President Paul Kagame opening the Inclusive Fintech Forum #IFF2025 | Kigali, 25 February 2025
Rwanda is positioning itself as a leading hub for financial technology (fintech) in Africa, with an ambitious goal to create 7,500 jobs and boost investments in the sector to $200 million by 2029.
This vision is outlined in the country’s National Fintech Strategy 2024–2029, recently highlighted in the Africa Fintech Landscape 2024 Year in Review report.
This momentum will be further amplified at the Inclusive FinTech Forum, taking place February 24-26, 2025, at the Kigali Convention Centre, which brings together over 2,500 leaders, investors, and fintech companies to advance financial inclusion through impactful dialogues and partnerships.
A Strategic Vision for Growth
Rwanda’s National Fintech Strategy, developed in collaboration with the National Bank of Rwanda (BNR), Rwanda Finance Limited, and other stakeholders, aims to increase fintech adoption to 80% by 2029.
The strategy focuses on supporting innovative financial solutions that can drive financial inclusion, promote economic growth, and create employment opportunities. Key targets include increasing the number of fintech companies by 30% and creating a conducive environment for both startups and established firms.
This forward-looking approach is already making an impact. According to the report, Africa’s fintech sector is expected to grow fivefold by 2028, reaching $47 billion in revenue. Rwanda’s emphasis on regulatory support and innovation positions it to capture a significant share of this growth.
Rwanda Among Africa’s Innovation Leaders
With a regulatory sandbox designed to foster innovation, Rwanda stands out among the 16 African countries with similar initiatives. It provides a controlled environment where fintech companies can test innovative products and services under the supervision of regulators.
Other countries with similar frameworks include Kenya, Nigeria, South Africa, and Egypt. However, Rwanda’s sandbox stands out for its clear eligibility criteria, streamlined application process, and strong focus on consumer protection.
Applicants to Rwanda’s sandbox must demonstrate that their solutions are both innovative and ready for live testing. They must also provide comprehensive testing plans and risk mitigation strategies. Once approved, companies can test their products with real customers, ensuring practical feedback and real-world data.
Regular progress reports are required, ensuring transparency and accountability throughout the process. Successful projects can transition from the sandbox to full commercial deployment, helping to scale innovations that benefit the wider economy.
A Competitive Edge in Fintech Innovation
While other African nations are also pursuing fintech growth, Rwanda differentiates itself through its integrated and forward-thinking approach. Unlike some competitors, Rwanda has aligned its fintech strategy with broader national development goals, including financial inclusion, digital transformation, and job creation.
This holistic approach ensures that fintech growth supports both economic development and social progress.
Moreover, Rwanda’s proactive regulatory stance sets it apart. By fostering collaboration between regulators and the private sector, the sandbox helps bridge the gap between innovation and compliance.
This collaborative environment reduces barriers to market entry, encouraging both local startups and international investors to explore opportunities in Rwanda. Events like the Inclusive FinTech Forum will further support this ecosystem by creating opportunities for networking, partnerships, and knowledge sharing.
Speaking at the start of the Forum this Tuesday, President Paul Kagame said: “With our continent’s young and tech-savvy population, Africa can compete with the rest of the world and successfully innovate.”
“Taking ownership of our development is not something we can ask others to do for us.”
The country’s stable political environment, supportive government policies, and advanced digital infrastructure further enhance its appeal as a fintech destination. With initiatives such as the African Continental Free Trade Area (AfCFTA) promoting cross-border trade and investment, Rwanda is well-positioned to serve as a gateway for fintech companies looking to expand across Africa.
Speaking at the Fintech Forum’s opening, Wamkele Keabetswe Mene, the AfCFTA secretary general, said last year he had visited Rwanda six times.
“And the reason is simply this. To be inspired because this is a country where things get done,” he said amid applause from audience. “And this forum today, and what we have just heard in the previous segment, is a testament to what we can achieve in collaboration with the private sector.”
Why Rwanda’s Strategy Stood Out in the Report
The Africa Fintech Landscape 2024 report highlighted Rwanda’s fintech strategy due to its clear targets, robust regulatory framework, and emphasis on financial inclusion. At a time when East Africa’s share of regional fintech funding fell from 68% in 2023 to 12% in 2024, Rwanda’s proactive measures stand out as a blueprint for sustained growth.
The report specifically noted Rwanda’s goal of creating 7,500 new jobs, emphasizing the country’s focus on leveraging fintech to drive employment and economic development.
Additionally, Rwanda’s emphasis on emerging technologies such as artificial intelligence (AI) positions it at the forefront of future fintech innovation. With a youthful and increasingly digitally literate population, Rwanda is poised to become a key player in Africa’s digital economy.
As Rwanda continues to implement its National Fintech Strategy, the country is well on its way to becoming a leading fintech hub in Africa. By fostering innovation through its regulatory sandbox, aligning fintech growth with national development goals, and hosting industry events like the Inclusive FinTech Forum, Rwanda is creating a vibrant ecosystem that benefits businesses, consumers, and the broader economy. With ambitious targets for job creation, investment, and adoption, Rwanda’s fintech journey is one to watch in the years ahead.
