AFR’s Waringe Kibe on leveraging digital financial services to improve financial inclusion

Access to financial services has always been crucial for economic growth and development. In Africa, the push towards financial inclusion has gained momentum in recent years, with digital financial services (DFS) playing a key role in bridging the gap. The conversation around leveraging DFS to improve financial inclusion was the focal point of a recent interview on CNBC Africa. Waringe Kibe, the Country Director of Access to Finance Rwanda (AFR), highlighted the importance of inclusive economic growth and the role of the financial sector as an enabler. Kibe emphasized the need to delve deeper into the data to understand the disparities in access to digital financial services, especially among different demographic groups. While progress has been made, there are still significant gaps that need to be addressed. One of the key factors in bridging this divide is digital literacy. Kibe stressed the importance of simplifying the terms and conditions of digital services to make them more accessible to all, including those with disabilities. Additionally, financial education plays a crucial role in ensuring that individuals understand the services they are accessing and can make informed decisions. Kibe also highlighted the role of partnerships in providing digital education and emphasized the need for private sector players to incorporate education into their product design. The interview also touched upon the evolving landscape of financial services, with FinTech companies playing a significant role in democratizing access to financial services. While FinTech companies have made significant strides in improving access to financial services, Kibe emphasized the need to celebrate their contributions while also recognizing the importance of sustainability and long-term solutions. Overall, the conversation underscored the transformative potential of digital financial services in driving financial inclusion in Africa and the need for continued collaboration and innovation to ensure that all individuals have access to the financial tools they need to thrive.