Private sector urged to pursue data-driven investments

Businesses in the tourism, agriculture, transport and logistics sectors have been urged to explore opportunities for data-driven investments. The call came during a roundtable meeting titled Exploring Opportunities for Data-Driven Investments, held on July 25, 2023. This event was jointly organized by Rwanda's ICT Chamber, the Ministry of ICT and Innovation (MINICT), and the Private Sector Federation (PSF), facilitating a robust platform for sharing experiences, networking, and connecting with key players in Rwanda's ICT sector. During the meeting, the Rwanda Economy Digitalization Programme, a collaboration between Cenfri and the MasterCard Foundation, alongside MINICT, presented insightful research findings. The data gathered from the sectors of tourism, agriculture, and transport and logistics revealed numerous investment opportunities and challenges. Cenfri, an independent African economic impact agency, spearheads the mobilization of public and private institutions to embrace data-driven decision-making, driving economic growth and sustainable development for low-income households and emerging market businesses. The primary goal of the meeting was to promote dialogue and collaboration between the private and public sectors, with a focus on the immense potential of data-driven investments in the tourism, agriculture, and transport and logistics industries. The event aimed to identify and explore various investment opportunities arising from the application of data-driven solutions in these sectors. Agriculture Fiacre Niyigena Mushimire, Policy Lead at Cenfri, emphasized that data can significantly aid investors in making informed decisions while initiating or expanding businesses. Additionally, it can assist the government in increasing investments and improving services. For example, data indicated that districts like Nyagatare have enjoyed bountiful harvests due to the use of agro-inputs, indicating investment prospects in supply chain and processing. However, challenges related to agro-input supply, such as transportation issues, farmers' cash flow constraints, and unrecorded transactions, need to be addressed. Transport Regarding the transport sector, data analysis from e-ticket systems revealed core challenges, such as bus service capacity constraints leading to prolonged and uncertain waiting times for passengers. Business and government entities are encouraged to leverage transport data for decision-making purposes and find opportunities to enhance public transport efficiency. Digital Payment Participants highlighted the potential for partnerships between the private sector, government, and other stakeholders to drive the digital transformation of Rwanda's economy. The research showed that while a considerable percentage of adults subscribe to mobile money digital payment systems, a significant number still make little or no digital payments. Addressing transaction costs could help propel Rwanda towards a cashless economy. Tourism Data from the tourism sector indicated that the primary reasons for visiting Rwanda include transit and business-related visits. Opportunities abound in the tourism and hospitality sector, particularly in the Kivu Belt region, which offers a range of tourism products and services. Collaboration with businesses visiting the area can further boost the sector's potential. ICT and Innovation Minister, Paula Ingabire, emphasized the government's commitment to producing data for various sectors, enabling informed policy-making and private sector investments. She stressed the importance of embracing AI and data collection from both private and public sector businesses to enhance decision-making processes. Kampeta Pitchette Sayinzoga, CEO of Development Bank of Rwanda (BRD) PLC, emphasized the journey towards data-driven businesses and the importance of using data in business planning and loan assessments. PSF Chairperson, Jeanne Mubiligi, urged private sector members to make data-driven decisions to expand their businesses in the region and invited them to participate in the Golden Business Forum. This forthcoming forum will serve as a catalyst for business development in Africa, focusing on tapping into opportunities under the African Continental Free Trade Area (AfCFTA) across various sectors. By embracing data-driven investments, businesses in Rwanda can unlock a world of opportunities for growth and innovation in the sectors of tourism, agriculture, and transport and logistics. The fusion of data and strategic decision-making is poised to propel Rwanda's economy towards a brighter and more prosperous future.

News

Private sector urged to pursue data-driven investments