Kigali, November 29 Rwanda has launched a five-year fintech strategy aimed at fostering a fintech ecosystem and positioning the country as a regional financial hub.
Fintech refers to technological innovations in financial services that can give rise to new business models, applications, processes or products that have a significant impact on financial markets, institutions and the provision of financial services, the fintech agency reported. Xinhua Press.
The strategy aims to make Rwanda the preferred destination for startups and fintech investments in Africa while consolidating its position as a leading financial center on the continent, according to the Ministry of Information and Communication Technologies (ICT) and of Innovation.
This aligns with national efforts to improve 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 Financial Technology Strategy. This strategy represents not just a policy document but our country’s commitment to positioning Rwanda as the one of the leading fintech hubs in Africa,” said Rwanda’s Minister of ICT and Innovation, Paula. Ingabire said at the launch in Kigali, the country’s capital.
The strategy focuses on improving financial literacy, expanding access to investment and capital, improving regulatory frameworks and developing a robust digital infrastructure.
Data from the Ministry of ICT and Innovation shows remarkable growth in Rwanda’s fintech sector. While there were only three registered fintech companies in 2014, the country now has over 75 active fintech players, serving over 3 million users nationwide.
“This growth has helped increase our financial inclusion rate from 93 percent in 2020 to 96 percent today,” Ingabire said.
The government also aspires to achieve an 80% fintech adoption rate, rank among the top 30 countries in the Global Fintech Index and become the leading fintech hub in Africa under the new strategy .
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