WITH our continent’s young and tech-savvy population, Africa is poised to compete globally and drive successful innovation.
When you look at our continent’s start-up ecosystem, fintechs continue to dominate. In recent years, the number of fintech companies in Africa has almost tripled. These enterprises, both big and small, are fundamentally reshaping our financial services sector. We see this, especially with mobile money and remittance services. According to a recent study, fintech revenues in Africa are expected to reach $40 billion by 2028.
At the same time, Africa is experiencing a brain drain, with many of our skilled developers leaving our continent to work abroad. This is not entirely their fault. They cannot be blamed for that. I think we, some of us as leaders, should take partial responsibility.
Financial inclusion also remains a challenge, particularly for those who need it most—especially women in the informal economy. All of this is happening in the context of global financing constraints.
We need to see this as an invitation to put our resources to better use and support each other. Taking ownership of our development is not something we can ask others to do for us. Business founders also need to do their part and gain the confidence of investors. Above all, ask yourself why you, and not anybody else, are best placed to solve the problem you have identified.
In Rwanda, we have made strategic investments in digital infrastructure and skills. Moving forward, creating an enabling environment for businesses to scale should be our number one priority. We need a harmonized regulatory landscape, and we must come together to combat cybercrime and fraud.
We can unlock many more opportunities through public-private partnerships and by harnessing the power of artificial intelligence. The bottom line is that we need to work as one team to build a more connected future. I am confident that we are moving in the right direction.
- This is an edited version of Paul Kagame, the President of Rwanda, at the Inclusive Fintech Forum held in Kigali, Rwanda.
