As Rwanda harnesses digital technology to drive its economic growth, 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.”

Kigali (Ranked globally 67^th)

Rwanda Vision 2050, National Strategy for Transformation 2017-24

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 underscores Rwanda’s commitment to becoming a financial powerhouse. KIFC’s recognition on the 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 , , and are leading the charge in Rwanda’s digital finance revolution, offering innovative solutions to meet the evolving needs of consumers and businesses alike.

■ – The country’s central bank founded in 1964

■ – A fintech association promoting the industry in the country

■ – Country’s investment promotional agency

■ – Rwanda’s capital market authority

■ – An ecosystem of financial actors that will transform Rwanda into an international financial destination for investors

Rwanda has some key milestones pertaining to fintech as a whole:

Key statistics of the country:

This is an excerpt from The Fintech Times: Middle East and Africa (MEA) 2024 Report.