Leveraging technology to bridge Rwanda’s formal savings gap

Rwanda's formal savings gap has presented an opportunity to empower people through greater access to financial tools, fostering economic inclusion. The vibrant market has caught the attention of Samuel Njuguna, CEO of Moneto Ventures LTD, who has been at the forefront of leveraging technology to bridge this gap in Rwanda. Njuguna shared insights into the success story of their app in Kenya and the promising landscape in Rwanda during an exclusive interview with CNBC Africa. Njuguna highlighted the key factors that made Rwanda an attractive market for their innovative financial solutions - a significant waiting list of interested Rwandans and a conducive regulatory environment supported by the Capital Markets Authority's sandbox. The sandbox provided a streamlined pathway for Moneto Ventures to set up and test their solutions, leading to a successful launch in the Rwandan market. When comparing the niche in Rwanda to that of Kenya, Njuguna emphasized the similarities in regulatory support through sandboxes in both markets. He noted the importance of having an environment that nurtures innovation without burdening tech pioneers with lengthy regulatory processes. Rwanda's proactive approach towards fostering FinTech innovation has facilitated partnerships with fund managers and accelerated the adoption of tech-driven financial services. Furthermore, Njuguna shed light on tailoring their offerings to align with Rwandan culture and societal practices. The Moneto Ventures app incorporates cultural nuances, such as linking savings triggers to community activities like Omuganda, to promote a holistic approach to financial well-being. By integrating cultural values into the platform, the company aims to engrain a savings culture that resonates with the local population. The CEO also shared his positive experience at the FinTech Strategy event in December, where stakeholders emphasized the importance of collaboration between FinTech companies and government entities to drive savings and investment initiatives. Njuguna expressed confidence in the supportive ecosystem and highlighted the commitment of Rwandan ministers towards fostering a conducive environment for FinTech innovation. In response to market trends, Njuguna emphasized the importance of continuous innovation and adaptation to meet the evolving needs of Rwandan consumers. By staying attuned to the market demands and cultural nuances, Moneto Ventures aims to drive financial inclusion and savings habits among the Rwandan population. The CEO's strategic approach to product development and regulatory engagement reflects a commitment to revolutionizing the financial landscape in Rwanda, one innovative solution at a time.