He shared these insights during a panel discussion at the Singapore FinTech Festival on Thursday, November 7, 2024.
The panel discussion, themed "Financial Network in the Fastest Growing Continent," focused on Africa's Digital Public Infrastructure transformation, a key driver of the continent's economic and societal growth.
'Rwanda views digital transformation as a cornerstone of its socio-economic development strategy, recognizing digital infrastructure and innovation as critical enablers of sustainable growth,' Rwangombwa said.
He added, 'Through a robust, multi-sectoral approach, Rwanda is setting a foundation for a dynamic digital economy that directly supports financial inclusion, data-driven policymaking, and enhanced service delivery across the country.'
The session concluded by recognizing the transformative potential of digital financial services while stressing the importance of overcoming connectivity, digital literacy and security challenges for sustainable growth.
Earlier, on Wednesday, Rwangombwa chaired a roundtable session titled 'Navigating the Regulatory Maze: Balancing Innovation and Compliance for Digital Banks' at the Insights Forum in Singapore.
This discussion addressed the complex regulatory challenges digital banks face as they innovate and expand.
Governor Rwangombwa highlighted the dual mandate of the National Bank of Rwanda: promoting financial innovation while ensuring stability.
'As digital banking grows, we remain committed to fostering innovation that is both inclusive and secure,' he said.
Digital services have become central to Rwanda's economy, with 73% of Rwandans (5.9 million people) using some form of electronic financial service by 2024â€"a significant rise from 30% (2.1 million) in 2020, according to a recent report by Access to Finance Rwanda.
The Singapore FinTech Festival (SFF), launched in 2016, has grown into a global gathering for policymakers, regulators, central bankers, FinTech innovators, technologists, investors, and financial industry leaders.
This year's event running through November 6-8, encourages impactful connections and collaborations, facilitating discussions on innovative financial solutions, evolving regulatory frameworks, and emerging technologies.
SFF also advocates for sustainable practices, underscoring the importance of responsibility in all facets of the festival.
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