Paula Ingabire, minister of Information and communications technology and Innovation, Rwanda.

Rwanda intends to invest $200 million in locally based finance technology (fintech) enterprises between next year and 2029.

This vision is part of the Fintech Strategy 2024-2029, which was released by the Ministry of Information and Communications Technology as Innovation.

Its main goal is to propel Rwanda to the number one fintech hub in Africa and into the top 30 globally, up from fifth on the continent and 61st in the world at the moment.

President Paul Kagame's government disclosed that the fintech investment is $200 million for the ambitious project.

“The substantial growth in fintech investment is anticipated, particularly in jurisdictions characterised by a conducive environment for innovation, availability of investment ready fintechs and robust regulatory frameworks,” statement from ICT Minister Paula Ingabire, said.

The plan would also be considered successful if the number of fintech players increased to 300 from the present 75, according to the government.

Also, it said fintechs are expected to have produced 7,500 jobs by the end of the strategy.

Rwanda's plan also aims to increase fintech usage to 80 percent, up from 61 percent currently.