In the heart of Kigali, where innovation meets impact, the second edition of the Microfinance Technology Summit unfolded at the prestigious Kigali Convention Centre from May 23rd to 24th, 2024 whereby over 200 delegates converged to explore the intersection of microfinance and cutting-edge technology.
Hosted by the Association of Microfinance Institutions in Rwanda (AMIR) in collaboration with SNG Events, this summit was more than just a gathering but rather a catalyst for change in the technology of Microfinance.
Stakeholders from microfinance institutions around the globe, finTech experts, policymakers, and regulators came together to foster collaboration, exchange of ideas, experiences, and best practices during this summit. The spotlight was on groundbreaking technological solutions in financial sector whereby the summit showcased the tools that would redefine microfinance sector.
During the Summit, Dr. Uzziel NDAGIJIMANA, who was the Rwanda’s Minister of Finance and Economic Planning, set the tone with a powerful keynote by emphasizing how technology could empower microfinance and transform lives of the people in countries. The minister praised the role of microfinance in empowering low-income individuals and entrepreneurs.
‘‘ I acknowledged the significant increase in financial inclusion in Rwanda, from 48% in 2008 to 93% in 2020, and I call for further innovation in mobile money services and digital finance.’’ Dr. Uzziel said.
Panel discussions, workshops, and breakout sessions were seasoned with explorations by different experts on the latest technology trends that would shape the microfinance growth in Africa. Discussions also covered the role of mobile payments, peer-to-peer lending, Artificial Intelligence-powered credit scoring, digital savings platforms, and emphasized on the need for regulatory support
During this summit participants tackled the issue of integrating technology while safeguarding customers and explore into seeking how to balance Innovation and Protection for the data security, privacy, and responsible innovation to mitigate risks, and maximize benefits for both providers and users.
Innocent Bagamba Muhizi, CEO of the Rwanda Information Society Authority (RISA) encouraged partnerships across sectors for the collective efforts to drive financial inclusion in order to mitigate risks, and maximize benefits for both providers and users.
AMIR Chairperson Mr. Gatera Damien expressed heartfelt gratitude to all contributors and highlighted the summit’s success in fostering collaboration and knowledge-sharing. He looked forward to continued advancements and the next summit in 2025.
The Executive Director of AMIR Mr. KWIKIRIZA Jackson, reiterated that AMIR is an umbrella that brings together 458 microfinance institutions that works towards strengthening microfinance sector in Rwanda and in Africa in General. ‘‘The objective of this summit is to create bonds among financial service providers and technology companies’’ said The Executive Director’’.
‘‘Special thanks goes to the Republic of Rwanda, most preferably to the ministry of Finance and Economic Planning and National Bank of Rwanda for making the Summit a successful milestone, he added.
The Microfinance Technology Summit underscored the pivotal role of technology in reshaping microfinance, enhancing efficiency, and improving customer experience. By fostering collaboration and showcasing innovative solutions, the summit marked a significant step towards a digital future for microfinance, paving the way for greater financial inclusion and socio-economic development of microfinance institutions.
