Rwanda’s Capital Market Authority (CMA) is strengthening its position as a regional leader in financial innovation, with its regulatory sandbox providing a critical testing ground for FinTech firms navigating compliance while scaling their solutions.
During a recent webinar, industry leaders and policymakers discussed how Rwanda’s evolving regulatory framework is fostering a technology-driven financial sector. The event underscored the importance of regulatory clarity and public-private collaboration in positioning Rwanda as a global financial hub.
Leila Rwagasana, FinTech Lead at Rwanda Finance Ltd, highlighted the role of the Kigali International Financial Centre (KIFC) in attracting international investment. “Through KIFC, we are working to bring in global investors and technology-driven financial services,” she said. “Regulatory clarity and strategic partnerships are key to achieving this vision.”
The CMA’s sandbox framework has become a focal point for adaptive policy development, offering startups a controlled space to test innovations under regulatory supervision. Jerome Ndayambaje, Digital Innovation Analyst at CMA Rwanda, emphasized its role in balancing market integrity with industry growth. “The CMA sandbox is designed to help firms navigate regulatory requirements while promoting responsible innovation. It enables us to refine policies in real time in response to emerging trends,” he noted.
Market players participating in the sandbox see it as an essential platform for bridging FinTech and traditional finance. Darius Mukiza, Head of Fund Management at BK Capital, credited the initiative with enabling firms to explore digital investment solutions. “Being part of the sandbox allowed us to test new digital financial products within a structured environment,” he said. “This initiative is crucial for firms integrating FinTech into traditional financial services.”
Samuel Njuguna, CEO of Moneto Ventures, echoed the sentiment, describing the sandbox as a key enabler for startups. “The sandbox was instrumental in helping us refine our product while ensuring compliance with regulatory standards. This kind of collaboration between regulators and innovators is essential for FinTech growth,” he stated.
CMA Chief Executive Officer Thapelo Tsheole reinforced the authority’s commitment to maintaining a balance between innovation and investor protection. “Our goal is to provide a framework that encourages innovation while safeguarding investor protection and maintaining market integrity,” he said.
Rwanda’s FinTech ecosystem is gaining traction as regulatory bodies work closely with private sector players to develop a market-friendly environment. With its regulatory sandbox, the CMA is setting the stage for sustainable FinTech growth, ensuring that innovation aligns with robust oversight.
