Republic of Rwanda

SHAPING THE FUTURE OF

FINTECH IN RWANDA
FinTech Strategy (2024 to 2029)
September 2024

In Partnership with

FinTech Strategy (2024 to 2029) 1

 PARTNERS

FinTech Strategy (2024 to 2029) 2

 TABLE OF CONTENTS

List of Abbreviations 4

Key Definitions 5

1. Executive Summary 6

1.1. Purpose of the FinTech Strategy 6

1.2. The FinTech Strategy 6

2. Background & Context 10

2.1. Africa’s FinTech Landscape 10

2.1.1. Challenges and Opportunities in the African FinTech Market 11

2.2. Rwanda’s FinTech Landscape 12

3. Rwanda’s FinTech landscape assessment 14

3.1. Overview of strengths and weaknesses 14

3.2. Key Recommendations 17

3.2.1. Summary of Recommendations 17

3.2.2. Recommendations 19

4. What Does Success Look Like? 24

5. The Implementation 25

5.1. The Steering Committee 26

5.2 The Secretariat/Implementation Coordinator 26

5.3 The Working Groups 27

6. FinTech Strategy Implementation Roadmap 28

6.1. Phased approach of the implementation 28

6.2. Initiatives and Recommendations at a Glance 29

6.3 Roadmap for Implementation 32

Appendix 1: Rwanda FinTech Ecosystem Assessment 35

Appendix 1.1. Overview of Rwanda’s FinTech Landscape 35

Appendix 2: An Overview of the Future FinTech Association Rwanda 36

FinTech Strategy (2024 to 2029) 3

LIST OF ABBREVIATIONS
ACH Automated Clearing House Ministry of Finance and Economic
MINECOFIN
AFR Access to Finance Rwanda Planning
The Association of Microfinance MINEDUC Ministry of Education in Rwanda
AMIR
Institutions MINICT Ministry of ICT and Innovation
Application Programming Ministry of Public Investments and
API MINIVEST
Interface Privatisation
ASSAR Rwanda Insurers Association MoU Memorandum of Understanding
BNR National Bank of Rwanda Micro, Small, and Medium
MSME
B2C Business-to-Consumer Enterprise
B2B Business-to-Business MNO Mobile Network Operator
B2G Business-to-Government NBFI Non-Bank Financial Institution
CBK Central Bank of Kenya NCSA National Cyber Security Authority
CMA Capital Market Authority NIDA National Identification Agency
CSO Chief Skills Office P2P Peer-to-Peer
C2C Consumer-to-Consumer PE Private Equity
DFS Digital Financial Services RBA Rwandan Bankers’ Association
FAST Fast And Secure Transfers RDB Rwanda Development Board
FCA FinTech Co-operation Agreement RFL Rwanda Finance Limited
FI Financial Institution Rwanda Inspectorate,
RICA Competition and Consumer
FinTech Financial Technology Protection Authority
FSB Financial Stability Board RIF Rwanda Innovation Fund
Financial Sector Development Rwanda Information Society
FSDP RISA
Program Authority
Global Financial Innovation RNPS Rwanda National Payment System
GFIN
Network RRA Rwanda Revenue Authority
Deutsche Gesellschaft für Real-Time Gross Settlement
GIZ RTGS
Internationale Zusammenarbeit System
G2C Government-to-Consumer Real-Time – Retail Payments
RT-RPS
Japan International Cooperation System
JICA
Agency Rwanda Utilities Regulatory
RURA
KBA Kenya Bankers Association Authority
KIC Kigali Innovation City Savings and Credit Cooperative
SACCO
Kigali International Financial Organization
KIFC
Centre SAMA Saudi Central Bank
Korea International Cooperation Small and Medium-Sized
KOICA SME
Agency Enterprises
KSA Kingdom of Saudi Arabia Science, Technology, Engineering,
STEM
KYC Know Your Customer and Mathematics
MAS Monetary Authority of Singapore SSA Sub-Saharan Africa
Ministry of Communications and United Nations Capital
UNCDF
MCIT Information Technology Development Fund
(Saudi Arabia) UPI Unified Payments Interface
MFI Microfinance Institution
VC Venture Capital
MFI Microfinance Institution

FinTech Strategy (2024 to 2029) 4

KEY DEFINITIONS
Term Definition
At its simplest form, artificial intelligence is a field which combines computer science and robust
datasets to enable problem-solving. It also encompasses sub-fields of machine learning and
Artificial
deep learning, which are frequently mentioned in conjunction with artificial intelligence. These
intelligence disciplines are comprised of AI algorithms which seek to create expert systems which make pre-
dictions or classifications based on input data. (Source: IBM)

Blockchain is a shared, immutable ledger that facilitates the process of recording transactions
and tracking assets in a business network. An asset can be tangible (a house, car, cash or land) or
Blockchain intangible (intellectual property, patents, copyrights or branding). Virtually anything of value can
be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
(Source: IBM)

Crowdfunding is the practice of funding a project or venture by raising monetary contributions

Crowdfunding from many people. It is often performed via internet-mediated registries that facilitate money
collection for the borrower (lending) or issuer (equity). (Source: EBA)

The ECB has classified cryptocurrencies as a subset of virtual currencies. A report on Virtual
Currency Schemes of 2012, it defined such currencies as a form of unregulated digital money,
Cryptocurrency
usually issued and controlled by its developers, and used and accepted among the members of
a specific virtual community. (Source: ECB)

Financial inclusion is defined by individuals who have/use formal bank and non-bank services
Financial
(i.e., mobile money, SACCOs, insurance, MFI, and NDFI), and informal financial products and
Inclusion mechanisms (FIs that are not regulated or community-based organisations/mechanisms)

Technologically enabled innovation in financial services that could result in new business mod-
FinTech els, applications, processes or products with an associated material effect on financial markets
and institutions and the provision of financial services (Source: FSB)

A FinTech hub is the focal point for FinTech activity within a region or a network. It is the ecosys-
FinTech hub tem that encompasses the entire infrastructure, organisations, and people within the hub, as well
as how those elements are organised and engage with one another. (Source: Deloitte)

Payment system interoperability allows participants-banks and other payment service provid-
Interoperability ers-from different systems or jurisdictions to conduct, clear and settle payments across systems
without participating in multiple systems. (Source: BIS)

Machine learning is a branch of artificial intelligence (AI) and computer science which focuses
Machine learning on the use of data and algorithms to imitate the way that humans learn, gradually improving its
accuracy. (Source: IBM)

Data or content is open if anyone is free to use, reuse or redistribute it, subject at most to mea-
Open data sures that preserve provenance and openness. There are two dimensions to open data: Data
must be legally open, and data must be technically open. (Source: World Bank)

Open finance is a framework to allow consumers and enterprises to access and share their
financial data with third-party providers who can then use that data to develop innovative
products and services with consent. Unlike Open Banking, which is concerned with current
Open Finance
accounts/transaction data, open finance’s scope is much wider, affecting home loan providers,
consumer credit providers, investment and pension funds, and general insurers and intermedi-
aries. (Source: FSCA)

Regulatory “sandboxes” provide FIs and non-financial firms with a controlled space to test in-
Regulatory
novative FinTech solutions with the authority’s support for a limited period, allowing them to
sandbox validate and test their business model in a safe environment. (Source: EBA)

Smart contracts are simply programs stored on a blockchain that run when predetermined con-
ditions are met. They are typically used to automate the execution of an agreement so that all
Smart contracts participants can be immediately certain of the outcome without any intermediary’s involvement
or time loss. They can also automate a workflow, triggering the following action when condi-
tions are met. (Source: IBM)

FinTech Strategy (2024 to 2029) 5

1. EXECUTIVE SUMMARY
1.1 Purpose of the FinTech Strategy
Why a FinTech strategy
FinTech has emerged as a key mechanism to deliver greater financial inclusion – to enhance the robustness
and inclusivity of the financial system as a whole and to drive more significant economic growth in markets
worldwide. However, in an environment marked by inadequate regulation and a lack of support, FinTechs face
a suite of issues, exacerbated by concerns around consumer protection, financial integrity, and economic
stability.

The Government of Rwanda has adopted a five-year FinTech strategy for Rwanda to support the development
of the FinTech ecosystem systematically and holistically in the country to maximise the potential that
FinTechs hold for economic growth and socio-economic transformation while mitigating potential risks.
This document outlines the rationale for the strategy, provides the structure and, identifies the core activities
required for successful implementation, and articulates what success would look like for the strategy.

Informing the strategy

Rwanda’s Vision 2050 articulates the long-term strategic direction for transforming Rwanda’s economy and
modernising the lives of all Rwandans.

1.1.1 Defining the strategy, plan, and roadmap

The FinTech strategy defines the ‘State of Play’ for Rwanda’s high-level direction
and objectives to enable a thriving FinTech ecosystem in Rwanda. It analyses the
FinTech strategy
current situation, identifies the challenges and opportunities, and lays out a vision
for the future. The strategy sets the stage, defining the “what” and the “why”.

The implementation plan is a detailed, action-oriented document delineating

“how” Rwanda’s FinTech strategy will be implemented. It outlines the tasks, respon-
Implementation plan
sibilities, timelines, and resources necessary to achieve the strategic objectives. It
translates the broad strokes of the strategy into practical, executable actions.

A strategic roadmap is a visual tool that presents the 5-year strategic direction
and sequence of steps to get there, bridging the gap between the strategy and
Strategic roadmap the implementation plan. It provides an at-a-glance view of the project’s goals,
key milestones, and timelines, allowing stakeholders to track progress and make
informed decisions.
Table 1: Defining the strategy, plan, and roadmap

1.2 The FinTech Strategy

The vision for the FinTech strategy for Rwanda is to enable a thriving FinTech ecosystem. In 2023, Rwanda
has set out to implement its first FinTech strategy for 2024 to 2029. The strategy is geared towards realising
two complementary policy goals:

1) Position Rwanda as a regional financial centre. Rwanda’s Vision 2050 and the National Strategy for
Transformation 2017–2024 set the aspiration for Rwanda to become a hub for financial services in Africa. To
this end, the Kigali International Financial Centre has been established to transform the investment landscape
across Africa and to attract capital and funds. Developing the Rwandan FinTech landscape and establishing
Rwanda as a FinTech hub will attract investment and provide the technology and financial services needed to
make Rwanda a global financial centre.

FinTech Strategy (2024 to 2029) 6

2) Promote customer-centric financial inclusion and financial sector development to drive economic
and social transformation. The growth of the Rwandan FinTech sector links directly to the Rwanda National
Payment System Strategy’s 2018–2024 commitment to encourage electronic payments by all residents of
Rwanda. Digital payments are widely regarded as a gateway to financial inclusion. Therefore, FinTech plays a
pivotal role in building a cashless society. FinTech enables broader reach and efficiency of financial services
to boost financial inclusion beyond payments. Moreover, FinTech can also help to make financial inclusion
more customer-centric by leveraging technology and data to meet financial needs better.

To realise its vision and to achieve the two policy objectives outlined above, the FinTech strategy has the
following two key objectives:

1. To establish Rwanda as a launchpad for FinTech by enabling local and global FinTech to take their
tried and tested ideas and expand into Rwanda’s market and markets in the region

2. To drive digital financial inclusion of Rwandans by leveraging innovative digital solutions to foster
economic growth and reduce financial disparity in the nation

These objectives were formulated based on evaluating prominent FinTech ecosystems worldwide, wherein
best practices and valuable insights were gleaned. Figures 1 and 2, displayed below, delineate the prominent
competitive strengths and potential opportunities in growing Rwanda’s FinTech landscape. These insights
collectively position the nation as an optimal testing ground and launchpad for innovative FinTechs.

Strategically located, providing

Strong leadership with regulators Safety and stability of Rwanda, as
a bridge between the vibrant
and policymakers known to be open compared to other countries in the
and lucrative Central and East
to innovation and supportive of region, offer a unique pulling point
African markets (with a combined
regional expansion for FinTechs and professionals.
population of 345 million)

Several newly introduced Growing pool of tech talent:

financing mechanisms to plug the A population ready for DFS Through its 14 academic institutions
financing gap, including The Rwanda adoption – youthful, geographically and world-class training centres,
Innovation Fund, the National concentrated, strong mobile Rwanda produces graduates with
Innovation Fund, and the Business penetration (87%) and fast-growing specialised skillsets that are required
Development Fund mobile payments in the development of FinTechs.

Commitment to digitally transform Rwanda

Supportive environment for FinTechs by
through the SMART Rwanda Masterplan and
creating a business-friendly environment,
implementation of robust digital economy
regulators that proactively engage with FinTechs
enablers such as data protection laws, Digital
to help them navigate the regulatory landscape,
ID and enabling policies for open banking
and establishment of the KIFC to attract FinTech
and the development of e-Kash, a real-time
and incentivise investment into the country
payments system to enable FinTech.

Figure 1: Rwanda’s comparative advantage in enabling FinTech innovation (Strengths)

FinTech Strategy (2024 to 2029) 7

 Regulators can take a more
directive approach in guiding
Advancement of financial literacy Enhance the support for the
the FinTech sector, especially
through multi-channel initiatives. FinTech ecosystem through the
for emerging products /services /
Advancement of financial literacy FinTech Association and stimulate
technologies and improve market
through multi-channel initiatives to collaboration opportunities across
access for FinTechs through
elevate financial literacy and FinTech the private sector and FinTech.
deepened collaboration with other
awareness.
regulators

Catalysing investments in Strengthening digital economy Strengthen Rwanda’s FinTech

FinTechs through public sector enablers such as the roll-out of workforce through development of
initiatives to enhance transparency e-Kash and digital ID to support the the local talent pool and attracting
and de-risk investors. growth FinTech solutions specialised foreign talent.

Figure 2: Opportunities for Rwanda to enable growth in FinTech innovation

Understanding the strategy. Rwanda’s ‘Strategy on a Page’ has been articulated in Figure 3. The purpose of
the Strategy is to define the ultimate vision, objectives, metrics for success and the supporting areas of focus
to help realise the strategy.

RWANDA FINTECH STRATEGY (2024 - 2029)

FINTECH STRATEGY
VISION ENABLE A THRIVING FINTECH ECOSYSTEM IN RWANDA SUCCESS INDICATORS
(BY 2029)
Customer-Financial Inclusion and
POLICY Financial sector development
Regional Financial Centre
GOALS to drive economic and social
transformation 300 Fintech players

Drive Digital Financial

Establish Rwanda
Inclusion for Rwandans
as a Launchpad for Fintechs
OBJEC- Leverage innovative digital solutions 7500 jobs created by Fintechs
TIVES Enable local and Global Fintechs to
to foster economic growth and
establish a presence in Rwanda and
reduce financial disparity in the
grow across the region
nation
Top 30 on the Global Fintech
ranking (Findexable) and best in
Financial Investment Policy Innovation and Deepen
PILLARS Africa
Literacy and Capital Regulation Market share Talent Pool

Key working Groups/Focus areas $200M total investments into

Rwanda-based Fintechs
• Increase accessibility of public capital • Innovation (green fintech, emerging
• Improve financial literacy technologies, business models etc)
• Enhance regulatory certainity & Clarity • Deepen talent pool
• Develop and Improve Access to Digital 80% Fintech adoption rate
Infrastructure

THE FINTECH STRATEGY WILL HELP ACHIEVE 25 investment funds domiciled

in Rwanda
Proactive communication and Improved coordination
Vibrant and growing
guidance from regulators between ecosystem
local Fintech
players Standardised Fintech licensing
ecosystem Healthy levels of engagement
between regulators and Greater collaboration processing time of 3-4 months
supported by a sound
Fintechs, and clarity on emerging between Financial
enabling environment
technologies institutions and Fintechs

Figure 3: Rwanda’s Current FinTech Strategy on a page

FinTech Strategy (2024 to 2029) 8

Rwanda’s FinTech Strategy. Rwanda’s FinTech strategy is supported by a comprehensive suite of opportunity
sets (‘Focus Areas’) vital for cultivating a thriving FinTech ecosystem, allowing it to fulfil its objectives and
realise its vision. These focus areas were determined by identifying the strengths and weaknesses in Rwanda’s
current landscape, a benchmarking against international peers and deep consultation with key industry and
sector experts.

The focus areas are as follows:

1. Improve Financial Literacy
2. Increase Access to Investment and Capital
3. Enhance Regulatory Guidance and Clarity
4. Develop and Improve Access to Digital Infrastructure
5. Innovate and stimulate ecosystem Collaboration
6. Deepen Talent Pool

In addition, key indicators of success have also been articulated to help measure success over the longer
term. The success metrics include quantitative figures that relate to:

• An annual increase in the number of FinTech players in Rwanda

• An annual increase in the number of jobs created by FinTechs in Rwanda
• Global and regional recognition of Rwanda as a FinTech Hub
• An increase in the number of investment funds domiciled in Rwanda
• An annual increase in total investment in FinTech solutions in Rwanda
• An increase in the adoption of new FinTech solutions and products in Rwanda
• Standardisation of average licensing processing time for FinTechs

Presented in this document is a review and analysis of Rwanda’s FinTech sector alongside a comprehensive
strategy designed to actualise Rwanda’s vision. The strategy aims to elevate Rwanda as the preferred
destination for FinTech start-ups and investments in Africa, solidifying its position as a prominent financial
hub on the continent. This transformation enables Rwanda to harness the full potential and benefits of a
thriving FinTech sector, unlocking a multitude of opportunities and unleashing its complete impact.

FinTech Strategy (2024 to 2029) 9

2. BACKGROUND & CONTEXT
2.1 Africa’s FinTech Landscape
The African FinTech market has experienced remarkable growth, presenting extensive prospects for companies
to innovate and revolutionise regional financial services. These opportunities play a pivotal role in the growth
of Rwanda’s FinTech sector, capitalising on the region’s potential while providing valuable insights and lessons
to foster FinTech adoption domestically. With a rapidly growing tech-savvy population and increasing digital
connectivity across Africa, the transformative power of a FinTech-ready population is enormous.

42% 65% $333-$500 bn

Projected growth in 80% 47% of Sub-Saharan 2022E total remittances paid
Africa’s age 15-24 Africa’s mobile Africa’s internet Africa’s populationis and received in, formal and
population by 2030 penetration penetration underbanked or unbanked informal markets

Figure 4: Key overview of Africa’s demographics

Africa’s FinTech market has emerged as a dynamic and transformative force, revolutionising the
region’s financial landscape. With its vast population and increasing mobile and internet penetration,
Africa has become a fertile ground for FinTech innovation. By harnessing emerging technologies,
FinTech companies in Africa are creating innovative solutions like peer-to-peer lending platforms and
mobile-based banking services. These initiatives tackle longstanding challenges such as inefficient
payment systems and financial exclusion. As a result, millions of individuals and businesses are being
empowered, leading to significant economic growth and paving the way to greater financial inclusion.

The FinTech sector in Africa is rapidly advancing, drawing interest from global investors, and establishing itself
as a frontrunner in financial services innovation1.

The following section delves into an overview of the African FinTech market and the factors propelling its
FinTech market growth, with a particular emphasis on the crucial areas that drive innovation and foster
financial inclusion.

Figure 5: Financial services market revenue by product in Africa and growth rate by service type in Africa²

¹ Support to the Ministry of ICT (MINICT) for the implementation of the Fintech Strategy and Policy Frame work – Access to Finance
Rwanda (thefintechtimes.com)
² Fintech in Africa: The end of the beginning | McKinsey

FinTech Strategy (2024 to 2029) 10

2.1.1 Challenges and Opportunities in the African FinTech Market
With its distinct nuances, the African FinTech market offers both opportunities and challenges in adoption.
One notable challenge is the relatively low financial literacy rate across many African countries, currently
at 32% of the African population11. The financial gender gap represents another significant hurdle, creating
barriers for women in accessing and utilising financial services.

Notwithstanding these challenges, the African FinTech market exhibits remarkable potential, driven by a
notable increase in adopting formal non-banking services. Mobile money and digital wallets have gained
popularity, facilitating digital transactions, credit accessibility, and secure savings for millions.

Financial Literacy3

30% of African women are

financially literate 34% of African men are
financially literate

Despite Africa’s impressive economic growth and development in recent years, there remains a substantial
opportunity to bridge the gap in financial literacy among the population. Many Africans, particularly those
residing in rural areas and low-income communities, face considerable obstacles related to financial literacy.

The lack of financial literacy and education hinders the ability to access formal financial services, leading to
the prevalence of informal financial alternatives like Rotating Savings and Credit Associations (ROSCAs) and
informal loan clubs in numerous communities. These informal options often need more transparency and
consumer protection measures.

Financial Inclusion
Financial inclusion plays a vital role in the national agendas across Africa, as evidenced by various initiatives
to enhance and expand financial inclusion levels. Sub-Saharan Africa has made remarkable strides in financial
inclusion, reaching 67% in 2022. In 2021, all 11 economies in the region had more adults with mobile money
accounts than traditional FI accounts. However, compared to other regions, Sub-Saharan Africa still needs
help closing the financial inclusion gap.

Prevalence of Formal Non-Banking Services

Non-bank formal products and services (e.g., mobile money, SACCOs, insurance, MFI, NDFI, etc.) contribute
significantly to increasing financial inclusion. 24 Non-Banking Services in Africa have changed the financial
landscape by offering unconventional yet efficient means of saving and investing. Savings groups empower
communities by fostering a saving culture and promoting financial literacy at the grassroots level. They serve
as a safety net for the unbanked population, enabling them to save money and access small loans when
needed. SACCOs provide affordable credit and mobilise domestic savings, thus stimulating local business
growth. Mobile Network Operators, through mobile money services, have driven the accessibility of financial
services into remote areas.

Addressing the Financial Inclusion Gender Divide4

37% of women have a

bank account 48% of men have a bank
account

In Africa, a substantial gender gap exists in financial inclusion. Women, particularly in rural areas, often face
limited access to education and financial services. Additionally, many women have not acquired the essential
skills to participate in digital platforms, further perpetuating their economic exclusion. Barriers such as lack of
literacy, affordability, digital knowledge, and awareness continue to pose significant challenges to women’s
financial inclusion.

³ 21889.pdf (issuelab.org)
⁴ imf.org/en/Publications/fandd/issues/2020/03/africa-gender-gap-access-to-finance-morsy

FinTech Strategy (2024 to 2029) 11

 2.2 Rwanda’s FinTech Landscape

14.25m 2.8%
Uptake of formal financial services from
Mobile Penetration both genders has been on the rise since

Rate 2016. However, women are still falling

behind men in financial inclusion, as the

Rwanda’s population as of country seeks to close the financial literacy Contribution of Financial services to
Mobile penetration in Rwanda gap.
Sept 2024. reached 96.7% in 2023. (Finscope) GDP in 2022.

86.9% 2016 2020 2016 2020

Financial institutions ever used (%)
63% 74% 74% 81%
Majority of Rwanda’s
population is residing in Women Men
49%
rural areas. 54%
37%
32%
Number of commercial 35%
and microfinance banks in 28%

Rwanda 24%
18%

55.8% 14%

16 18%

71.86%
8%
6%
7%
In 2020, 2.6 million adults in
8%
Rwanda were banked or were
Rwanda’s total working age The internet penetration in using banking services (Finscope)
2%
1%
population in urban and Rwanda reached 71.86% in 2%
rural areas stands at 7.74M 2023. (Finscope) 1%

in 2022. (NISR) 36%

Figure 6: Key statistics on Rwanda’s demographic, FinTech and financial services market

Rwanda Market’s Current State of Play

Promoting the uptake of the internet, mobile devices, and digital payments. Rwanda’s FinTech strategy
aligns with the country’s efforts to enhance ICT penetration and encourage the use of digital payment
systems. Rwanda has been actively driving smartphone and internet penetration nationwide, with the plan
documented in the National Broadband Policy and Strategy in 2022. New use cases for real-time payment
processing, such as eKash by Rswitch, are also under implementation through the national interoperable
payments system (R-NDPS) and Rwanda National Payments strategy.

Increase in financial inclusion. As per 2020 data, ~93% of Rwandan adults have or use formal or informal
financial products or mechanisms, up from 89% in 2016 (Finscope). The uptake of formal financial services in
Rwanda from both genders has increased since 2016. Commercial banks and mobile money have emerged
as the principal catalysts behind adopting digital financial services.

Growing SME market. SMEs are a critical segment of Rwanda’s economy and makeup 98% of businesses
in the country, according to the Rwandan Ministry of Trade and Industry (2010). There were approximately
800,000 SMEs in Rwanda in 2020 (Finscope), providing ample opportunity to penetrate this market with
FinTech through digitising business processes.

Revised regulatory sandbox. The BNR launched a revised regulatory sandbox in 2022 with a view to capture
for a wide range of FinTech sectors. The CMA launched a similar sandbox catering to FinTechs under its remit.
Both BNR and CMA Sandboxes act as an avenue to learn from FinTechs and provide guidance on licensing.

Funding and investment. With limited FinTech-focused funds in Rwanda, there are a variety of other
financing mechanisms via agnostic funds, angel networks and grants, which provide direct means to address
the start-up financing gap in Rwanda. Notable government-backed funds include the Rwanda Innovation
Fund (RIF). Regional funds domiciled in Rwanda with FinTech within their mandate include the Virunga Africa
Fund and the Fund for Export Development in Africa (FEDA). Start-ups can also access angel investments via
networks such as Dakar Network Angels (DNA) and African Business Angel Network (ABAN). Various grants to
start-ups are also provided by various development partners.

5 MAIN INDICATORS: 5th Rwanda Population and Housing Census (PHC) | National Institute of Statistics Rwanda, bnr.rw/fileadmin/
user_upload/Rwanda_Finscope_2020.pdf, https://afr.rw/wp-content/uploads/2021/03/FinScope-2020-Gender-Report.pdf, NISR,
Ministry of Finance and Economic Planning
6 https://rdb.rw/wp-content/uploads/2021/01/SMEs-toolkit-to-grow-business..V2_compressed.pdf

FinTech Strategy (2024 to 2029) 12

Innovation. Rwanda has taken steps to foster a collaborative ecosystem around innovation within the
FinTech sector. Based on conversations with stakeholders, there are sector-agnostic business incubators and
accelerators dedicated to fostering innovation and nurturing start-ups in Rwanda. These can offer crucial
support and resources to address various start-up requirements, including skills development, partnerships,
access to capital and markets, and navigating the regulatory landscape. The FinTech Association organises
events related to FinTech, and the KIFC initiated the Inclusive FinTech Forum, a global flagship event aimed at
promoting financial inclusion and the positive impact of FinTech.

Digital economy foundations. Rwanda has made significant progress in establishing a robust foundation
for a digital economy. As a crucial aspect of the SMART Rwanda Masterplan 2020, one of its primary goals is
to bolster financial infrastructure and facilitate more comprehensive access to financial services. This entails
digitalising vital financial systems, including online banking, e-payments, and financial security measures like
e-KYC. The objective is to harness technology to foster a more inclusive and streamlined financial ecosystem
for the benefit of Rwandans.

Digital talent. Rwanda aims to emerge as a leading ICT Hub in the region and eventually export skilled
ICT professionals. To achieve this, the country focuses on the domestic development of ICT experts with
specialised, market-oriented skills while also enhancing digital literacy through initiatives like the Digital
Ambassadors Programme (DAP).

Rwanda’s FinTech sector is on a trajectory of growth, albeit at its early stages. Analysis conducted to support
the FinTech strategy reveals the presence of 75 FinTech companies currently operating in Rwanda. While this
number may seem modest, it represents remarkable recent expansion, having increased from 17 FinTechs in
2014 to 75 in 2021 , despite the challenges posed by the Covid-19 pandemic on the economy.

FinTech Subsectors in Rwanda

The majority of identified FinTechs in Rwanda today primarily consist of payments, clearing, and settlement
providers, as well as FinTech enablers (both subsectors comprising 22 FinTechs). Following these are deposit
lending (16), insurance (5), savings (5), capital raising/alternative finance (4), and crypto assets (1) (Figure 7).
In terms of the FinTech service offerings, 56% are catered towards B2C services (business-to-consumer),
followed by B2B (36%), G2C (4%), B2G (3%) and C2C (1%) . The limited presence of FinTechs offering advanced
financial services like insurance and capital raising products indicates a potential opportunity for FinTechs to
pilot solutions in these areas. It may also signify a lack of demand for such products.

* Fintech enablers are tech providers that may not

necessarily be regulated

Figure 7: Rwanda’s FinTech Subsectors

7 Key Findings of Fintech Landscape in Rwanda - UN Capital Development Fund (UNCDF)

8 Support to the Ministry of ICT (MINICT) for the implementation of the Fintech Strategy and Policy Framework – Access to Finance
Rwanda (afr.rw)
9 Some of the firms included in the analysis are those that support the operational capabilities of FinTechs, including software develop
ment or electronic (e-)commerce companies, which might not view themselves as FinTechs directly. For this analysis, this subsector
of FinTech is referred to as a FinTech enabler.
10 Key FinTech service offerings were only available for 50 of the 75 identified FinTechs.

FinTech Strategy (2024 to 2029) 13

Homegrown FinTechs in Rwanda
52% of all identified FinTechs originated in Rwanda, while 12% and 7% were founded in the US and Kenya,
respectively. The remaining 39% were distributed among ten different countries. The high proportion of
FinTechs established in Rwanda with foreign origins suggests that Rwanda is an attractive destination for
foreign FinTechs to expand into and pilot financial products. Despite Rwanda and Kigali ranking within the top
10 hubs in Africa for their respective rankings, there is still significant room for growth. The Findexable Global
FinTech Index ranks both countries and cities based on three categories:

1. The quantity of privately owned FinTech companies

2. The quality of those countries
3. The local business enabling environment

Rwanda entered the index for the first time in 2021 and was ranked 61st globally and fifth in Africa.
Further, Kigali was ranked as the 166th most desirable city for FinTech globally and was eighth in Africa.

3. RWANDA’S FINTECH LANDSCAPE ASSESSMENT

3.1 Overview of strengths and weaknesses

Rwanda’s FinTech ecosystem boasts distinctive key strengths, positioning it as a competitive global FinTech
hub. These strengths have played a vital role in making Rwanda one of Africa’s fastest growing FinTech
ecosystems. Nevertheless, the country still requires a further focus across key areas such as boosting demand
through working with SMEs and the private sector, support through funding and capital, further clarity
around emerging regulations etc. Table 3 presents an overview of Rwanda’s current FinTech environment,
summarising its strengths and weaknesses across the ecosystem enablers.

No Enabler Key strengths and weaknesses

STRENGTHS

Consumer Demand
• Sizeable market opportunity given the number of SMEs and working-age
population that FinTechs can capitalise on.
• Strong focus on growing the FinTech sector – e.g., through
acknowledgement and focus on the need for FinTechs and developing a
FinTech Strategy.
• Improvements in affordability and quality of broadband services and
Demand smart device penetration rate. (MINICT has a National Broadband Policy &
1
Generation Strategy 2022 in place)
• BNR has proactively boosted Rwanda’s financial literacy through tailored
programs across financial concepts and products.

Corporate Demand
• Rwanda is on the road to digital transformation through the Smart
Rwanda Masterplan 2020. One of its key objectives is to enhance
financial infrastructure to promote broader access to financial services
(e.g., digitalisation of essential financial systems, such as online banking,
e-payments, and financial security measures like e-KYC).

11 FinTech country of origination was only available for 61 of the 75 identified FinTechs.

FinTech Strategy (2024 to 2029) 14

 WEAKNESSES

Small total addressable market for FinTechs arising from multiple factors:
• Low smartphone and internet penetration rates, some Rwandans access
financial services through USSD
• Despite levels of formal and informal financial inclusion standing at 93%,
a significant percentage of the population (23%) still relies on informal
channels of financial services or products
• Gender gap in financial inclusion (8% of women excluded, compared to
7% of male counterparts)
• Poor financial literacy rate (26%) (2015 data from GFLEC, with no
subsequent information available)
• Limited collaborations between incumbent FIs and FinTechs, as well as
between accelerators and incubators in Rwanda.

STRENGTHS

Public Capital
• The government recognises the funding gap and is proactive in
addressing it, e.g., through the creation of funds like the Rwanda
Innovation Fund
• Financial support in the form of grants for FinTechs is available through
development partners and NGOs

Private Capital
• Establishment of KIFC to actively market Rwanda as an attractive
international destination for investments by offering a compelling legal
Investment & framework, coupled with financial incentives.
2
Capital
WEAKNESSES

Public Capital
• Limited access to public capital avenues such as FinTech-focused funds
and grants for early-stage start-ups

Private Capital
• Low concentration of privately-owned VC and PE funds in Rwanda that
have FinTech as a mandate
• Limited alternative financing avenues available to support early-stage
FinTech growth
• Lack of Investment-ready FinTechs in Rwanda

STRENGTHS
• Regulators proactively seek to learn from FinTechs, i.e., through the
regulatory sandbox and are committed to creating a comprehensive
Policy &
3 regulatory environment for FinTechs to thrive in
Regulation
• The regulators utilise the sandbox to guide and ‘encourage’ the licensing
of FinTechs and utilise a two-way feedback channel within the sandbox to
guide their regulatory approaches.

FinTech Strategy (2024 to 2029) 15

 WEAKNESSES
• At present, there is a lack of clear guidance and regulations concerning
emerging FinTech solutions like cryptocurrency, open banking, and
digital banks. However, it is important to note that the BNR has taken a
cautious stance against financial institutions engaging in cryptocurrency
transactions. Additionally, ongoing efforts are to conduct a feasibility
study on open banking and cryptocurrencies.
• Slow uptake of the sandboxes, possibly attributed to limited availability
(cohort-based applications) and inadequate awareness of their purpose
and eligibility criteria among applicants

STRENGTHS

Market Infrastructure
• Active improvement in digital payments capabilities with migration in
progress to real-time interoperable payments system with several use
cases (e.g., e-Kash wallet interoperability between telco operators)
• Commitment to implementing digital economy enablers by considering
key supporting infrastructures to be implemented, e.g., Digital IDs,
government-level data accessibility to the private sector., revised data
protection policy and the public sector cloud adoption.

Innovation Infrastructure
• Gaining momentum on building up reputation globally, with events such
Innovation as the Inclusive FinTech Forum.
4 & Market
Infrastructure WEAKNESSES

Market Infrastructure
• Digital ID infrastructure is yet to be fully established to support more
use cases, i.e., the biometric digital ID program is still undergoing
development.

Innovation Infrastructure
• There is a shortage of FinTech-specific resources available to support
the growth of FinTech start-ups. Accelerator and incubator programs in
Rwanda are generally sector agnostic and with limited focus on providing
support specifically for FinTech.
• Whilst a FinTech association has been established, ecosystem involvement
is nascent, and visibility to the FinTechs is scarce.

STRENGTHS
• Rwanda recognises the importance of talent development to address
the talent supply and demand gap, with proactive initiatives to match ICT
talent and employment skill enhancement.
• Establishment of the KIC as an innovation hub to drive development and
5 Talent & Skills tech talent and spur technology innovation

WEAKNESSES
• Lack of domestic and foreign supply of FinTech talent within the country
• Lack of specific initiatives for retaining talent
• Lack of a FinTech-focused skill gap identification

Table 3: Strengths and weaknesses of Rwanda’s current FinTech ecosystem

FinTech Strategy (2024 to 2029) 16

 3.2 Key Recommendations
Through the benchmarking exercise and deep industry consultation, several recommendations have been
identified to propel Rwanda’s FinTech ecosystem forward.

3.2.1 Summary of Recommendations

A series of initiatives and recommendations have been highlighted across 6 key focus areas of the FinTech
strategy, showcasing several avenues to strengthen FinTech development in Rwanda. These have been
outlined in Table 5 below.

Focus Areas Initiatives Recommendations

1.1 Create indicators and definitions for financial

literacy
1
Improve financial
literacy 1.2 Supplement existing campaigns within the NFES
to boost FinTech awareness, improve financial literacy
and digital financial inclusion
Improve Financial 2
Literacy Digitise informal and 2.1 Incentivise FinTechs to digitise informal and low-
low-adoption formal adoption formal financial services
financial services

3 3.1 Incentivise FinTechs and corporates to create

Improve digital native compelling digital native experiences to support
experiences smartphone adoption

4.1 Allocate a funding envelope within the existing

4 Rwanda Innovation Fund (‘RIF’) or create a FinTech-
Increase the focused fund
accessibility of public
capital
4.2 Direct grants to support early-stage FinTechs

5.1 Stimulate private capital through co-investment

initiatives with the government

5.2 Stimulate private capital through crowdfunding

Increase Access from private investors globally
to Investment and 5
Capital Improve the
accessibility of private 5.3 Create greater awareness of the attractiveness
capital of Rwanda for private investors through enhanced
reporting

5.4 Provide alternative financing avenues through

initiatives that support Credit/Debt financing for
FinTechs

6
6.1 Provide tax incentives such as R&D tax credits and
Provide R&D tax
tax relief schemes for developing FinTech solutions
incentives

FinTech Strategy (2024 to 2029) 17

 7.1 Establish a unified regulatory sandbox for BNR and
CMA

7
7.2 Build awareness of the purpose, outcomes and
Create clarity around
eligibility for sandbox participation to drive uptake
regulatory sandboxes

7.3 Increase the availability of the sandbox through

the adoption of a rolling-basis approach
Enhance Regulatory
Guidance & Clarity 8
Create a supportive 8.1 Establish formal working groups and utilise
regulatory environment Consultation and Guidance papers to facilitate
through facilitated industry engagement on key policy matters
industry engagement
9
9.1 FinTech Association to assume the central role
Advocate for fair
of championing equitable competition in financial
competition in financial
services
services
10.1 Develop a citizen-centric central data repository
Develop and Improve 10
Access to Digital Expand and enhance
10.2 Leverage central data repository to increase
Infrastructure digital infrastructure
smartphone ownership

11.1 Broaden FinTech accelerator partnerships for

greater inclusivity

11.2 Increase the impact of the FinTech Association

and establish it as the central body for FinTechs

11.3 Leverage or create a digital platform to generate

demand across East Africa and foster greater
collaboration between the private sector and FinTechs

11.4 BNR to leverage FinTech capability directly as

an advocate and encourage collaboration between
incumbents and FinTechs
11
Boost cooperation 11.5 BNR to foster collaboration between incumbents
and collaboration and FinTechs and promote digitisation of financial
across Financial services
Stimulate Ecosystem
Services (including
Collaboration 11.6 Create ‘Licensing Portability’ to support ease of
across FinTechs and
incumbents) at both FinTech movement cross region
the global and regional
levels 11.7 Enhance regional and global collaboration
through FinTech-focused trade agreements

11.8 Establish strategic partnerships to support with

capital (financial and non-financial) and accelerate the
expansion of FinTechs into the East African market

11.9 Enhance the Inclusive FinTech Forum and

capitalise on global forums to create a narrative, build
momentum, and inspire confidence in the Rwanda
FinTech ecosystem

11.10 Create an innovation hub to stimulate sector

collaboration

FinTech Strategy (2024 to 2029) 18

 12.1 Improve identification of specialised financial
12 services and/or tech skills required for FinTech industry
Optimize the process
of identifying FinTech
talent and skills 12.2 Identify areas to position Rwanda as a destination
for Global Business Services (GBS)

13.1 Enhance the training and skill development of the

existing workforce to align with the rapidly evolving
13 dynamics of the FinTech landscape
Develop and retain
talent (early to mid- 13.2 Collaborate with academic institutions to
career) establish FinTech-specific modules for tertiary
education and create FinTech work placements for
university students
Deepen Talent Pool
14.1 Create a visa stream for FS skillsets and tech visa
initiatives
14
Strengthen global talent
14.2 Establish a Global Talent Alliance with select
recruitment
talent service providers to import tech talent into
Rwanda

15.1 Improve government, regulators and FinTech

Association understanding of FinTech business models
15) Elevate the expertise and markets
and knowledge of
government, regulators,
and FinTech Association 15.2 Enhance the capabilities of the FinTech
Association through collaborative learning and
knowledge exchange with international counterparts

Table 5: Initiatives for Rwanda’s FinTech ecosystem at a glance

3.2.2 Recommendations
This section outlines a comprehensive set of recommendations designed to boost Rwanda’s FinTech industry
and tackle the challenges within Rwanda’s FinTech landscape. Focusing on six pivotal domains—Improve
financial literacy and financial inclusion, Increase Access to Investment and Capital, Enhance Regulatory
Guidance & Clarity, Develop and Improve Access to Digital Infrastructure, Stimulate Ecosystem Collaboration
and Deepen Talent Pool, these strategic endeavors collectively establish the groundwork for Rwanda’s
FinTech sector to flourish.

Improve Financial Literacy

Financial inclusion serves as a catalyst for economic progress, societal betterment, and the alleviation of
poverty, it constitutes the ability for individuals and businesses to avail themselves of beneficial, reasonably
priced financial products and services that cater to their specific requirements.

We therefore propose to:

1 | Improve financial literacy

1.1 Create indicators and definitions for financial literacy - Create indicators and definitions for financial
literacy and source more accurate and relevant figures to understand where the pain points exist.

1.2 Supplement existing campaigns within the NFES to boost FinTech awareness, improve financial
literacy and digital financial inclusion - Accelerate and enhance FinTech awareness (FinTech products
and solutions) through existing campaigns to improve digital financial literacy and the usage of FinTech.

FinTech Strategy (2024 to 2029) 19

*We note that digital literacy and digital financial literacy are already being proactively measured and
monitored, and existing campaigns are in place within the NFES to improve financial education in Rwanda.
Hence, no further initiatives have been defined.

2 | Digitise informal and low-adoption formal financial services

2.1 Incentivise FinTechs to digitise informal and low-adoption formal financial services – Collaborate
with informal associations and formal financial services that have low adoption rate in Rwanda, to
understand pain points and organise a hackathon to find FinTech solutions to solve these pain points.

3 | Improve digital native experiences

3.1 Incentivise FinTechs and corporates to create compelling digital native experiences to support
smartphone adoption – Utilise incubators and accelerators and tap into NGO expertise to guide FinTechs
in crafting intuitive applications for the underserved markets.

Increase Access to Investment and Capital

To support the growth of FinTechs in Rwanda, it is crucial to improve accessibility to investment and capital.
This can be achieved by establishing funding options that cover all stages of FinTech development, with clear
guidance on requirements and distribution channels.

We therefore propose to:

4 | Increase the accessibility of public capital

4.1 Create and allocate a FinTech-focused fund - Whilst there are multiple funds in Rwanda, there is an
opportunity to create a dedicated funding envelope for FinTech, or a FinTech-focused government fund to
allocate public capital to support FinTech market growth and address the FinTech funding gap.

4.2 Direct grants to support early-stage FinTechs - Whilst there are several grants available, these grants
are usually small in size. They are typically disbursed to start-ups for a particular challenge identified by
development partners (e.g. environmental-related products, products targeting the improved livelihoods
for women, etc.). There is no sovereign grant fund set up specifically to help start-ups reach a stage where
they are ready to get funding from other investors such as VCs. An opportunity exists to offer direct grants
that aid early-stage FinTechs in progressing from conceptual ideas to viable commercial business models.
Funds and grants should focus on
a) early-stage FinTechs (e.g. pre-seed, seed, series A-B), given the nascent FinTech sector in Rwanda
and
b) supporting international FinTechs in establishing a presence in Rwanda. The public capital, comprising
of both funds and grants, should help de-risk investor positions by providing early-stage capital.

5 | Improve the accessibility of private capital

5.1 Stimulate private capital through co-investment initiatives with the government - Stimulate VC
activity in Rwanda for early-stage FinTechs e.g. through co-investment by the government on deals to
de-risk investors.

5.2 Stimulate private capital through crowdfunding from private investors globally - Connect early-
stage FinTechs in Rwanda directly with a network of international angel investors or private investors who
are interested in funding innovative projects or businesses.

5.3 Create greater awareness of the attractiveness of Rwanda for private investors through enhanced
reporting - Raise awareness of Rwanda’s FinTech strategy in promoting the sector as an area of growth
and through providing transparent data on private investments in Rwanda’s FinTech industry.

5.4 Provide alternative financing avenues through initiatives that support Credit/Debt financing for
FinTechs - Provide more avenues for credit/lending facilities to start-ups e.g., revenue-based financing,
relationship-based financing through bank venture funding arms.

FinTech Strategy (2024 to 2029) 20

6 | Provide R&D tax incentives

6.1 Provide tax incentives such as R&D tax credits and tax relief schemes for developing FinTech solutions
- Tax incentives such as R&D tax credits and tax relief schemes can support FinTechs and incumbents to
engage in eligible R&D activities to encourage further innovation.

Enhance Regulatory Guidance and Clarity

To promote FinTech growth in Rwanda, there is a need for enhanced regulatory guidance through
the establishment of an effective sandbox, proactive engagement with industry stakeholders, and the
development of an inclusive regulatory framework that provides clarity and support to help FinTechs meet
regulatory requirements.

We therefore propose to:

7 | Enhance the regulatory sandboxes to improve accessibility for FinTechs and provide
avenues to create use cases for the FinTech ecosystem
7.1 Establish a unified regulatory sandbox for BNR and CMA - Unify the BNR and CMA sandboxes to
cater for hybrid solutions, eliminate the complexity for FinTechs when navigating multiple regulatory
frameworks and allows for a more streamlined, efficient process for them to participate.

7.2 Build awareness of the purpose, outcomes, and eligibility for sandbox participation to drive uptake
- Raise awareness of the unified sandbox and its benefits to drive more applicants and participants. e.g.,
leverage a FinTech dedicated website (e.g., FinTech Association) to promote and market the sandbox,
success stories, and provide clarity on guidelines and eligibility critera.

7.3 Increase the availability of the sandbox through the adoption of a rolling-basis approach - Expand
the unified sandbox by allowing more FinTechs to participate and potentially obtain licenses by adopting a
rolling-basis approach to enhance activity and attracting more FinTechs to test innovative solutions.

8 | Create a supportive regulatory environment through facilitated industry engagement

8.1 Establish formal working groups and utilise Consultation and Guidance papers to facilitate industry
engagement on key policy matters - Working groups between key actors can be formally established to
discuss key areas of FinTech and financial services. These dialogues between working groups can serve as
opportunity areas for formulating consultation and guidance papers to further engage the public.

9 | Advocate for fair competition in financial services

9.1 FinTech Association to assume the central role of championing equitable competition in financial
services - It is crucial for the FinTech Association to advocate for FinTech and increase ease of market
entry and sustainability for FinTech, e.g., advocating for Open API capabilities for e-Kash to stimulate
healthy competition in payments.

Develop and Improve Access to Digital Infrastructure

Africa’s financial sector increasingly recognises the need for a data-driven approach to develop a robust digital
infrastructure for seamless money transfers. The International Finance Forum (IFF) highlighted prevailing
challenges such as fragmented data storage, underutilisation of collected data, and the need for more credit
scoring solutions by FinTechs.

We therefore propose to:

10 | Expand and enhance digital infrastructure to accommodate additional use cases

10.1 Develop a citizen-centric central data repository - Creating a citizen-centric central data repository
e.g., SGFinDex/MyInfo enables financial institutions and FinTechs to easily access citizen data to
streamlining compliance processes (e.g., eKYC of customers) and gain more insights into the customers
to better tailor their solutions.

FinTech Strategy (2024 to 2029) 21

 10.2 Leverage the central data repository to increase smartphone ownership – Opportunity to formulate
a plan led by the private sector to drive the widespread adoption of smartphones in Rwanda, leveraging
data from the central data repository.

Innovation and Ecosystem Collaboration

To enable a holistic FinTech environment, a strong and collaborative ecosystem is essential. This involves
strengthening the accelerator and incubator landscape while promoting close collaborations between key
players such as the government, incumbent financial institutions and FinTech players to drive the co-creation
of innovative solutions to boost the overall financial sector.

We therefore propose to:

11 | Boost cooperation and collaboration in FinTech at both the global and regional levels

11.1 Broaden FinTech accelerator partnerships for greater inclusivity –Strengthen support for FinTechs by
establishing partnerships with accelerators and incubators with focus on FinTech themes, or establishing
accelerators and incubators dedicated to FinTech.

11.2 Increase the impact of the FinTech Association and establish it as the central body for FinTechs -
Make the FinTech Hub more impactful as an independent association to drive FinTech activity, with a clear
mandate to deliver the Government’s stated objectives for FinTech.

11.3 Leverage or create a digital platform to generate demand across East Africa and foster greater
collaboration between the private sector and FinTechs – Utilise digital platforms to drive greater
collaboration across the sector to enable high visibility for Rwanda on key sector needs.

11.4 BNR to leverage FinTech capability directly as an advocate and encourage collaboration between
incumbents and FinTechs - BNR to actively foster growth prospects for FinTechs and take the lead as
an exemplar for the broader financial industry by championing FinTech adoption through its own use of
FinTech solutions.

11.5 BNR to foster collaboration between incumbents and FinTechs and promote digitisation of financial
services – BNR to strongly promote digitisation of financial services and focus on critical financial services
themes such as SME Financing, Cross-border Payments, Digital Lending, and Green Financing, among
others.

11.6 Create ‘Licensing Portability’ to support ease of FinTech movement cross region –Create greater
consistency in regulations across Africa or across Rwanda and other key FinTech sectors across Africa.

11.7 Enhance regional and global collaboration through FinTech-focused trade agreements – Enhance
Rwanda’s collaboration with other regulators by pursuing a strong FinTech agenda in its trade agreements
to enable easier access for FinTechs to enter the market by expanding regulatory cooperation.

11.8 Establish strategic partnerships to support with capital (financial and non-financial) and accelerate
the expansion of FinTechs into the East African market – Identify and import regional or global FinTechs
directly into Rwanda, supported by strategic partnerships with development partners and capital providers.

11.9 Enhance the Inclusive FinTech Forum and capitalise on global forums to create a narrative, build
momentum and inspire confidence in the Rwanda FinTech ecosystem – Increase involvement in global
events to bolster global presence and solidify its position as an internationally recognised FinTech hub,
through building upon the successes of Rwanda’s inaugural Inclusive FinTech Forum.

11.10 Create an innovation hub to stimulate sector collaboration and equip it with key capabilities –
Establish a hub to facilitate engagement and collaboration between ecosystem stakeholders to develop
products to solve pain points in the Rwandan market through the use of FinTech.

FinTech Strategy (2024 to 2029) 22

Deepen Talent Pool

Attracting, developing, and retaining a skilled FinTech workforce is crucial to develop Rwanda’s FinTech
ecosystem. Although Rwanda has taken steps through their National Digital Talent Policy to identify ICT
skill gaps, invest in STEM and FinTech-specific education for tertiary education, foster university-industry
collaborations, and upskill of the local workforce with ICT skills, Rwanda still faces a shortage of specific
skillsets that are required by FinTechs.

We therefore propose to:

12 | Optimize the process of identifying FinTech talent and skills

12.1 Improve identification of specialised financial services and/or tech skills required for FinTech
industry - Improve identification of specialised financial services and/or tech skillsets required for the
FinTech industry.

12.2 Identify areas to position Rwanda as a destination for global business services (GBS) - Identify areas
where Rwanda can build talent in specialised financial services and/or tech skills to build Rwanda as a
Global Business Services.

13 | Develop and retain of talent (early to mid-career)

13.1 Enhance the training and skill development of the existing workforce to align with the rapidly
evolving dynamics of the FinTech landscape - Retain/upskill existing skilled workers in line with fast-
moving pace of change in FinTech, while also supporting FinTechs in upskilling their staff.

13.2 Collaborate with academic institutions to establish FinTech-specific modules for tertiary education
and create FinTech work placements for university students - Collaborate with academic institutions to
establish FinTech specific modules for tertiary education and create FinTech work placements for university
students.

14 | Strengthen global talent recruitment

14.1 Create a visa stream for FS skillsets and tech visa initiatives - Create a visa stream to import required
skills for FinTechs to immediately plug the short-term gap for talent.

14.2 Establish a Global Talent Alliance with select talent service providers to import tech talent into
Rwanda – Establish an alliance with global talent services providers to swiftly import specialised technical
skills that might be costly to acquire in Rwanda or are scarce in availability.

15 | Elevate the expertise and knowledge of government, regulators and FinTech Association

15.1 Improve government, regulators and FinTech Association understanding of FinTech business
models and markets - The government and regulators can improve their understanding of FinTech
business models and markets to keep abreast of global FinTech trends.

15.2 Enhance the capabilities of the FinTech Association through collaborative learning and knowledge
exchange with international counterparts – It is imperative for the FinTech Association to be in the
vanguard of emerging FinTech trends and to learn from the strategies employed by other associations in
FinTech hubs to foster the growth of FinTech within their respective countries.

FinTech Strategy (2024 to 2029) 23

4. WHAT DOES SUCCESS LOOK LIKE?
In the context of the FinTech strategy, success is defined by the establishment of a dynamic and expanding
local FinTech ecosystem, complemented by a robust enabling environment. Achieving success under the
FinTech strategy entails significant enhancement in the coordination among various ecosystem stakeholders.
This should ensure that both local FinTechs and foreign entrants have a clear understanding of the Rwanda
FinTech landscape, along with streamlined access to local business support, funding opportunities, and an
attractive regulatory landscape.

The successful execution of this FinTech strategy hinges on well-coordinated efforts among key stakeholders,
underpinned by a detailed roadmap and initiative charter. This structured approach ensures continuous,
proactive engagement from financial regulators and key stakeholders.

Consequently, an enhanced enabling environment characterised by accessibility to support mechanisms and

heightened regulatory clarity, coupled with proactive measures to attract new FinTech players, should foster
the growth of an interconnected FinTech network and ecosystem within Kigali. This, in turn, is expected
to translate into a surge in the number of FinTechs operating locally, increased investment into Rwandan
FinTechs, enabling more FinTech jobs and as a result, establish Rwanda as a recognised FinTech hub and
choice gateway into the region for FinTechs.

The successful execution of Rwanda’s FinTech strategy, covering the period from 2023 to 2028, will be
measured through the following performance indicators:

300 FinTech Players. This represents an approximate 30% annual increase in the total number of FinTechs
operating within Rwanda (encompassing both local and foreign players), from the current count of 75.

7500 jobs created by FinTechs. This represents an approximate 30% annual increase in the number of
FinTech jobs in Rwanda. This indicator signifies the expansion of employment opportunities generated by
both existing and new FinTech players, and the growth and deepening of the local FinTech talent pool.

Top 30 on the global FinTech ranking (Findexable) and best in Africa. By 2028, the aim is to significantly
enhance Rwanda’s global ranking as a FinTech hub. Leveraging Findexable’s Global FinTech rankings as a
benchmark, Rwanda should seek to ascend from its currently position at 61st globally and 5th in Africa to
secure a place within the top 30 globally and emerge as the leading FinTech hub in Africa by the conclusion
of the FinTech strategy implementation.

$200m total investment in Rwandan-based FinTechs. This represents an approximate 75% annual increase
in total investment in FinTech, starting from the base of $11m total investment in 2022. The substantial
growth in FinTech investment is anticipated, particularly in jurisdictions characterised by a conducive
environment for innovation, availability of investment ready FinTechs and robust regulatory frameworks.

80% FinTech adoption rate. This represents an approximate 33.3% increase in mobile money adoption rate,
compared to the prevailing rate of 61%. The FinTech adoption rate is defined as the extent to which the
population embraces the use of mobile money services. The heightened presence of FinTechs in Rwanda
is expected to generate additional avenues for FinTechs to play a pivotal role in enhancing digital financial
inclusion among Rwandans.

Standardised FinTech licensing processing time of 3 - 4 months. This represents the maximum processing
time for sandbox participants to get licensed in Rwanda, as the sandbox enables FinTechs to quickly assess
their ability to meet essential licensing requirements and identify areas for improvement to meet licensing
standards, making it easier for the regulators to evaluate applications.

Note: Currently, assuming that all requirements are met by FinTechs, the average processing time stands at
approximately 3 months.

25 investment funds domiciled in Rwanda. This represents an approximate 65% annual increase in the
number of investment funds in Rwanda, starting from the base of 2 at 2023.

FinTech Strategy (2024 to 2029) 24

5. THE IMPLEMENTATION
The Rwandan FinTech ecosystem encompasses an intricate network of government ministries, regulatory
bodies, ecosystem facilitators (e.g., FinTech association), innovation accelerators/incubators and funding
organisations. This diversity fosters a robust and multifaceted environment conducive for FinTech innovation,
which is central to the implementation of the strategy. It serves as an overarching framework that unifies all
actively involved stakeholders within the ecosystem.

Steering Committee

Committee Chair: MINICT, Committee Co-Chair: MINECOFIN

NBR, CMA, RFL, FinTech Association, AFR

The implementation
Coordinator

The FinTech

}
Develop Strategy
Enhance and Improve Implememntation
Improve Increase Innovation Working Groups
Regulatory Access Deepen Talent
Financial Access to to Digital and Ecosystem based on key
Guidance & Pool
Literacy Public Capital Infrastructure Collaboration focus areas
Clarity

Figure 9: Overarching structure of the active supporting actors in the system

As delineated in Figure 9 above, the implementation framework of Rwanda’s FinTech Strategy will operate
through a structured two-tier system:

1 Steering Committee as the core governance structure. The steering committee comprises 7 key entities:
MINICT (Chair), MINECOFIN (Co-chair), BNR, CMA, RFL, AFR and the FinTech Association. These 7 institutions
collectively constitute the central governance body responsible for the execution of the FinTech strategy
in Rwanda and are ultimately accountable for its outcomes. In contrast, the private entities, namely RFL,
AFR and the FinTech Association – were selected based on their strategic significance in driving the FinTech
strategy and their substantial existing roles in promoting FinTech development.

2 FinTech strategy implementation working groups as the implementation arm. The cross-functional
working groups serve as the implementation arm of the strategy, each entrusted with a specific mandate
relating to a distinct focus area. Each working group comprises participating organisations and will have a
designated owner responsible for leading the implementation of initiatives within their designated focus area.
The owners are held accountable to the steering committee on behalf of the working group for achieving the
objectives outlined in the FinTech strategy.

FinTech Strategy (2024 to 2029) 25

 5.1 The Steering Committee
The establishment of a steering committee serves to create a central governing to provide oversight on the
FinTech strategy, spanning 2024 until 2029.

The primary functions of the steering committee encompass:

1. Pooling Capacity and Expertise: Combining capabilities and expertise to address challenges related
to insufficient capacity and competing project priorities. This collaborative approach fosters collective
knowledge, promotes a culture of learning, and introduces fresh and diverse perspectives.
2. Facilitating Public-Private Partnership: Ensuring that the FinTech strategy embodies a collaborative
partnership between the public and private sectors, thereby promoting buy-in and a sense of shared
responsibility for its successful implementation.
3. Leveraging Overlapping Mandates: Accommodating and capitalising on overlapping mandates in
areas such as regulation, supervision, innovation, and market development.
4. Utilising Existing Partnerships: Leveraging established partnerships between steering committee
members and external entities to execute proposed activities efficiently and effectively, as delineated
by the working groups.
5. Mitigating Risk and Enhancing Strategy Success: Involving all relevant stakeholders and
acknowledging diverse viewpoints and opinions to reduce risk and enhance the overall success of the
strategy. This approach encourages buy-in from key public and private sector stakeholders, enables
the timely addressing of challenges, and establishes accountability for driving the FinTech strategy.
6. To guide cross-cutting initiatives on topics falling outside of the parameters of a single working
group. Such as researching and evaluating the need for a FinTech talent pipeline which focusses on
developing and creating uses for knowledge in technology, finance, and business and retaining that
talent.

The steering committee is responsible for evaluating the success of the FinTech Strategy. As mentioned, the
steering committee will undertake annual reviews for each working group.

Funding and required involvement by steering committee. The active participation of senior personnel such
as department heads, Directors-General (DGs), and association presidents will be expected as part of the
steering committee. It is projected that the steering committee’s involvement will require one to two man
days per month (or as required), accommodating preparation and attendance at meetings. This commitment
may increase during the end-of-year review of working groups and future work planning.

5.2 The Secretariat/Implementation Coordinator

The operation of the steering committee and the working groups will be bolstered by the presence of a
central secretariat or implementation coordinator. This structure ensures the existence of a unified point of
contact that consolidates the various workstreams outlined in the strategy. Inherent to its role, the secretariat/
implementation coordinator operates as a non-strategic entity, primarily oriented toward operational support
for both the steering committee and the working groups. This will be achieved through the facilitation of
dialogues, resource-sharing, the orchestration of essential events, forums, and other platforms, as well as the
provision of administrative capabilities to the working groups.

The secretariat/implementation coordinator should also provide technical and strategic inputs, advice and
suggestions to the steering committee and the working groups on key content areas where possible for the
consideration of the working groups and steering committee. The secretariat/implementation coordinator’s
purpose and scope of activities are outlined in its terms of reference, as presented in Table 8 below:

FinTech Strategy (2024 to 2029) 26

 The secretariat/implementation coordinator’s terms of reference
To establish a facilitative environment that empowers the steering committee and working
Vision
groups to efficiently coordinate and collaborate on key FinTech-related matters
Structure RFL to be the proposed secretariat/implementation coordinator
The primary role is to function as a centralised contact point, consolidating the efforts
Role of the working groups and extending operational support to the steering committee and
working groups, thereby bolstering transparency and accountability within the ecosystem.
• Overall management of the Strategy Execution – Retains the documentation for
executing projects and ensures projects within the initiatives are delivered on time and
within scope.
• Provide administrative support, including the facilitation of dialogues between the
steering committee and working groups, with a focus on enhancing transparency and
accountability.
• Provide the administrative and coordination support for the working groups (e.g.,
organising working group meetings)
Proposed • Ensure transparency by effectively communicating and the proactive sharing of
Activities information between all relevant parties
• Vigilantly monitor processes and progress of the implementation for each working
group’s initiatives
• Provide technical and strategic inputs, advice, and suggestions to the steering
committee and the working groups in key content areas, where required. These inputs
are aimed at supporting strategy implementation and will aid the steering committee in
identifying future strategic objectives or areas of focus
• Work closely and collaborate with the FinTech Association to ensure the alignment of
activities with the FinTech strategy.
• Production and preservation of minutes for all meetings
• Coordination of monthly working group meetings
• Organisation of quarterly meetings, or as needed, involving the steering committee, and
Deliverables
working groups
• Monthly provision of feedback and key updates to the steering committee
• Submission of a bi-annual report detailing progress within the working groups
Table 8: The secretariat/implementation coordinator’s terms of reference

Funding and required involvement by the secretariat/implementation co-ordinator. The secretariat/

implementation co-ordinator will be expected to be staffed by project management personnel (i.e., lead
supported by managerial level staff or as deemed appropriate by the participating organisation) to be the
centralised contact point and drive co-ordination activities between the steering committee and working
groups. Their engagement is foreseen at ten man days per month (or as required).

5.3 The Working Groups

The rationale behind the establishment of the working groups is to create a specialised implementation
arm dedicated to executing the FinTech strategy from 2023 to 2028. Each working group will be led by
a representative from the BNR, MINICT and RDB. Collectively, the teams across the working groups will
capitalise on their existing expertise and extensive networks to ensure the effective implementation of
initiatives within their respective focus areas.

Funding and required involvement by working groups. The working groups will be expected to be staffed
by relatively more junior personnel compared to the steering committee (i.e., directors and managerial level
staff, or as deemed appropriate by the participating organisation). Their engagement is foreseen at ten man
days per month (or as required), encompassing preparation and participation in working group meetings, as
well as coordination of activities.

FinTech Strategy (2024 to 2029) 27

6. FINTECH STRATEGY IMPLEMENTATION ROADMAP
The FinTech Strategy Implementation Roadmap, featured in this section, encompasses the proposed activities
aligned with all the focus areas articulated in the strategy. This encompasses the key initiatives designated
to be undertaken by each working group. They should be perused alongside the detailed initiative charters
of the implementation, which comprehensively outlines the proposed activities spanning all key focus areas
specified in the strategy.

Phased implementation approach. The implementation of the FinTech strategy is structured into three
distinct phases spanning the next five years, culminating in 2029. This phased approach is designed to
leverage existing initiatives in Rwanda, whether they are already in existence or currently underway.

THE RWANDA FINTECH STRATEGY HIERARCHY

Top 30 on the Global Fintech ranking (Findexable) and best in Africa

$200M total investments into Rwanda-based Fintechs

4
3 5 Standardised Fintech licensing processing time of 3-4 months

7500 jobs created by Fintechs 2 6 80% Fintech adoption rate

300 Fintech players 1 KPIs 7 25 investment funds domiciled in Rwanda

ys e
m
os th
te
ec row

Provide variety Provide variety

G

Accelerate the pace of

in funding in funding
mechanisms for Fintech go-to-market and mechanisms for
Fintechs future growth Fintechs

Pursuing ambitious goals and initiatives to position Rwanda

as a leading Fintech hub
te e
ys th
m
os e
ec rtur

Digitise informal Drive private

Stimulate private sector Develop Drive Fintech
financial services advocacy and
Nu

capital into Rwanda collaboration and domestic talent

and improve increase sandbox
and provide grants Fintech license and global talent
digital native availability
to Fintechs portability attraction
experiences

Implementing strategic shifts to drive transformative growth

ec d
r
e s an
to
rc en ish
rg ls
pe m bl
ha ta
su nda sta

Accelerate FinTech Establish a FinTech Stimulate Fintech Identify key Fintech talent
E

awareness and get Association as a central growth through Provide regulatory

body to represent FinTechs clarity and support needs and import key
Rwanda/East Africa on public funding and talent to drive immediate
and seek out key strategic through sandboxes
fu

the map BNR-led change needs

partners for growth

Foundational initiatives essential to ecosystem sustainability

Existing initiatives in progress or underway These initiatives are existing in Rwanda and will be leveraged in the Fintech strategy

Digital Payments Regulatory &

e-Kash National Kigali International Inclusive Fintech Telecoms
Digital ID (NIDA) (mobile & digital RIPPS and RTGS Open Data Portal Kigali Innovation Supervisory
e-payment switch Financial Centre Forum and Internet
wallets) City (sandbox)

Figure 10: The Rwanda FinTech Strategy Hierarchy

6.1 Phased approach of the implementation

Phase 1 – Establish the fundamentals and supercharge sectors
The initial phase aims to establish the foundational elements of the FinTech ecosystem and supercharge
sector growth by tackling quick and easily achievable activities first. This includes upskilling initiatives, industry
advocacy, and support for FinTech growth through regulatory clarity, and international partnerships.

Phase 2 – Nurture the ecosystem

Building upon the fundamentals in the initial phase, Phase 2 aims to foster the growth of Rwanda’s emerging
ecosystem through creating a ripe environment with increased collaboration opportunities and enhanced
capital. This phase seeks to promote higher levels of innovation, underpinned by incentives that stimulate
digital adoption within the financial services sector.

Phase 3 – Grow the ecosystem

This phase amalgamates the advancements achieved in the preceding two phases and enables transformational
changes in the industry to support future needs and globalisation of Rwanda’s FinTech industry.

FinTech Strategy (2024 to 2029) 28

 Develop and Improve Innovation
Improve Financial Increase Access to Enhance Regulatory
Access to Digital and Ecosystem Deepen Talent Pool
Literacy Public Capital Guidance and Clarity
Infrastructure Collaboration

Contribution to strategy KPIs

Top 30 on the Global Fintech $200M total 25 investment Standardised Fintech
300 Fintech 7500 jobs created 80% Fintech
ranking (Findexable) and best investments into funds domiciled in licensing processing
players by Fintechs adoption rate
in Africa Rwanda-based Fintechs Rwanda time of 3-4 months

6.2 Initiatives and Recommendations at a Glance

Contribution to
# Initiatives Recommendations Impact Feasibility
strategy KPIs
1.1 Create indicators and definitions for financial literacy Low High

1 Improve financial literacy 1.2 Supplement existing campaigns within the NFES to boost FinTech awareness,
Medium High
improve financial literacy and digital financial inclusion

Digitise informal and low-adoption

2 2.1 Incentivise FinTechs to digitise informal and low-adoption formal financial services Medium Medium
formal financial services
3.1 Incentivise FinTechs and corporates to create compelling digital native experiences
3 Improve digital native experiences Low Medium
to support smartphone adoption
4.1 Allocate a funding envelope within the existing Rwanda Innovation Fund (‘RIF’) or
Increase the accessibility of public High Medium
4 create a FinTech-focused fund
capital
4.2 Direct grants to support early-stage FinTechs High Medium

5.1 Stimulate private capital through co-investment initiatives with the government High Medium

5.2 Stimulate private capital through crowdfunding from private investors globally High Medium
Improve the accessibility of private
5
capital 5.3 Create greater awareness of the attractiveness of Rwanda for private investors
High High
through enhanced reporting
5.4 Provide alternative financing avenues through initiatives that support Credit/Debt
Medium Low
financing for FinTechs

6.1 Provide tax incentives such as R&D tax credits and tax relief schemes for
6 Provide R&D tax incentives High Medium
developing FinTech solutions

FinTech Strategy (2024 to 2029) 29

 7.1 Establish a unified regulatory sandbox for BNR and CMA Medium High
7.2 Build awareness of the purpose, outcomes and eligibility for sandbox participation
Create clarity around regulatory Medium High
7 to drive uptake
sandboxes
7.3 Increase the availability of the sandbox through the adoption of a rolling-basis
Low Medium
approach

Create a supportive regulatory

8.1 Establish formal working groups and utilise Consultation and Guidance papers to
8 environment through facilitated High High
facilitate industry engagement on key policy matters
industry engagement

Advocate for fair competition in 9.1 FinTech Association to assume the central role of championing equitable
9 Medium Medium
financial services competition in financial services

Expand and enhance digital 10.1 Develop a citizen-centric central data repository High Low
10 infrastructure to accommodate
additional use cases 10.2 Leverage central data repository to increase smartphone ownership High Low

11.1 Broaden FinTech accelerator partnerships for greater inclusivity High High
11.2 Increase the impact of the FinTech Association and establish it as the central body
High Medium
for FinTechs

11.3 Leverage or create a digital platform to generate demand across East Africa and
High High
foster greater collaboration between the private sector and FinTechs

11.4 BNR to leverage FinTech capability directly as an advocate and encourage

High Low
Boost cooperation and collaboration collaboration between incumbents and FinTechs
across Financial Services (including
11 11.5 BNR to foster collaboration between incumbents and FinTechs and promote
across FinTechs and incumbents) at Medium Medium
both the global and regional levels digitisation of financial services
11.6 Create ‘Licensing Portability’ to support ease of FinTech movement across the
High Low
region
11.7 Enhance regional and global collaboration through FinTech-focused trade
High High
agreements

11.8 Establish strategic partnerships to support with capital (financial and non-
Medium Low
financial) and accelerate the expansion of FinTechs into the East African market

FinTech Strategy (2024 to 2029) 30

 11.9 Enhance the Inclusive FinTech Forum and capitalise on global forums to create a
High Medium
narrative, build momentum and inspire confidence in the Rwanda FinTech ecosystem

11.10 Create an innovation hub to stimulate sector collaboration and equip it with key
High Low
capabilities

12.1 Improve identification of specialised financial services and/or tech skills required
Medium High
Optimize the process of identifying for FinTech industry
12
FinTech talent and skills
12.2 Identify areas to position Rwanda as a destination for global business services
Medium Medium
(GBS)

13.1 Enhance the training and skill development of the existing workforce to align with
High High
the rapidly evolving dynamics of the FinTech landscape
Develop and retain talent (early to
13
mid career)
13.2 Collaborate with academic institutions to establish FinTech-specific modules for
High Medium
tertiary education and create FinTech work placements for university students.

14.1 Create a visa stream for FS skillsets and tech visa initiatives Medium Medium
14 Strengthen global talent recruitment
14.2 Establish a Global Talent Alliance with select talent service providers to import
High High
tech talent into Rwanda

15.1 Improve government, regulators and FinTech Association understanding of

High Medium
FinTech business models and markets
Elevate the expertise and knowledge
15 of government, regulators and N/A
FinTech Association 15.2 Enhance the capabilities of the FinTech Association through collaborative learning
High High
and knowledge exchange with international counterparts

FinTech Strategy (2024 to 2029) 31

6.3 Roadmap for Implementation
Phase 1 - Establish fundamentals and
Phase 2 – Nurture the ecosystem Phase 3 – Grow the ecosystem
Focus Area Initiative supercharge sector
2024 2025 2026 2027 2028 2029
1.1 Create indicators and definitions for
financial literacy

Improve Financial 1.2 Supplement existing

1. Improve financial literacy campaigns within the
Literacy and NFES to boost FinTech
Financial Inclusion awareness, improve
financial literacy and
digital financial inclusion
Owner (BNR)
2. Digitise informal financial 2.1 Incentivise FinTechs to digitise informal financial
services services

3.1 Incentivise FinTechs and corporates

3. Improve digital native to create compelling digital native
experiences experiences to support smartphone
adoption
4.1 Allocate a funding envelope within the existing Rwanda
4. Increase the accessibility Innovation Fund (‘RIF’) or create a FinTech-focused fund
of public capital
4.2 Direct grants to support early-stage FinTechs

Increase Access 5.1 Stimulate private capital through co-investment

to Investment and initiatives with the government
Capital
5.2 Stimulate private capital through crowdfunding
5. Improve the accessibility from private investors globally
of private capital
Owner (RDB) 5.3 Create greater awareness of the
attractiveness of Rwanda for private
investors through enhanced reporting
5.4 Provide alternative financing avenues through
initiatives that support
6.1 Provide tax incentives such as R&D tax credits and
6. Provide R&D tax incentives tax relief schemes for developing FinTech solutions
7.1 Establish a unified regulatory
sandbox for BNR and CMA
7.2 Build awareness of
the purpose, outcomes
and eligibility for sandbox
7. Create clarity around participation to drive
regulatory sandboxes uptake
Enhance Regulatory
Guidance & Clarity 7.3 Increase the
availability of the
sandbox through the
adoption of a rolling-
Owner (BNR) basis approach

8. Create a supportive 8.1 Establish formal working groups

regulatory environment and utilise Consultation and Guidance
through facilitated industry papers to facilitate industry engagement
engagement on key policy matters

9.1 FinTech Association to

9. Advocate for fair assume the central role
competition in financial of championing equitable
services competition in financial
services

FinTech Strategy (2024 to 2029) 32

 Phase 1 - Establish fundamentals and
Phase 2 – Nurture the ecosystem Phase 3 – Grow the ecosystem
Focus Area Initiative supercharge sector
2023 2024 2025 2026 2027 2028
Develop and
Improve Access to
Digital Infrastructure 10.1 Develop a citizen-centric central data repository

10. Expand and enhance

Owner (MINICT) digital infrastructure
10.2 Leverage central data repository to increase
smartphone ownership

11.1 Broaden FinTech

accelerator partnerships
for greater inclusivity
11.2 Increase the impact of the FinTech
Association and establish it as the
central body for FinTechs
11.3 Leverage or create a digital
platform to generate demand
across East Africa and foster greater
collaboration between the private
sector and FinTechs
11.4 BNR to leverage FinTech capability directly as an advocate and
encourage collaboration between incumbents and FinTechs

Stimulate Ecosystem 11.5 BNR to foster collaboration

Collaboration between incumbents and FinTechs and
11. Boost cooperation promote digitisation of financial services
and collaboration across 11.6 Create ‘License Portability’ to support ease of FinTech movement across the
Financial Services (including region
Owner (MINICT) across FinTechs and
incumbents) at both the 11.7 Enhance regional and global
global and regional levels collaboration through FinTech-focused
trade agreements
11.8 Establish strategic partnerships to
support with capital (financial and non-
financial) and accelerate the expansion
of FinTechs into the East African market
11.9 Enhance the
Inclusive FinTech
Forum and capitalise
on global forums to
create a narrative, build
momentum and inspire
confidence in Rwanda’s
FinTech ecosystem

11.10 Create an innovation hub to stimulate sector

collaboration and equip it with key capabilities

FinTech Strategy (2024 to 2029) 33

 Phase 1 - Establish fundamentals and
Phase 2 – Nurture the ecosystem Phase 3 – Grow the ecosystem
Focus Area Initiative supercharge sector
2024 2025 2026 2027 2028 2029
12.1 Improve
identification of
specialised financial
services and/or tech
12. Optimise the process of skills required for FinTech
industry
identifying skillsets
12.2 Identify areas to
position Rwanda as a
destination for global
business services (GBS)
13.1 Enhance training
and skill development of
the existing workforce
to align with the rapidly
Deepen Talent Pool 13. Develop and retain talent evolving dynamics of the
(early to mid career) FinTech landscape
13.2 Collaborate with academic institutions to establish FinTech-
specific modules for tertiary education and create FinTech work
Owner (RDB) placements for university students
14.1 Create a visa stream for FS skillsets
and tech visa initiatives

14. Strengthen global talent 14.2 Establish a Global

recruitment Talent Alliance with select
talent service providers
to import tech talent into
Rwanda
15.1 Improve government, regulators
and FinTech Association understanding
15. Elevate the expertise and of FinTech business models and markets
knowledge of government, 15.2 Enhance the capabilities of
regulators and FinTech the FinTech Association through
Association collaborative learning and knowledge
exchange with international
counterparts

FinTech Strategy (2024 to 2029) 34

Appendix 1: Rwanda FinTech Ecosystem Assessment

Appendix 1.1 Overview of Rwanda’s FinTech Landscape

Utilising the 5-prong ecosystem assessment enablers approach, a comparative assessment between Rwan-
da and the 3 key FinTech hubs was performed, ranking each market specifically across metrics within each
ecosystem enabler, based on the degree of gaps in relevant initiatives (i.e., maturity, number of initiatives
and success of initiatives).

From the assessment, as illustrated in Figure 16, there are many opportunities for further growth and devel-
opment in comparison to the other 3 FinTech hubs. Please refer to Appendix 2.1.3 for the detailed method-
ology for the key metrics in the benchmarking exercise.

Saudi
Enabler Sub-metrics Rwanda Singapore Kenya
Arabia

Market Supply of FinTechs 4 1 3 2

Local Market Size for FinTechs 3 4 2 1

Demand
Generation
Population Readiness for FinTechs 4 1 2 3

Demand for FinTech 4 2 1 3

Availability of Public Capital 2 1 3 4

Investment &
Capital
Availability of Private Capital 4 1 2 3

Attractiveness of Regulatory Sandbox 3 1 2 4

Certainty of Emerging FinTech regulations 3 1 2 4

Policy &
Regulation
Level of Regulator-led collaborations 3 1 2 4

Attractiveness of Business Environment 3 1 2 4

Attractiveness of Supporting ICT Infrastructure 3 1 2 4

Attractiveness of Supporting Payments

Innovation 4 1 3 2
Infrastructure
& Market
Infrastructure Availability of Digital Economy Enablers 4 1 2 3

Level of Innovation Culture & Ecosystem

4 1 2 3
Collaboration

Ability to Attract Talent 4 1 2 3

Talent & Skills
Ability to Develop Talent 4 1 2 3

Figure 16: Assessment overview of Rwanda’s FinTech landscape

FinTech Strategy (2024 to 2029) 35

 Appendix 2: An Overview of the Future FinTech Association Rwanda

FinTech Association Rwanda

Government and Regulators Academia
The FinTech Association will collaborate Academia can collaborate with the FinTech
closely with government bodies and Key Roles and Responsibilities Association on research projects that explore
regulators to advocate for policies and emerging FinTech trends, regulatory challeng-
1. Fin Tech directory - Establish and manage an all-encompassing FinTech directory,
provide a supportive environment for es, and technological innovations. In addition,
functioning as a centralised resource hub for all FinTech-related affairs within Rwanda.
FinTech growth. FinTech Association can work with academia to
This directory will offer seamless access to accelerators (11.1), an array of resources,
bridge the FinTech skill gap
tools, and (4.2) grants (including Starting a Business, PoC, and Development Partner
Grants) tailored specifically for FinTechs.
2. Foster domestic collaboration - Promote local cooperation among FinTech enterpris-
es, financial institutions, and relevant stakeholders to cultivate Rwanda’s thriving FinTech
Corporates and Financial ecosystem. Achieve this by organising interactive forums, facilitating networking gather- Accelerators and Incubators
Institutions ings, and orchestrating targeted hackathons (11.2). Accelerators and incubators gain access to a
Establish partnerships with corporates 3. FinTech policy advocacy and regulatory coordination - Champion the interests ofthe network of FinTech industry expertise, resources,
and financial institutions to encourage FinTech sector and collaborate with regulatory bodies and government entities to shape networks, and funding, whilst the FinTech As-
collaboration with FinTechs and to favourable policies and regulations. This will be accomplished through the formulation sociation can partner with existing accelerators
provide industry expertise. of consultation and guidance papers (8.1). Furthermore, facilitate the smooth entry of and incubators (e.g., Norrsken) to build FinTech
FinTechs into the regulatory sandbox (7.1). programs to grow and mentor FinTechs

4. Thought leadership in FinTech - Assume a leading role in producing thought-pro-

voking and insightful content (11.2) about Rwanda’s FinTech landscape, highlighting the
compelling aspects of Rwanda’s FinTech ecosystem on a global scale.
5. Foster International collaboration - Cultivate relationships with global FinTech Asso-
FinTechs ciations such as the Singapore FinTech Association and FinTech Australia to facilitate the
Development Partners
FinTech Association to serve as a uni- exchange of knowledge and the development of international collaborative initiatives.
FinTech Association to engage with international
fied platform for FinTechs resources 6. Talent development & skills matching - Forge partnerships with academic institutions development partners to access funding, exper-
and for companies to connect, share to offer specialised short courses in FinTech and collaborate with dedicated job portals tise and best practices. Collaborative projects,
insights and learn from each other. to streamline talent matching within the dynamic FinTech ecosystem. knowledge-sharing workshops, and joint initia-
7. Alignment with the Fin Tech Strategy - The fintech association will collaborate closely tives to advance Rwanda’s FinTech ecosystem.
with the Implementation Coordinator of the FinTech Strategy and the working groups to
ensure alignment when carrying out its activities in the strategy.

Figure 17: An Overview of the Future FinTech Association Rwanda

FinTech Strategy (2024 to 2029) 36

Republic of Rwanda

In Partnership with