Rwanda’s Central Bank Governor, John Rwangombwa says the country has put up efforts in promoting digital financial services but also considers the risks around it.
“Rwanda values and promotes Digital Financial Services but is conscious of related risks,” Rwangombwa said while delivering a lecture at George Washington University in the US- October 11th.
Rwangombwa was yesterday delivering a lecture on ‘Digitalization in Africa’ on the sidelines of the ongoing annual meeting of International Monetary Fund (IMF) and World Bank.
The world is investing heavily in financial technology (FinTech) but this venture has become more sophisticated and there may be uncertainty on whether the innovation meets regulatory requirements.
Fintech is a multiple of financial technology that describes an emerging financial services sector in the 21st century.
At the event organized by George Washington University and Citi – a US-based global financial player with multiple financial services, Rwangombwa said that a global need to regulate FinTech is needed to provide better financial services.
“We need to regulate fintech to ensure efficiency in service provision will not lead to chaos or terrorist financing,” he said.
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