African markets
  • Participation in a curated, high-level environment focused on execution

Secure Your Place

Space is limited and demand is strong.

Apply to secure your place (http://apo-opa.co/4vXb9oz)

Read More and View the Program (http://apo-opa.co/4vZN6oV)

Distributed by APO Group on behalf of The Canada-Africa Chamber of Business.

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ORUN and 1xBET Partner to Support a Dynamic Creative Africa

Published

21 hours ago

on

April 29, 2026

By

MIR Holding

During the MASA 2026 edition, held from April 11 to 18, 2026, ORUN and 1xBET implemented the We Champion Talent program, an initiative aimed at promoting African talent and advancing the development of Cultural and Creative Industries (CCIs)

ABIDJAN, Ivory Coast, April 28, 2026/APO Group/ –As part of the Innovation Village co-organized with MASA at the Palais de la Culture in Abidjan from April 14 to 18, ORUN (https://ORUN.Africa) announces the rollout of its partnership with 1xBET to support a creative Africa that is structuring itself, professionalizing, and scaling across the continent.

We aim to demonstrate that it is possible to support African talent, narratives, and creative ecosystems over the long term, with ambition and consistency

Designed as a space of convergence between heritage, innovation, and knowledge transmission, the Innovation Village features scenography crafted by Ivorian artisans, a program of panels and masterclasses on creative industries, an immersive experience produced by Orun Studios, and a major institutional highlight on April 17. Its narrative platform is built around three pillars: memory, structure, and transmission. The initiative aims to position cultural and creative industries as an economic driver for the continent.

“The Innovation Village was conceived as an act of construction. By partnering with organizations such as 1xBET, we aim to demonstrate that it is possible to support African talent, narratives, and creative ecosystems over the long term, with ambition and consistency,” said Habyba Thiero, CEO of Africa Currency Network and President of ORUN.

This vision aligns with ORUN’s broader ambition to produce, structure, and internationalize African creative industries through events, content, and strategic partnerships.

Distributed by APO Group on behalf of ORUN, part of African Currency Network (ACN).

 

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MIR Holding Reaffirms Its Commitment to African Creative Industries Alongside ORUN at Marché des Arts du Spectacle Africain d’Abidjan (MASA) 2026

Published

21 hours ago

on

April 29, 2026

By

MIR Holding

More than event support, this partnership reflects a commitment to backing platforms capable of structuring value chains, increasing the visibility of talent, and fostering the emergence of strong African creative infrastructures

ABIDJAN, Ivory Coast, April 28, 2026/APO Group/ –On the occasion of MASA 2026, held from April 11 to 18 in Abidjan, MIR Holding (https://MIRHolding.odoo.com) reaffirmed its commitment to supporting the growth of African creative industries by partnering with ORUN as part of the Innovation Village, hosted at the Palais de la Culture in Abidjan. This presence reflects a clear intention to support the scaling of cultural and creative industries so they can fully contribute to job creation and value generation across the continent.

 

Co-organized by ORUN and MASA, the Innovation Village brought together over several days scenography designed by Ivorian artisans, a program of panels and masterclasses dedicated to creative industries, an immersive experience produced by Orun Studios, and a key institutional highlight on April 17.

At MIR Holding, we believe that Africa’s future will also be shaped by its ability to structure its narratives, its talent, and its creative value chains

Built around three pillars — memory, structure, and transmission — the initiative carried a renewed ambition for culture: positioning it as a concrete lever for economic structuring and African projection.

By supporting this initiative, MIR Holding aligns with a broader dynamic aimed at strengthening connections between creation, entrepreneurship, content, youth, and growth ecosystems. More than event support, this partnership reflects a commitment to backing platforms capable of structuring value chains, increasing the visibility of talent, and fostering the emergence of strong African creative infrastructures. MIR Holding stands among the main partners of the Village, alongside Africa Currency Network and other stakeholders engaged in this vision.

“With ORUN, we are not only seeking to make culture visible. We aim to help provide it with a framework, a reach, and a trajectory. What is at stake here is the continent’s ability to better transform its creative energy into sustainable value, real opportunities, and influence,” said Habyba Thiero, CEO of Africa Currency Network and President of ORUN.

Mouhamed Dieng, President of MIR Holding, added: “Supporting Africa’s creative industries is not about backing a secondary sector. It is about investing in one of the continent’s most powerful spaces for storytelling, youth, innovation, and competitiveness. At MIR Holding, we believe that Africa’s future will also be shaped by its ability to structure its narratives, its talent, and its creative value chains.”

Distributed by APO Group on behalf of MIR Holding.

 

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