Rwanda’s financial sector has reached a major milestone in formal inclusion, with 93 percent of adults now financially included, driven largely by fintech growth and the expansion of mobile money services.
However, authorities say the challenge has shifted from access to depth, with most innovation still concentrated in payments rather than broader financial services.
This was highlighted by Nick Barigye, deputy governor of the Central Bank of Rwanda, during the opening of the 2nd Edition of the Regulatory Sandbox Demo Day.
Barigye said the sandbox plays a critical role in bridging innovation and regulation while improving market relevance.
“This platform not only showcases emerging solutions, but also creates space for dialogue and feedback, allowing us to refine ideas and ensure they respond effectively to market needs,” he said.
He added that regulators must balance innovation with financial stability and consumer protection.
“As innovation accelerates, we must strike the right balance between enabling new solutions and safeguarding financial stability and consumer protection,” he said.
Barigye said the National Bank of Rwanda regulatory sandbox provides a controlled environment for innovators to test and refine solutions before scaling to the wider market.
“The task before us is clear: to turn innovation into impact and ensure that financial inclusion delivers meaningful outcomes for all,” he said.
Esther Kunda, director general for Innovation and Emerging Technologies at the Ministry of ICT and Innovation, said Rwanda is focusing on strengthening its digital foundations to support inclusive fintech growth.
“We are strengthening digital awareness as a foundation for building an inclusive digital ecosystem. At the ministry level, the focus is on real use cases that demonstrate how the ecosystem works in practice,” she said.
She added that interoperability remains central to Rwanda’s digital strategy.
“A citizen should not have to choose between platforms; interoperability should ensure seamless, integrated access to services,” she said.
Kunda also highlighted ongoing efforts to expand digital access and awareness through initiatives such as the national cashless campaign in partnership with the central bank.
“Fintech is a broad ecosystem, and access to digital devices and digital inclusion remain key cornerstones for scaling it effectively,” she said.
Share
