Rwanda launched a five-year fintech strategy on Thursday, with the goal of developing a fintech ecosystem to position the country as a regional financial centre.

According to the Ministry of Information Communication Technology (ICT) and Innovation, the plan aims to establish Rwanda as the preferred location for African fintech companies and investments, as well as to strengthen its status as the continent's top financial hub.

It is consistent with national goals to increase ICT penetration and encourage the use of digital payment systems, according to the government.

The ambitious scheme, covering 2024-2029, aims to attract US$200 million worth of investments for local fintech firms.

“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 Ingabire, minister of ICT and Innovation.

She stated that despite having only three registered fintech companies in 2014, the East African country currently has over 75 active fintech players serving more than 3 million people nationwide.

According to the government, this expansion has helped raise the financial inclusion rate.

Aside from attracting investments, Rwanda intends to have at least 300 fintech businesses, 7,500 direct jobs in the sector by 2029, an 80 percent fintech adoption rate, and a ranking in the top 30 on the global fintech index.

“Our target is ambitious but achievable,” Ingabire said.