Kigali, Nov 29 (IANS): Rwanda launched a five-year fintech strategy aimed at fostering a fintech ecosystem and positioning the country as a regional financial centre.
Fintech refers to technology-enabled innovations in financial services that can result in new business models, applications, processes, or products with significant impacts on financial markets, institutions, and the delivery of financial services, Xinhua news agency reported.
The strategy seeks to establish Rwanda as the preferred destination for fintech startups and investments in Africa while solidifying its position as a leading financial hub on the continent, according to the Ministry of Information Communication Technology (ICT) and Innovation.
It aligns with national efforts to enhance ICT penetration and promote the adoption of digital payment systems, officials said.
"Today marks a significant milestone in Rwanda's digital transformation journey as we launch our national fintech strategy. This strategy represents not just a policy document but our country's commitment to positioning Rwanda as a leading fintech hub in Africa," Rwandan Minister of ICT and Innovation Paula Ingabire said during the launch in Kigali, the country's capital.
The strategy emphasises improving financial literacy, expanding access to investment and capital, enhancing regulatory frameworks, and developing robust digital infrastructure.
Data from the Ministry of ICT and Innovation show remarkable growth in Rwanda's fintech sector. From just three registered fintech companies in 2014, the country now hosts over 75 active fintech players, serving more than 3 million users nationwide.
"This growth has contributed to our financial inclusion rate rising from 93 per cent in 2020 to 96 per cent today," Ingabire said.
By 2029, Rwanda aims to host 300 fintech players, create 7,500 direct jobs in the fintech sector, and attract a total investment of $200 million in Rwanda-based fintech companies.
The government also aspires to achieve an 80 per cent fintech adoption rate, rank among the top 30 countries on the global fintech index, and become the leading fintech hub in Africa under the new strategy.