Saturday, 18th October, 2024 - The Government of Rwanda in collaboration with the National Bank of Rwanda (BNR), Rwanda Finance Limited (RFL), Capital Market Authority (CMA), and Access to Finance Rwanda (AFR), launched a five-year FinTech strategy (2024-2029) with the goal of transforming Rwanda into a regional hub for financial services and enhancing financial inclusion.

This strategy seeks to cultivate a dynamic FinTech ecosystem, leveraging technology to drive economic growth and support Rwanda’s Vision 2050 and National Strategy for Transformation (NST1) 2017-2024.

Vision and Key Objectives

The strategy aims to position Rwanda as a hub for both local and international FinTech companies, enabling them to establish a presence in the country and expand across the region. The core objectives are:

• Developing a Robust FinTech Ecosystem: Create a supportive environment with streamlined regulations, clear policies, and proactive regulatory guidance, allowing FinTechs to thrive.
• Attracting Investment and Building Capital: Targeting $200 million in FinTech investments by 2029, alongside establishing Rwanda as the domicile for 25 investment funds to drive economic growth.
• Advancing Digital Financial Inclusion: Leverage innovative digital solutions to expand financial access, aiming to foster economic growth and reduce financial disparities.

Policy Goals and Vision Pillars

1. Boost Financial Literacy: Increase financial literacy to support greater adoption of digital financial services and empower Rwandans to make informed financial decisions.
2. Strengthen Collaboration: Encourage partnerships between financial institutions and FinTechs, improving coordination and fostering innovation within the ecosystem.
3. Enhance Talent Development: Establish a skilled workforce within the FinTech sector.

Success Indicators by 2029

• Sector Growth and Employment: 300 FinTech companies and 7,500 jobs created within Rwanda’s FinTech ecosystem.
• High Adoption and Global Recognition: Achieve an 80% FinTech adoption rate and secure a top-30 ranking in the Global FinTech ranking by Findexable, positioning Rwanda as a leader in Africa.
• Investment and Regulatory Efficiency: Attract $200 million in investment and establish 25 investment funds, with a streamlined FinTech licensing process of 3-4 months.

Through this comprehensive roadmap, Rwanda aims to create a thriving environment for FinTech innovation, driving economic transformation and establishing the country as a prominent player in Africa’s financial landscape.

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