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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Financial technology in Africa to grow to US $
three billion by 2020: pan-African bank 

KIGALI Rwanda (Xinhua) -- Overall fintech (financial technology) in Africa will grow from around 200 million U.S. dollars currently to 3 billion dollars by 2020, pan-African banking group Ecobank said Thursday.

The number of digital transactions in Rwanda increased by 11 percent in the first half of 2017 from 1.37 million the previous year to 1.53 million, said Nshuti Lucy Mbabazi, assistant vice-president of the push payments division of Ecobank Group, on the last day of the Africa Tech Summit in the Rwandan capital Kigali.

Speaking at a penal discussion looking at delivering a cashless society in Africa, Mbabazi explained the importance of fintech and moving toward a cashless society.

“Digital technology is central. Technology offers great opportunities to open up new markets, increase choice and speed delivery of services,” she said.

Africa is now at the forefront of fintech, with 57.6 percent of the world’s 174 million active registered mobile money accounts (100.1 million) in sub-Saharan Africa, according to Ecobank Group statistics.

The Africa Tech Summit, which concluded on Thursday, explored the latest trends in digital technology, attended by some 250 key African and international tech leaders.

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EARLIER REPORT:

Rwanda urges donors to move beyond traditional financing

KIGALI Rwanda (Xinhua) -- Rwanda’s Finance Minister Claver Gatete Thursday urged Rwanda’s development partners to move beyond traditional financing.

Speaking at a meeting with development partners in the western district of Rubavu, Gatete stressed the important role the private sector is envisaged to play as the engine of Rwanda’s economic growth and urged development partners to move beyond traditional financing and consider new and innovative ways to finance the private sector.

Rwanda’s development partners need to “find ways to mobilize financing in different forms” and “evolve from the changing financing landscape” as what Rwanda wants is “unconventional and ambitious,” which is “very well deserved and justified,” said World Bank’s country manager to Rwanda Yasser El-Gammal at the annual meeting of Rwandan government officials and development partners.

Fode Nidaye, UN Resident Coordinator, said Rwanda will require more private sector engagement and investment, more human capital development, and more innovative finance to successfully implement its national strategy for transformation.

He said to increase private sector involvement, Rwanda needs to mobilize more domestic resources, given its vision of moving towards upper middle and high-income country status and its policy of more self-reliance.

The central African country, which has risen from a genocide that killed about one million people in 1994, seeks to transform the country from a low-income, agriculture-based economy to a knowledge-based, service-oriented economy with middle-income country status by 2020. 

             

 

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