Rwanda has set its sights on becoming a leading fintech hub in Africa with the launch of its National Fintech Strategy, a five-year roadmap designed to drive financial inclusion, attract investment, and spark innovation. The initiative was unveiled on November 28 by the Ministry of ICT and Innovation, in collaboration with Access to Finance Rwanda (AFR).
The strategy, themed “Shaping the Future of Fintech in Rwanda”, highlights the country’s ambition to revolutionise its financial sector and build a resilient digital ecosystem. The launch event featured sandbox demonstrations and exhibitions from the National Bank of Rwanda, showcasing the nation’s progress in fintech innovation.
The Rwandan Minister of ICT and Innovation, Paula Ingabire emphasised the collective effort behind the strategy’s development. “We have worked closely with stakeholders to understand and address the challenges fintech companies face”, she said. “Rwanda’s 96% financial inclusion rate shows how far we’ve come, but we need to keep building on this progress together.”
The CEO of AFR, Jean Bosco Iyacu, applauded the commitment of the Rwandan government to fostering innovation. “This strategy brings everyone to the table, creating an environment where ideas can flourish and markets can grow”, he said. Iyacu also noted interoperable platforms like e-Kash as examples of how the fintech ecosystem is evolving to reduce costs and enhance integration.
Governor of the National Bank of Rwanda, John Rwangombwa credited fintechs with bridging access gaps and highlighted the success of the Fintech Heritage Sandbox, which has supported over 50 fintechs since its launch in 2022. “The sandbox allows fintechs to test innovations in a controlled environment, balancing creativity with responsible risk management”, he said.
Minister of State for the National Treasury, Richard Tusabe echoed the sentiment, noting that Rwanda’s future lies in its ability to blend innovation with oversight. “Financial technology can transform services, but it’s critical to maintain stability and protect stakeholders as we advance”, Tusabe said.
Rwanda’s National Fintech Strategy represents more than just a policy and is also a vision for economic transformation. As the country steps into the spotlight, it hopes to inspire other African nations to embrace innovation and harness the power of technology for inclusive growth.
