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REGULATORY AND SUPERVISORY TECHNOLOGIES FOR FINANCIAL INCLUSION
IN ACTION – RWANDA BOX 7: NATIONAL BANK OF RWANDA (BNR)’S ELECTRONIC DATA WAREHOUSE SYSTEM41
In 2017, along with Sunoida Solutions, the National Bank of Rwanda (BNR) developed an electronic data warehouse (EDW) system. The system automates and streamlines the reporting process by enabling BNR to pull data on a daily basis from financial service providers’ systems, opening up the possibility for real-time monitoring. However, due to Savings and Credit Cooperatives (SACCOs) in Rwanda not having the appropriate IT systems to enable BNR to remotely pull their data, manual reporting via Excel templates is still allowed for those firms. This new approach by the BNR reduces errors and data quality issues found in manual Excel reporting, whilst also improving the timeliness and reliability of the data collection process. In addition, the switch to an automated remote reporting process gives BNR the ability to remotely conduct their supervision, thus safeguarding against emergencies where in-person reporting by FSP is not possible. This is especially evident after the COVID-19 pandemic, where many finance processes had to undergo a shift to digital platforms to mitigate face-to-face contact.
6. FINANCIAL INCLUSION FOR DISADVANTAGED GROUPS AND WOMEN While there has been general progress in financial inclusion worldwide, with more adults having access to a bank account, the gender gap largely remains unaltered over the last decade. AFI member countries have adopted the Denarau Action Plan that identifies actions members can take to increase the number of women with access to quality and affordable financial services globally.42 > View here
Additionally, the AFI’s Digital Financial Services Working Group (DFSWG) conducted a comprehensive study to analyze the existing literature and develop a DFS policy framework and implementation plan to assist regulators and financial policymakers in their efforts to reduce or eliminate the financial inclusion gender gap across the AFI network.43 A tangible and expected outcome of improved financial stability, customer engagement, and sound regulatory environment is addressing the barriers to financial inclusion for women, older people, youth, IDPs or FDPs, and other disproportionately excluded segments. Many of the proposed measures and guidelines in some of the knowledge products available on the AFI Publication Hub44 can be complimented or accelerated by adopting applicable SupTech solutions by regulators and RegTech solutions by FSP.
Using digital tablet, Rwanda. (stellalevi/iStock)
41 World Bank Blog. 2017. “Leveraging ‘suptech’ for financial inclusion in Rwanda”, June 8. Available at: https://blogs.worldbank.org/psd/ leveraging-suptech-financial-inclusion-rwanda. 42 AFI. 2019. Denarau Action Plan: The AFI network commitment to gender and women’s financial inclusion. Available at: https://www.afi-global. org/publications/denarau-action-plan-the-afi-network-commitment-togender-and-womens-financial-inclusion/. 43 AFI. 2020. Lessons on enhancing women’s financial inclusion using digital financial services (DFS). Available at: https://www.afi-global.org/ publications/lessons-on-enhancing-womens-financial-inclusion-usingdigital-financial-services-dfs/. 44 Available at: https://www.afi-global.org/library/.
