The Ministry of ICT and Innovation, in partnership with Access to Finance Rwanda (AFR), officially launched the National Fintech Strategy on November 28 - a landmark initiative that provides a comprehensive roadmap for developing a robust and inclusive fintech ecosystem in Rwanda.
It also aims at fostering financial inclusion, attracting investments, and positioning the country as a leading fintech hub in Africa.
Under the theme "Shaping the Future of Fintech in Rwanda," the strategy will guide Rwanda's fintech development from 2024 to 2029. The launch event included sandbox demo pitches and an exhibition by the National Bank of Rwanda, highlighting Rwanda's evolving fintech landscape.
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Minister of ICT and Innovation, Paula Ingabire, described the strategy as a significant step forward, emphasizing its collaborative development process involving both public and private sector stakeholders.
"As part of the release from finance, from a policy level, we made efforts to understand some of the challenges that the fintech industry is facing. We are bringing together all stakeholders to solve these challenges and foster growth in the region," she stated.
Ingabire highlighted Rwanda's financial inclusion rate, now at 96%, as evidence of the strides made in addressing systemic challenges.
"I think everyone in Rwanda needs to continue committing to the fintech community. Together, we can overcome the industry's challenges, explore new possibilities, and foster innovation," she added.
Jean Bosco Iyacu, CEO of Access to Finance Rwanda, lauded the government's proactive approach and its commitment to effective implementation.
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"It's rare to see different organizations coming together to support one strategy. Fintechs have used resources to share ideas and create markets, and this strategy builds on that momentum," he said.
Iyacu also emphasized how interoperable platforms like e-Kash have paved the way for innovation within the fintech ecosystem by facilitating integration of financial institutions and fintechs at a lower cost. "The central bank and capital markets have joined us in addressing identified challenges, ensuring solutions are consistently implemented," he added.
The Governor of the National Bank of Rwanda, John Rwangombwa, credited fintechs for bridging gaps in financial access. He highlighted the success of the Fintech Heritage Sandbox, launched in 2022, which has supported over 50 fintechs in testing and refining their solutions.
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"The sandbox provides a live but controlled environment for both local and global fintechs to test their innovations. This creates a pathway for scaling solutions within Rwanda and across the region," Rwangombwa explained.
He also underscored the sandbox's dual role in enabling innovation and managing risks associated with new technologies. "This ensures that while the financial ecosystem grows, it remains trustworthy and secure," he noted.
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Richard Tusabe, Minister of State in charge of the National Treasury, stressed the role of innovation and education in advancing Rwanda's fintech ambitions.
"This strategy reflects our country's commitment to integrating emerging technologies into the financial sector. Innovation drives progress in financial services, enhancing product delivery, operational efficiency, and market competitiveness," Tusabe remarked.
He cautioned, however, that financial technological advancements introduce risks requiring careful oversight. "Achieving a balance between fostering innovation, ensuring market stability, and protecting stakeholders is key to long-term growth," he concluded.
