Africa needs equity capital to drive its digital transformation
What African fintechs need is supportive regulation, local capital and the development of talent. Singapore wants to show them the way.
Two vastly different yet curiously similar worlds met at the Inclusive Fintech Forum in a conference centre in Kigali in June. Rwanda was the host of the event, through its Kigali International Financial Centre; but just as prominent – and very much an enabler of the event – was Singapore.
Tyme Bank’s experience with grant recipients in South Africa demonstrates the need to link up banking innovation to the real-world requirements of customers.
The differences between a spotless Asian nation state that is the gold standard for efficiency in financial services and an African country that many people internationally associate chiefly with the 1994 genocide appear stark.
But there is more in common than you might think. Both are dwarfed by their neighbours in size and population. Singapore’s five million inhabitants on a single small island sit next to the 270 million of Indonesia, the world’s 15th largest country by land mass.