He shared these insights during a panel discussion at the Singapore FinTech Festival on Thursday, November 7, 2024.
The panel discussion, themed “Financial Network in the Fastest Growing Continent,” focused on Africa’s Digital Public Infrastructure transformation, a key driver of the continent’s economic and societal growth.
“Rwanda views digital transformation as a cornerstone of its socio-economic development strategy, recognizing digital infrastructure and innovation as critical enablers of sustainable growth,” Rwangombwa said.
He added, “Through a robust, multi-sectoral approach, Rwanda is setting a foundation for a dynamic digital economy that directly supports financial inclusion, data-driven policymaking, and enhanced service delivery across the country.”
The session concluded by recognizing the transformative potential of digital financial services while stressing the importance of overcoming connectivity, digital literacy and security challenges for sustainable growth.
Earlier, on Wednesday, Rwangombwa chaired a roundtable session titled “Navigating the Regulatory Maze: Balancing Innovation and Compliance for Digital Banks” at the Insights Forum in Singapore.
This discussion addressed the complex regulatory challenges digital banks face as they innovate and expand.
Governor Rwangombwa highlighted the dual mandate of the National Bank of Rwanda: promoting financial innovation while ensuring stability.
“As digital banking grows, we remain committed to fostering innovation that is both inclusive and secure,” he said.
Digital services have become central to Rwanda’s economy, with 73% of Rwandans (5.9 million people) using some form of electronic financial service by 2024—a significant rise from 30% (2.1 million) in 2020, according to a recent report by Access to Finance Rwanda.
The Singapore FinTech Festival (SFF), launched in 2016, has grown into a global gathering for policymakers, regulators, central bankers, FinTech innovators, technologists, investors, and financial industry leaders.
This year’s event running through November 6-8, encourages impactful connections and collaborations, facilitating discussions on innovative financial solutions, evolving regulatory frameworks, and emerging technologies.
SFF also advocates for sustainable practices, underscoring the importance of responsibility in all facets of the festival.
Local media reports indicate that Engonga was dismissed for “irregularities” and “inappropriate conduct” under a decree issued by Equatorial Guinea’s President Teodoro Obiang Nguema Mbasogo on Thursday, November 7, 2024.
Engonga has been trending on social media for most of the week after a recent investigation uncovered more than 400 explicit videos featuring him with multiple women, including relatives and wives of high-ranking officials, even the President’s sister.
The videos, filmed in offices, hotels, and restrooms, were leaked online after Engonga was arrested on unrelated corruption charges. Local media reported that the footage was discovered in his personal office and appeared to have been recorded with the consent of the women involved.
The videos have caused an uproar on social media, with Equatorial Guinea’s Vice President, Teodoro Mangue, vowing to take “severe measures” against officials involved in sexual activities in their offices.
“We will proceed with the immediate suspension of all officials engaging in sexual relations in the country’s ministries,” the Vice President stated on his X page on Monday, adding that the acts constitute violations of the code of conduct and public ethics laws.
The country’s Attorney General also weighed in on the matter, stating that while the recordings appeared consensual, Engonga could face charges for “public health crimes” if he has a sexually transmitted infection.
Equatorial Guinea’s First Lady condemned the acts as well, saying they were “distorting the image and reputation of the Guineo-Ecuadorian woman.”
Engonga is the son of Baltasar Engonga Edjo, president of the Central African Economic and Monetary Community (CEMAC). The 54-year-old is married and has six children.
The agreement, formalized at the 2024 Lagos International Trade Fair, was signed between the Lagos Chamber of Commerce and Industry (LCCI) and Rwanda’s Private Sector Federation (PSF) on the sidelines of the ongoing trade event in Lagos. Kanamugire Callixte, Deputy CEO of PSF Rwanda, and Gabriel Idahosa, President of the LCCI, represented their respective organizations at the signing ceremony.
Under the MoU, LCCI and PSF Rwanda will collaborate in several areas, including facilitating trade by streamlining procedures, reducing barriers, and promoting the exchange of goods and services between Nigeria and Rwanda; and promoting investment by identifying opportunities in both countries, organizing trade missions, and fostering business partnerships.
Other priority areas include sharing information by exchanging data on market trends, trade regulations, and investment incentives to aid business decision-making; building capacity through joint workshops, training programs, and knowledge-sharing initiatives to enhance business competitiveness in both countries; and hosting events to organize trade fairs, exhibitions, and business forums for networking and partnership-building.
The MoU identifies specific sectors for collaboration, such as agriculture (with a focus on Rwandan coffee and tea production), energy, manufacturing, technology, and creative industries.
Rwanda’s High Commissioner to Nigeria, Ambassador Christophe Bazivamo, praised the agreement as a testament to the two countries’ shared vision of prosperity.
“This MoU is a testament to our shared vision—a vision of a vibrant and interconnected African business landscape where Rwanda and Nigeria stand as beacons of economic collaboration and mutual growth,” he said.
“The Rwandan government is fully committed to supporting this endeavour. We have implemented policies to streamline business procedures, enhance infrastructure, and promote a conducive investment climate.”
The Lagos International Trade Fair, which kicked off on November 1, 2024, is the largest international exhibition in West Africa. During the 10-day event, participants have a chance to network with potential buyers and create business partnerships.
According to an announcement by the Directorate General of Immigration and Emigration, published in the Official Gazette on November 7, individuals from various countries, including Uganda, Kenya, Burundi, DR Congo, Ethiopia, Egypt, Nigeria, Ghana, Cameroon, Guinea, Niger, Eritrea, Namibia, Madagascar, and Rwanda (for those whose parents are not originally Rwandan), were granted Rwandan nationality.
The list also includes individuals from the UK, France, the United States, India, Belgium, Switzerland, the Netherlands, South Korea, Germany, Canada, Russia, Poland, Pakistan, Ecuador, the Philippines, Italy, Palestine, Lebanon, Iran, Syria, and Iraq.
The Organic Law N° 002/2021.OL of 16/07/2021 governing Rwandan nationality identifies two main categories for nationality: by origin and by acquisition.
Rwandan nationality by origin is granted to individuals born to at least one Rwandan parent with ancestral nationality, meaning the parent is a Rwandan by origin and not by acquisition.
To apply for nationality by origin, applicants are required to present one of the following documents; testimony by the applicant or by at least one person and corroborated by evidence, a relative who has Rwandan nationality by origin, or any other proof demonstrating his or her Rwandan origin.
Nationality by acquisition, on the other hand, includes several pathways: birth on Rwandan territory, marriage to a Rwandan national, substantial and sustainable investments, special skills, and statelessness.
For instance, those born on Rwandan soil or married to a Rwandan citizen for at least five years are eligible to apply.
Individuals who contribute significant investments, possess unique skills needed by Rwanda, or are stateless may also qualify, provided they demonstrate good conduct and do not pose security risks.
In a statement, the Office of the Government Spokesperson said the donation, part of ongoing international relief efforts, consists of over 19 tons of supplies, including fortified food for children, medicines, and medical supplies.
The consignment, transported by the national carrier RwandAir, was received by the Jordan Hashemite Charity Organization in Amman.
Rwanda reiterated the call for “an end to the conflict and the protection of civilian lives.”
This is the second shipment Rwanda has sent to Gaza since the latest conflict began in October 2023. In late October 2023, the government of Rwanda dispatched 16 tons of humanitarian aid to Gaza, which included essential medicines, food, and water.
The recent conflict in Gaza began on October 7, 2023, when Hamas launched a large-scale attack on Israel, involving rocket fire, ground incursions, and assaults on civilians near the Gaza border. Israel responded with airstrikes and a military campaign targeting Hamas infrastructure in Gaza.
The conflict has since resulted in extensive fighting, leading to over 40,000 deaths and widespread destruction, drawing global attention and calls for humanitarian aid and diplomatic interventions.
Two months later, the 7th CIIE opened in Shanghai. Various African products were showcased, and investment talks took place, aiming to turn China’s big market into an ample opportunity.
China’s sincerity in continuing to open up has been showcased to the world through the CIIE, as well as its principles of sincerity, real results, amity and good faith toward Africa.
{{Open market}}
Since its first edition in 2018, the CIIE has leveraged China’s vast market advantages and served as a vital platform for international procurement, investment promotion, and openness and cooperation. As China opens its door to Africa wider, more agricultural products are joining the CIIE to gain a share of the Chinese market.
Ethiopian coffee is a familiar presence at the expo. Since its debut in 2019, Ethiopian coffee has gained significant recognition and increased visibility in the Chinese market, said Ruth Wondosen Tesfaye from Addis Coffee.
“CIIE offers a unique platform to engage directly with consumers and distributors, which will be invaluable for enhancing our export strategies,” Ruth told Xinhua in Shanghai, adding that China’s large market and increasing demand for unique products, such as coffee from Ethiopia, present immense potential for African businesses.
This is the first CIIE for Madagascar’s mutton products this year. China imported its first mutton from Africa in September when mutton from Madagascar was cleared at Changsha Customs in central China.
Michel Anondraka, director general of agriculture and livestock at Madagascar’s Ministry of Agriculture and Livestock, said in a recent interview with Xinhua that China’s huge market would boost production for local livestock farmers and speed up the African country’s agricultural modernization.
Tanzanian honey also made its debut this year. “This expo is a significant opportunity for honey businesses across Tanzania, as it not only paves the way for our products to enter the Chinese market but also marks a solid step for Tanzanian honey brands in the global market,” said Jackson Mponela, production manager for commerce and development at Tanzania Future Enterprises Company Limited, which produces, processes, packages, and sells beekeeping products.
Khozeni Farming from South Africa joined this year’s expo for the first time with their avocados. Nkateko Khoza, CEO of the farming company, told Xinhua that the Chinese market will bring new growth opportunities for the South African avocado industry, adding that the opportunity will allow the company to at least double its growth in the next three to five years.
{{Policy support}}
Philip Myburgh, group head of trade at Standard Bank Business and Commercial Banking, told Xinhua in a written interview that policy support is one of the main drivers of the growing economic and trade cooperation between China and Africa.
He explained that under the FOCAC, there are broad initiatives supporting African countries’ participation in the CIIE to facilitate trade.
Since the 8th FOCAC Ministerial Conference in 2021, China and Africa have steadily advanced the forum’s initiatives, including the “green channel” for African agricultural products entering China. Inspection and quarantine processes have been expedited, and tariff exemptions expanded, benefiting Africa’s flower industry, avocado, citrus, coffee and other agricultural products.
China’s trade promotion measures have significantly boosted Africa’s exports to China. In the first nine months of this year, China’s imports from Africa reached 626.74 billion yuan (about 87 billion U.S. dollars), marking a 10.3 percent year-on-year increase, according to data from the General Administration of Customs.
This year, the CIIE welcomes Mauritian sugar. Since the China-Mauritius Free Trade Agreement took effect in 2021, Mauritius’s sugar industry has seen opportunities in the Chinese market.
Sugarcane is one of the most important crops on the island, which is known as the “Sweet Island.” Once accounting for nearly a third of the country’s GDP and over 90 percent of export revenue, the sugar industry still contributes over 2 percent to Mauritius’ GDP.
Devesh Dukhira, CEO of the Mauritius Sugar Syndicate, told Xinhua that the Chinese market’s long-term contribution will be substantial, thanks to the CIIE and the China-Mauritius FTA.
{{Global South}}
This year at the CIIE, the Global South is heavily featured. The 7th Hongqiao International Economic Forum has spotlighted “Sustainable Development of Global South and China-Africa Cooperation” as a key topic for discussion, aiming to offer insights and recommendations for fostering inclusive growth within the least developed countries.
Myburgh said the CIIE can play a crucial role in helping developing countries reduce poverty and achieve sustainable development by providing access to new markets, investments, technology, and knowledge.
China has always been committed to promoting South-South cooperation. During this year’s FOCAC Beijing Summit, China announced it has decided to give all the least developed countries having diplomatic relations with China, including 33 countries in Africa, zero-tariff treatment for 100 percent tariff lines. This has made China the first major developing country and the first major economy to take such a step.
The action plan, adopted at the Beijing summit, which outlined 10 partnership initiatives to guide the next phase of China-Africa cooperation, could have a far-reaching impact on the people of Africa, said Peter Kagwanja, Chief Executive at the Africa Policy Institute in Kenya.
“What we appreciate is the fact that China is opening up the market for Africa,” he told Xinhua at this year’s CIIE. “China is a real and true friend of Africa.”
The victory, hailed by a host of African and world leaders, is historic, as Trump becomes only the second president to make a comeback to the White House, following Grover Cleveland’s return 132 years ago.
He served as the 45th President of the United States from 2016 to 2020, when Democrat Joe Biden ascended to the presidency in a disputed election that saw Trump supporters attack the United States Capitol in Washington, D.C., on January 6, 2021.
The agitated Republican supporters sought to keep Trump in power by preventing a joint session of Congress from counting the Electoral College votes to certify Biden’s victory.
With his return to power, dozens of African heads of state have congratulated him, with some hoping for a diplomatic reset with America and others aiming for reciprocal economic and development partnerships between Africa and the United States.
Trump has consistently promoted the America First policy, which many world leaders view as a reflection of a desire to limit U.S. interference abroad.
As Trump prepares to assume office for a second non-consecutive term, we highlight some of his initiatives in Africa that shaped his first term.
{{Prosper Africa}}
The Trump administration launched the Prosper Africa initiative in 2018 with the aim of increasing two-way trade and investment between the United States and African countries.
The program sought to encourage private sector engagement in Africa, fostering economic opportunities by simplifying access for American businesses to African markets.
This partnership has created thousands of jobs and opened new markets for both regions.
Additionally, Prosper Africa has played a vital role in strengthening U.S.-Africa trade under frameworks such as the African Growth and Opportunity Act (AGOA).
{{Trade Relations}}
Trump’s administration was keen on renegotiating and strengthening bilateral trade agreements with partner states such as Kenya under a comprehensive Free Trade Agreement (FTA), which was later discontinued by the Biden administration in favor of the US-Kenya Strategic Trade and Investment Partnership (STIP).
Notably, unlike the Trump-era FTA, STIP does not capture tariff barriers for American firms doing business in Kenya.
Pundits say Trump’s agreement with Kenya was part of a broader strategy to encourage African countries to engage more with the U.S. on a trade basis rather than through traditional aid frameworks.
{{Support for Counterterrorism Efforts
}}
During Trump’s first term, U.S. support for counterterrorism efforts in Africa was a critical aspect of his foreign policy, with a focus on combating extremist groups that posed threats to regional stability and global security. The U.S. military maintained a significant presence in countries affected by terrorism, particularly in East and West Africa.
In East Africa, the primary focus was on Somalia, where the extremist group Al-Shabaab, an affiliate of Al-Qaeda, continued to wreak havoc. The U.S. supported the African Union Mission in Somalia (AMISOM) and Somali forces through training, intelligence sharing, and direct military assistance. The Trump administration authorized airstrikes against Al-Shabaab targets to disrupt their operations and degrade their capabilities. For example, in 2017, the U.S. launched a series of strikes that targeted Al-Shabaab leaders and training camps, severely disrupting their operations.
In West Africa, U.S. efforts centered on groups like ISIS-affiliated organizations and Boko Haram, a terrorist group active in Nigeria and the Lake Chad Basin region. The U.S. military supported the governments of Nigeria, Niger, and Chad by providing training and equipment to local forces fighting ISIS and Boko Haram. In 2018, the U.S. approved the sale of military equipment to Niger to bolster its counterterrorism capabilities. This partnership aimed to enhance the operational effectiveness of local armies in the fight against groups that had pledged allegiance to ISIS in the Sahel and beyond.
Diminished Aid with Focus on Self-Reliance
During his presidency, Trump proposed significant cuts to U.S. foreign aid, signaling a shift toward a more self-reliant approach in dealing with Africa and other regions. This shift was central to his “America First” policy, which aimed at reducing the U.S.’s financial commitments abroad and encouraging African nations to take greater responsibility for their own economic growth and stability.
One of the most notable examples of this shift was the administration’s proposal to reduce funding for U.S. development aid programs, such as the U.S. Agency for International Development (USAID). In the 2020 budget, Trump sought to cut foreign aid by about 21%, including cuts to various programs aimed at addressing poverty, health, and education across the African continent.
While this approach was welcomed by some African leaders who viewed it as a step toward economic independence, critics argued that it risked undermining important development programs that help address immediate needs such as health crises and poverty alleviation.
{{Health and Development Programs
}}
While his administration initially sought to cut funding for programs like the President’s Emergency Plan for AIDS Relief (PEPFAR), public pressure led to the continuation of support for critical health initiatives. PEPFAR funding was preserved and continued to play a vital role in HIV/AIDS prevention and treatment across Africa.
{{China Counter-Strategy
}}
Trump’s approach to Africa was also shaped by a broader geopolitical strategy to counter China’s growing influence on the continent. U.S. officials voiced concerns about what they termed as Chinese debt-trap diplomacy and emphasized American investments as alternatives to Chinese loans.
This strategy has contributed to the continued tensions between China and the United States to date as each seeks dominance in the region.
Overall, while Trump’s initiatives were welcomed by some leaders in Africa, they were viewed by his critics as transactional, with a stronger emphasis on economic and security interests.
As he prepares to assume his new mandate, it remains to be seen how these previous policies will shape America’s policies in Africa. But there is a growing concern about his hard stance on immigration and threats to deport persons with no permission to reside in the United States.
This is particularly concerning considering that in 2022, around 13,000 African migrants were recorded at the US-Mexico border, according to US Customs and Border Protection data. By 2023, this figure had quadrupled to 58,000. Some migrants are seeking refuge abroad due to challenges related to war and poverty.
The passenger plane, named “Ethiopia: Land of Origins,” landed Tuesday at the Bole International Airport in Addis Ababa, the capital of Ethiopia.
Speaking at the official welcoming ceremony, Ethiopian Airlines Group Chief Executive Officer Mesfin Tasew said with the addition of the A350-1000, Ethiopian Airlines is poised to expand its global reach, connecting more destinations across five continents.
“The A350-1000 is the first of four airplanes we will receive in the coming few months. The addition of A350-1000 aircraft into our fleet represents our desire to continue leading the aviation sector in Africa and effectively compete in the aviation industry worldwide,” Tasew said.
The A350-1000 variant has 395 passenger seats across business and economy classes, making it the largest aircraft in Ethiopian Airlines’ fleet.
“The A350-1000 aircraft is built with state-of-the-art aerodynamics, a carbon-fiber fuselage, and the most fuel-efficient technology, reducing 25 percent carbon dioxide emissions compared to previous generations’ twin-aisle aircraft,” Tasew added.
For his part, Hadi Akoum, representative of Airbus, said the A350-1000 aircraft is the first of its kind to be operated by an Africa-based operator and will enable Ethiopian Airlines to enhance its premium service and reduce operating costs.
“With its state-of-the-art technology, the A350-1000 is better environmentally friendly and offers the largest business class, to reduce operating costs per seat,” Akoum said.
Ethiopian Airlines has become one of the fastest-growing carriers globally since it started operations in 1946.
According to the company, it commands the lion’s share of the African passenger and cargo network operation, with its youngest and most modern fleet to more than 150 domestic and international passenger and cargo destinations across five continents.
In the 2023/2024 fiscal year alone, agricultural exports generated $839.2 million (around Frw1.1 trillion), a slight decrease from the previous year’s $857.2 million (approximately Frw1.2 trillion).
The export volume for this period included 261.6 million kilograms of vegetables, fruits, and flowers, contributing $233.6 million (over Frw317 billion) to the economy.
Across the five years, Rwanda exported 170.8 million kilograms of vegetables, 86.4 million kilograms of fruits, and 4.3 million kilograms of flowers, earning $128.5 million, $79.5 million, and $25.4 million, respectively, from each category.
Air transportation advancements have significantly boosted export capacity. For example, in 2023, RwandAir cargo flights transported 4,595 tons of goods to major markets in Dubai, the UK, and Belgium.
The Rwandan government has prioritized agricultural development as a key component of its National Strategy for Transformation (NST2), targeting a 6% annual growth in the sector.
Efforts focus on increasing market-driven production, expanding irrigated land to 85%, and promoting the use of fertilizers and high-quality seeds to boost output by more than 50%.
These goals are in line with Rwanda’s Fifth Strategic Plan for Agricultural Transformation (PSTA5), backed by a $5.4 billion budget (over Frw7 trillion), which seeks to modernize the sector and drive self-sufficiency while turning farming into a business-oriented activity.
NAEB CEO Claude Bizimana underscored this goal during an event where exporters were provided with nine refrigerated trucks worth over Frw829 million to maintain the quality of perishable goods during transport.
At the event, Marie Ange Claudine Ingabire, Managing Director of Tropi Wanda, an agricultural export company, also received a cold truck.
Since 2020, her business has expanded from 8 employees to a team of 321, along with 2,000 contracted farmers. Tropi Wanda now exports 82 tons of vegetables and fruits weekly, including chili peppers, passion fruits, and avocados.
Ingabire highlighted the company’s efforts to “establish markets, develop cold storage to reduce losses, and utilize cargo planes for timely exports.” She expressed her commitment to boosting production to meet NST2 targets without interruptions.
The Rwandan government has set an ambitious goal to double exports across sectors from $3.5 billion to $7.3 billion over the next five years.
Under PSTA5, agricultural exports alone are projected to grow from $857 million in 2022/2023 to nearly $2 billion, while creating 644,000 jobs in the agriculture value chain, up from the current 400,000.
Addressing her supporters and the nation from her alma mater, Howard University in Washington, D.C., Harris acknowledged that the election outcome was not what Democrats had anticipated, but she urged them to accept the results.
“We must accept the results of this election,” she stated on Wednesday, calling for unity and respect for the democratic process.
The 60-year-old Vice President expressed deep gratitude for the journey and pledged her continued commitment to America’s future, including the values of freedom, opportunity, fairness, and dignity for all people.
“My heart is full today—full of gratitude for the trust you have placed in me, full of love for our country, and full of resolve,” she said, visibly moved. “The outcome of this election is not what we wanted, not what we fought for, but hear me when I say: the light of America’s promise will always burn bright as long as we never give up and as long as we keep fighting.”
Harris revealed that she had spoken with Trump earlier in the day to congratulate him on his victory and assured him of a smooth transfer of power.
“I told him that we will help him and his team with that transition, and we will engage in a peaceful transfer of power,” she added.
As Vice President, Harris will play the ceremonial role of President of the Senate during the certification of Trump’s victory on January 6, 2025.
Harris’ public concession marks the end of a tumultuous election season, during which the two rival candidates fiercely sought public support, trading sharp barbs as they pursued their bids for the White House.
Harris had aspired to make history as the first Black woman and first female U.S. president, but that dream dimmed on Wednesday morning as Trump secured key states to surpass the 270 electoral vote threshold needed to win the presidency.
The Republican candidate, who lost to President Joe Biden in the 2020 election, won several battleground states, including Wisconsin, Michigan, Pennsylvania, Georgia, and North Carolina, securing a non-consecutive term in office—a feat last achieved by Grover Cleveland 132 years ago.
As of Thursday morning, Trump had garnered 295 electoral college votes, with Harris trailing at 226. Trump also holds a popular vote lead of more than five million votes.
In his return to power, Trump defied numerous odds, surviving repeated scandals and multiple indictments, including charges related to hush money payments, mishandling classified documents after leaving office, and alleged interference in the 2020 election.
Political pundits believe that Trump’s primary focus on the economy and his promise to contain illegal immigration ultimately resonated with enough Americans, leading to the Democrats’ resounding defeat.
