Rwanda’s Fintech Strategy 2029

The Government of Rwanda has unveiled a five-year fintech strategy, setting out ambitious goals for the sector by 2029.

These goals include expanding the sector to 300 fintech companies, creating 7,500 new jobs within the sector, and achieving an 80% fintech adoption rate, representing a significant leap from the current stage of the industry.

The Rwanda Fintech Strategy 2024-2029, developed in collaboration with the National Bank of Rwanda (NBR), Rwanda Finance Limited (RFL), Capital Market Authority (CMA) and Access to Finance Rwanda (AFR), aims to transform Rwanda into a hub for financial services in Africa and establish the country as a launchpad for local and global fintech firms. It’s also geared towards improving financial inclusion and fostering economic growth, aligning with broader national economic and social development goals.

Rwanda Fintech Strategy (2024-2029), Source: Government of Rwanda, Oct 2024

The strategy outlines several specific objectives. Among these, it seeks to:

Increase the total number of fintech companies operating in the country by 30% annually from 75 currently to at least 300 within the next five years;
Generate 7,500 new jobs in the fintech sector, representing a annual growth rate of 30%;
Attract US$200 million in fintech investments by 2029, a sharp increase from US$11 million in 2022;
Boost fintech adoption rate to 80%, representing a 33.3% increase from the current mobile money adoption rate of 61%;
Improve Rwanda’s global ranking as a fintech hub from 61st on Findexable’s Global Fintech Rankings to rank among the top 30 fintech hubs worldwide;
Increase the number of investment funds present in the country from 2 in 2023 to 25; and
Create a supportive environment with streamlined regulations, clear policies, and proactive regulatory guidance.

Rwanda’s fintech sector

Rwanda’s fintech sector, though still small, has grown significantly over the past years. It currently comprises around 75 companies, up from a mere 17 in 2024.

The payments, cleaning and settlement vertical, along with fintech enablers, dominate the sector, each comprising 22 companies. Deposit lending, insurance, and savings follow with 16, five, and five companies, respectively.

Fintech subsectors in Rwanda, Source: Rwanda Fintech Strategy 2024-2029, Oct 2024

The growth of fintech in Rwanda has significantly boosted financial inclusion in the country. In 2020, 93% of adults in the country used formal or informal financial products, up from 89% in 2016, according to Finscope. This progress was largely fueled by the adoption of fintech solutions. In 2020, only 2.6 million adults in the country were banked or were using banking services, according to Finscope, implying a banking penetration rate of just 36%. These figures underscore the significant role of non-bank financial services in driving financial inclusion.

The Rwanda Fintech Strategy 2024-2029 builds on existing initiatives launched by the government to boost fintech development. In 2022, the central bank launched a regulatory sandbox, allowing fintech innovators to test their products while enabling regulators and policymakers to stay abreast of the latest developments. Since its inception, the Fintech Heritage Sandbox has supported over 50 fintech companies in testing and refining their solutions, John Rwangombwa, Governor of the NBR, said in November 2024.

The CMA also runs its own sandbox, catering to fintech companies under its remit and operating in the securities market.

Other key fintech initiatives launched by the Rwandan government include the Rwanda Integrated Payments Processing System (RIPPS), implemented in 2011 and updated in 2020 to expand access to non-bank financial institutions and the Rwanda National Digital Payment System (RNDPS), also known as eKash, a real-time payment system for sending and receiving money between mobile network operators, banks and microfinance institutions.

The Rwanda Fintech Strategy 2024-2029 aligns with broader national plans including Vision 2050 and the National Strategy for Transformation 2017-2024, which seek to turn Rwanda into a hub for financial services in Africa. It also complements the Rwanda National Payment System Strategy 2018-2024, which focuses on promoting electronic payments and achieving a cashless society.