As Rwanda harnesses digital technology to drive its economic growth, Richie Santosdiaz examines the country’s strategic push towards becoming a significant fintech player in Africa, focusing on pivotal developments and national strategies that underscore its ambitions.”
Capital and financial hub: Kigali (Ranked globally 67th)
Key economic development strategy: Rwanda Vision 2050, National Strategy for Transformation 2017-24
Economic, financial services and fintech overview:
Rwanda has emerged from its troubled past to become a beacon of progress and innovation, earning the moniker ‘Switzerland of Africa’ and positioning itself as a regional hub with ambitions for continental leadership. The country’s 2050 vision aims to propel Rwanda into a globally competitive, knowledge-based economy, with digital technology playing a central role in its growth trajectory.
At the heart of Rwanda’s economic transformation is its financial services industry, which includes a diverse array of banks and institutions. The establishment of the Kigali International Financial Centre (KIFC) underscores Rwanda’s commitment to becoming a financial powerhouse. KIFC’s recognition on the Global Financial Centres Index (GFCI) as one of the most promising financial centres in Sub-Saharan Africa highlights Rwanda’s rapid progress in this sector.
Despite its turbulent history, Rwanda has made significant strides in financial inclusion, with over three-quarters of the population now formally included in the financial system. Moreover, nearly 60 per cent of adults utilise more than three financial services, demonstrating a robust demand for financial products and services. The country has also embraced digital payments, with one-third of Rwandans making digital transactions annually.
Fintech companies like ADFinance, MobiCash, and Comza Africa are leading the charge in Rwanda’s digital finance revolution, offering innovative solutions to meet the evolving needs of consumers and businesses alike.
Key organisations:
■ National Bank of Rwanda – The country’s central bank founded in 1964
■ Rwanda Fintech Association – A fintech association promoting the industry in the country
■ Rwanda Development Board – Country’s investment promotional agency
■ Capital Market Authority – Rwanda’s capital market authority
■ Kigali International Financial Centre – An ecosystem of financial actors that will transform Rwanda into an international financial destination for investors
Breakdown of sector:
Image Source: The Fintech Times
Timeline of key fintech highlights:
Rwanda has some key milestones pertaining to fintech as a whole:
2015 Smart Rwanda Master Plan
2017 Rwanda launches National Strategy for Transformation (2017-2024) to boost innovation in Rwanda
2018 Rwanda launches National Payment Strategy 20182024; also launches Rwanda Capital Market Masterplan 2018-2028; also launched open banking regulations
2019 National Financial Inclusion Strategy was launched in Rwanda
Image Source: The Fintech Times
Key statistics of the country:
Image Source: The Fintech Times
This is an excerpt from The Fintech Times: Middle East and Africa (MEA) 2024 Report.
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