MAS, National Bank of Rwanda join hands for Rwanda Imbaraga SME ecosystem

It creates stronger connections between SMEs in Rwanda and Singapore.

The central bank in Singapore and National Bank of Rwanda partnered with Business Development Fund of Rwanda to form a Rwanda Imbaraga SME Ecosystem (RISE) programme.

The Memorandum of Understanding was signed between the Rwanda’s central bank and Monetary Authority of Singapore, BDF and Proxtera. 

It will form stronger connections between financial institutions and SMEs in both Rwanda and Singapore.

The programme seeks to equip SMEs in Rwanda with better capabilities to participate in domestic and cross-border trade opportunities, as well as enhanced access to trade financing. 

The programme components include:

• Financial literacy and capacity building: Provide SMEs with access to financial literacy courses and digital services.

• Access to financing: Extend the data sets and credentials that micro, small and mediumsized enterprises (MSMEs) can use to secure funding.

• Expanded trade opportunities: Create new and expanded trade opportunities within Rwanda, as well as between Rwanda and international markets, including Singapore, through business to business (B2B) marketplaces.

MAS and NBR will also provide strategic direction and back the RISE programme, including providing policy guidance on cross-border financial engagements and digital financial credentials building.