National Bank of Rwanda hosts microfinance regulation summit
A regional meeting to discuss ways of improving regulation of microfinance in East African Community (EAC) countries is being held by the National Bank of Rwanda (BNR).The New Times reports the Bank is hosting a two-day summit as part of the EAC's Central Bank Governors' responsibility to improve financial and monetary cooperation across the nations. Attendees are likely to discuss how unifying regulation of microfinance will benefit the sector and boost access to finance products for the public, along with the challenges such a move will present.
Speaking at the opening of the meeting, Francois Kanimba, Governor of the BNR, said a strong financial and legal system is key to boosting financial development across Africa. "The roadmap resulting from the discussions will make it possible for us to provide a strong foundation for a more harmonised regulation of the microfinance sector," he stated.
Rwanda recently received praise from Fitch Ratings for its economic growth, with the company upgrading the country's sovereign rating to B.