{"id":72596,"date":"2024-05-11T09:37:02","date_gmt":"2024-05-11T09:37:02","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/rwanda-bankers-embrace-tech-at-research-summit"},"modified":"2024-05-11T10:00:54","modified_gmt":"2024-05-11T10:00:54","slug":"rwanda-bankers-embrace-tech-at-research-summit","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/rwanda-bankers-embrace-tech-at-research-summit","title":{"rendered":"Rwanda bankers embrace tech at research summit"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>Players in the banking industry in Rwanda have been urged to harness the power of technology in driving innovation and inclusion while ensuring financial practices remain sustainable.<\/p>\n

This was highlighted during the inaugural research conference themed, \u201cThe Financial Technology, Innovation and Sustainability Interplay in Rwanda- Emerging Opportunities and Risks\u201d, held on May 9, at the Kigali Serena Hotel.<\/p>\n

The conference was organized by the Research Centre, which was established last year by Rwanda Bankers\u2019 Association (RBA) to facilitate intellectual engagement and dialogue between scholars, practitioners, and policymakers in the financial market for resilience, inclusivity, and sustainability.<\/p>\n

Hannington Namara, MD of Equity Bank Rwanda and Chairperson of RBA, said the conference is yet another major milestone for the financial sector to elevate knowledge and make research-based and data-driven decisions.<\/p>\n

\u201cIt is the first time that as an industry, we get together to start gathering insights and evidence-based actions as we make decisions in different ways that will shape how we do business,\u201d he remarked.<\/p>\n

Hannington Namara, MD of Equity Bank Rwanda and Chairperson of RBA, said the conference is a major milestone for the financial sector to elevate knowledge and make research-based and data-driven decisions.<\/p>\n

Namara emphasised that the research findings should be able to apply in day-to-day operations aiming at optimising customer experience, and financial inclusion for people in Rwanda and across the region.<\/p>\n

\u201cNo doubt we shall use the knowledge we gather from different places, including the research papers to position Rwanda\u2019s financial sector as a beacon of excellence grounded in the pursuit of knowledge and relentless drive for progress,\u201d Namara noted.<\/p>\n

Bankers see research enabling them to deal with some of the existing and emerging challenges.<\/p>\n

Soraya Hakuziyaremye, Deputy Governor of the National Bank of Rwanda, said that while emerging technologies, imperativeness of sustainability, and climate-related financial risks are reshaping the banking landscape, research stands as a compass to navigating both challenges and opportunities for growth.<\/p>\n

\u201cInvesting in research is embracing a culture, we will gain deeper insights into market dynamics, we will anticipate future trends, and develop innovative solutions to meet the evolving needs of our customers,\u201d she said.<\/p>\n

Soraya Hakuziyaremye, the Deputy Governor of Rwanda Central Bank addresses delegates during the conference in Kigali on May 9. Courtesy<\/p>\n

She took note of the role technology such as mobile money and internet banking has played in driving financial inclusion in Rwanda. Mobile money penetration surged from 39 per cent in 2016 to 60 per cent in 2020, contributing to bridging the financial inclusion gap.<\/p>\n

\u201cAs we move forward, we must strike a balance between leveraging technology for innovation and upholding sustainable and inclusive practices as essential for nurturing a resilient and inclusive financial ecosystem,\u201d she added.<\/p>\n

Hakuziyaremye urged stakeholders to harness the power of technology in driving innovation while ensuring financial practices remain sustainable.<\/p>\n

Kayode Babarinde, Executive Director of Africa Blockchain Institute, presented his research on the impact of existing regulations on the use of Blockchain technology for financial inclusion in Rwanda that highlighted the use cases, opportunities, and hindrances of its adoption in the country.<\/p>\n

\u201cIt is my hope with my research findings that regulators go back to drawing boards and first engage stakeholders that are using, or are open to using this technology. This will increase trust between consumers and policymakers,\u201d he observed.<\/p>\n

The conference was themed \u201cThe Financial Technology, Innovation and Sustainability Interplay in Rwanda- Emerging Opportunities and Risks\u201d<\/p>\n

The research findings are also intended to drive innovative solutions in the market, he added.<\/p>\n

Other papers presented include \u2018Inclusive Innovation: Bridging the Digital Divide through Mobile Financial Services in Rural Areas,\u2019 \u2018Maximizing Commercial Lenders\u2019 Sustainable Impact in Rwanda\u2019s Housing Sector,\u2019 \u2018Climate-Related Risks and Green Finance: The Case of Rwanda,\u2019 and \u2018Commercial Banks in Rwanda Merger and Acquisition Experience.\u2019<\/p>\n

Tony Francis Ntore, CEO of RBA, said that the research produced will harness competitiveness in a way that the banks will make informed decisions from research to make market-tailored products.<\/p>\n

Tony Francis Ntore, CEO of RBA speaks during a panel discussion at the conference.<\/p>\n

According to him, this is proof of the impact of the research centre which kicked off in September 2023 in terms of responding to the needs of member banks to have a collective database of research findings on real market issues.<\/p>\n

\u201cThese papers will be published for wider access and we will be receiving comments from various people, and we will also launch the state of the banking industry in Rwanda,\u201d he said, adding that the researchers are from different parts of the continent.<\/p>\n

The event also featured a discussion on the state of technology adoption in the banking sector, and sustainability outlook, among key financial issues.<\/p>\n

akagina@newtimesrwanda.com<\/p>\n\r\n