The Kigali International Financial Centre (KIFC) has announced the launch of Africa’s first and only Fintech Fund, worth $50 million.
The fund, which is backed by MyGrowthFund Venture Partners, will focus on fintech startups operating in Africa that have proven technology.
With the fund established in KIFC, African investments in the fintech sector will be more easily accessible, which will lead to a boost for the continent’s overall financial inclusion efforts.
Kigali International Financial Centre: The Home of Africa’s Fintechs” forum was held at the Conrad Hotel in Dubai on February 2, where the announcement was made.
The event was part of a four-day trip organized by the Rwandan government with the goal of bridging the UAE’s and Rwanda’s business communities. On February 2 and 3, thematic events focusing on banking, fintech, health, mining, and commerce were hosted.
Participants in the sessions learned about KIFC’s game-changing role in linking global investors to fintech possibilities throughout Africa
KIFC creates a culture that encourages investment and offers the resources needed to boost entrepreneurship and digital skills in the fintech sector.
“Since tech-based products and/or services account for 70% of investment deals, attracting fintech-oriented investors and establishing a thriving fintech ecosystem, which would facilitate scaling up investment across the continent, is of paramount importance to KIFC,” said Nick Barigye, CEO of Rwanda Finance Limited (RFL). The changing fintech landscape in the UAE continues to drive industry development and creative solutions, providing inspiration and partnership opportunities for the African fintech sector.
In 2021, total capital spending in African FinTech companies increased by $1.49 billion, making it Africa’s largest FinTech investment year to date at $2.02 billion.