The fintech sector is experiencing rapid growth across Africa, unlocking new economic and technological opportunities. Rwanda aims to capitalize on this momentum to position its economy as a key hub for financial innovation on the continent.

On Thursday, November 28, Rwanda unveiled a five-year national fintech strategy designed to foster a conducive ecosystem for financial innovation and position the country as a regional financial hub.

“This strategy is not just a policy document but also a commitment to positioning Rwanda as a leading financial technology hub in Africa. In 2014, we had only three registered fintech companies; today, we boast over 75 active fintech players serving more than three million users across the country,” said Paula Ingabire (photo), Rwanda’s Minister of ICT and Innovation.

Over the years, Rwanda has invested heavily in ICT to modernize its economy and expand access to financial services. This new strategy builds on these efforts, yielding significant results. Official data show that financial inclusion rates have risen from 93% in 2020 to 96% in 2023. These achievements reflect the country’s firm commitment to transforming itself into a model digital economy in Africa.

The strategy sets ambitious targets: hosting 300 fintech companies by 2029, creating 7,500 direct jobs, and attracting $200 million in investments. The government also aims to achieve an 80% adoption rate of fintech services, rank among the top 30 countries in the global fintech index, and become Africa’s foremost technological and financial hub.

By Samira Njoya,

Editing by Sèna D. B. de Sodji