Rwanda has unveiled an ambitious five-year national strategy to transform the country into a leading African fintech hub, with a bold target of creating 7,500 new jobs and attracting $200 million (Rwf234 billion) in investments by 2029. 

The strategy also aims to double fintech adoption to 80% and expand the number of fintech firms by 30%, signaling a powerful commitment to digital financial inclusion and economic development.

“This strategy represents not just a policy document, but our country’s commitment to positioning Rwanda as a leading fintech hub in Africa,” said Paula Musoni, Minister of ICT and Innovation.

From a mere three registered fintech companies in 2014 to over 75 today serving more than 3 million users, Rwanda’s fintech journey has been rapid and strategically driven by policy innovation, government backing, and growing consumer demand. As of the end of 2024, the country’s financial inclusion rate stood at an impressive 96%.

At the heart of Rwanda’s fintech drive is the regulatory sandbox, a pioneering initiative by the Central Bank allowing fintech firms to safely test new products under regulatory supervision. Since its launch in 2022, 17 firms have already entered the sandbox, offering everything from AI-powered lending to blockchain-based savings platforms.

“Testing in the sandbox allows us to learn how these technologies work in practice while ensuring that consumers are protected,” said Benjamin Karenzi, CEO of IT Consortium Rwanda and founder of Chango, a digital platform revolutionizing savings groups.

The new strategy also embraces future-facing technologies, with a strong emphasis on artificial intelligence, digital payments, and blockchain innovation. Experts believe this approach will not only attract global investors but also create local value chains, especially in payment systems and mobile wallets.

Norbert Haguma, Country Manager at NALA Payments and Chair of the Rwanda Blockchain Association, described the $200 million investment target as realistic, considering the global fintech sector sees over $200 billion in annual investments. “This policy’s focus on regulatory clarity and talent development could be a game changer,” he added.

A key player in the rollout, Rwanda Finance Limited, is actively courting international fintech firms through partnerships and global forums. Notably, Rwanda and Singapore co-launched the Inclusive Fintech Forum, a major annual event that convenes global thought leaders to shape inclusive digital finance solutions.

Despite a drop in East Africa’s share of fintech funding from 68% in 2023 to just 12% in 2024, Rwanda stood out for its steady progress and policy alignment. According to the Africa Fintech Landscape 2024 report, Rwanda is a “strong example” of how targeted government support can drive fintech growth and regional competitiveness.