Policymakers, regulators and supervisors in emerging markets are under pressure to develop, implement and enforce policy and regulation that conforms to global best practice but is effective locally despite considerable constraints. Cenfri leverages the legal background, policymaking and regulatory experience of key team members and assists via direct regulatory development or policy guidance but more often through technical assistance and skills building.
Much of our work has been in the financial sector across Africa, Asia and Latin America. This includes an impressive “regulating for innovation” portfolio in support of financial sector regulators who are grappling with innovation or market development mandates in regulatory environments that do not effectively accommodate the range of risks presented by new financial service innovations. We also support improved digital and data governance in Africa. Examples range from creating a set of scenarios on the possible digital futures in Africa, to developing a data-sharing policy for the Government of Rwanda and researching fit-for-context open finance solutions for Africa.
There are expanded risks and consumer harms that come with financial service digitalisation. A digitised financial system has more participants, multiple points of vulnerability and a wider range of risks as fraud and cyberattacks can be perpetrated from anywhere around the globe. Consequently, more consumers are being deceived into transferring
Across Rwanda’s ministries and agencies, years of digital investment have produced large volumes of data. The digitisation effort led to numerous government services being made available online, and the further development of infrastructure to support that. Even though that has been achieved an important task remains and that is the
The global data governance landscape is rapidly evolving, presenting an opportune moment for African policymakers to reassess the role of domestic data protection authorities. A key aspect to good data governance is balancing the tension between enabling innovation in data driven technologies and protecting individual rights. Since 2016, African states have tended towards
A literature review by Cenfri for the Innovative Capital Mobilisation in Africa (ICAMA) initiative, implemented by GIZ, examining the regulatory conditions needed to support venture capital (VC) markets in Africa. Africa’s path to prosperity requires strategic investment; however, there is a large funding gap, estimated at $ $1.3 trillion in
Across the world, countries are exploring the use of Artificial Intelligence (AI) to transform public services, economic growth, and governance. Rwanda is no exception. At present, the country leverages AI models developed externally, including systems such as ChatGPT and other similar LLMs (large language models). There is growing ambition to develop locally built AI systems for national
Too often, financial systems overlook the lived realities of women, leading to products, policies, and market structures that do not adequately serve them. In an effort to change this, Cenfri applies a gender lens across its financial inclusion and market diagnostics work. We have developed a portfolio of related work
In the realm of artificial intelligence, excessive caution may prove more dangerous than agility and speed. For financial sector regulators, a watch-and-learn approach has long been a prudent way to manage risk. With the rise of AI, however, this time-tested strategy may no longer be the optimal approach. As former
For those in development, 2025 has been a bit of a wild ride and many organisations have been doing some introspection. The team at Cenfri has been thinking about how we can continue to pursue evidence-driven impact, financial independence and sustainability with an inspired, capable and purpose-driven team (our enduring
To enable improved data-driven decision-making through access to shared government data, the Government of Rwanda (GoR) has approved a National Data Sharing Policy (“the policy”) Proposed by the Rwandan Ministry of ICT and Innovation (MINICT), and drafted through the Rwanda Economy Digitalisation programme, the policy could be a gamechanger in
Following our earlier post on the complexity of liability in the digital financial system, this article looks more closely at the challenges of existing arrangements and the new approaches emerging in some markets. As fraud and scam activity continues to rise, particularly in Africa’s fast-growing digital economies, regulators face the
There are expanded risks and consumer harms that come with financial service digitalisation. A digitised financial system has more participants, multiple points of vulnerability and a wider range of risks as fraud and cyberattacks can be perpetrated from anywhere around the globe. Consequently, more consumers are being deceived into transferring
Across Rwanda’s ministries and agencies, years of digital investment have produced large volumes of data. The digitisation effort led to numerous government services being made available online, and the further development of infrastructure to support that. Even though that has been achieved an important task remains and that is the
The global data governance landscape is rapidly evolving, presenting an opportune moment for African policymakers to reassess the role of domestic data protection authorities. A key aspect to good data governance is balancing the tension between enabling innovation in data driven technologies and protecting individual rights. Since 2016, African states have tended towards
A literature review by Cenfri for the Innovative Capital Mobilisation in Africa (ICAMA) initiative, implemented by GIZ, examining the regulatory conditions needed to support venture capital (VC) markets in Africa. Africa’s path to prosperity requires strategic investment; however, there is a large funding gap, estimated at $ $1.3 trillion in
Across the world, countries are exploring the use of Artificial Intelligence (AI) to transform public services, economic growth, and governance. Rwanda is no exception. At present, the country leverages AI models developed externally, including systems such as ChatGPT and other similar LLMs (large language models). There is growing ambition to develop locally built AI systems for national
Too often, financial systems overlook the lived realities of women, leading to products, policies, and market structures that do not adequately serve them. In an effort to change this, Cenfri applies a gender lens across its financial inclusion and market diagnostics work. We have developed a portfolio of related work
In the realm of artificial intelligence, excessive caution may prove more dangerous than agility and speed. For financial sector regulators, a watch-and-learn approach has long been a prudent way to manage risk. With the rise of AI, however, this time-tested strategy may no longer be the optimal approach. As former
For those in development, 2025 has been a bit of a wild ride and many organisations have been doing some introspection. The team at Cenfri has been thinking about how we can continue to pursue evidence-driven impact, financial independence and sustainability with an inspired, capable and purpose-driven team (our enduring
To enable improved data-driven decision-making through access to shared government data, the Government of Rwanda (GoR) has approved a National Data Sharing Policy (“the policy”) Proposed by the Rwandan Ministry of ICT and Innovation (MINICT), and drafted through the Rwanda Economy Digitalisation programme, the policy could be a gamechanger in
Following our earlier post on the complexity of liability in the digital financial system, this article looks more closely at the challenges of existing arrangements and the new approaches emerging in some markets. As fraud and scam activity continues to rise, particularly in Africa’s fast-growing digital economies, regulators face the
