A new finance technology hub to be launched in Rwanda

Kigali/ Image Credit: Disrupt Africa

On the sidelines of the Transform African Summit, a new partnership has been signed between Finance Innovation, a French competitiveness cluster dedicated to supporting the growth of innovative projects for the competitiveness of the French financial industry and kLab, a local hub that is currently promoting innovations from local start-ups. The two parties will collaborate on initiatives related to fintech industry.

Speaking to The New Times Joelle Durieux, the Chief Executive Officer of Finance Innovation, disclosed that they have already entered the partnership with the Government to set up the hub.

“The project of creating a finance technology hub in Rwanda has been approved. We entered a partnership with kLab as one of the partners. The hub will enable the creation of new business and identify the latest innovation trends for the financial sector,” she  added

kLab is a local hub that is currently promoting innovations from local start-ups. kLab’s mission is to promote, facilitate and support the development of innovative ICT solutions by nurturing a vivid community of entrepreneurs and mentors.

Why it matters

Traditional sectors in the economy such as banking and asset management are being disrupted by the emergence of FinTech.For years, banks have had complete monopoly over how loans are given out and the procedure behind it. With FinTech growing more by the year, startups are now finding a way to bypass the bank’s procedures and provide a more efficient service to savers and borrowers.

 

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