Executive summary:
1. Purpose of the National 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 faces 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.
The vision for the National 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.
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.
