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American Journal of  Financial 
Technology and Innovation (AJFTI)

Assessing the Role of  Fintech in the Economic Growth and Development in Rwanda 
(2018-2023)

Munana Mugisha Salim1*

Volume 2 Issue 1, Year 2024
ISSN: 2996-0975 (Online)

https://doi.org/10.54536/ajfti.v2i1.2557
https://journals.e-palli.com/home/index.php/ajfti

Article Information ABSTRACT

Received: February 25, 2024

Accepted: March 14, 2024

Published: July 12, 2024

The study entitled “Assessing the Role of  FinTech in the Economic Growth and Development 
in Rwanda (2018-2023)” was conducted to assess the validity of  one hypothesis, which was 
divided into two hypotheses: there is no significant role of  FinTech in economic growth of  
Rwanda and the second is there is no significant role of  FinTech on economic development 
of  Rwanda. The study has used only secondary data. The indicators for hypotheses testing 
were assumed 3 indicators for the independent variable and two indicators under the 
dependent variable (see the conceptual framework). Data were collected from the National 
Institute of  Statistics (NISR), which reported national accounts, World Bank data, and global 
economy data. Data analysis was performed with the support of  Ms. Excel and Statistical 
Package for Social Scientist version 20 (SPSS). Data was presented in the form of  descriptive 
statistics and inferential statistics (linear regression model). The conclusion of  the study 
relies on the acceptance or failure to accept study hypotheses. The main study hypothesis 
was divided into hypotheses for easy data analysis, which has simplified and led to the 
provision of  two hypotheses: one for the role of  FinTech on the economic growth of  
Rwanda and the second on the role of  FinTech on the economic development of  Rwanda. 
Data analysis generally has concluded by rejecting both null hypotheses, and the results made 
the study conclude that there is the significant role of  FinTech in economic growth and 
development of  Rwanda. However, going from indicator to indicator, there is insufficient 
evidence to confirm the correlation between the growth of  several FinTech start-ups in 
Rwanda and the economic growth and development of  Rwanda as the correlation between 
these variables remains negative. In another case for all three variables, the coefficient table 
has provided no statistically significant relationship as all p-values are less than a 5% level 
of  significance. This means that, for assessing the determinants of  economic growth and 
economic development, there is a need to select more indicators or variables rather than 
choosing three indicators only as it is in this study.

Keywords
Assessing, Role, FinTech, 
Economic Growth, Economic 
Development

INTRODUCTION
Fintech, something else called web back or computerized 
monetary incorporation, essentially alludes to an 
amalgamation of  back and data innovation. It constitutes 
installment and settlement, hazard administration, 
organizing channels, and asset assignment capacities. 
Fintech has extended significantly within the monetary 
industry much obliged to the quick extension of  the Web, 
data innovation, versatile phones, and advanced advances. 
The budgetary administrations industry around the world 
has been changed by technology-enabled monetary 
services known as FinTech. This troublesome innovation 
is reshaping money-related items, trade models, markets, 
and indeed the concept of  cash itself, offering better 
approaches to gathering and utilizing information, 
making modern venture resources, and expanding 
inventive administrations. The progressing digitization of  
money related administrations and cash makes openings 
to construct more inclusive and proficient monetary 
administrations and advance financial improvement. To 
form it happen a recent World Bank report, Fintech and 
long Haul of  Back, investigates the emotional changes 
within the budgetary administrations industry and 

underscores the require for policymakers and financial 
regulators to address unused challenges and back 
dependable advancement (Kireyeva, 2021).
In creating economies, there observed colossal advances 
in money-related administrations. There has been 
a marvelous increment within the share of  grown-
ups utilizing monetary accounts, which rose by 30 
rate focuses between 2011 and 2021 to 71 percent, is 
somewhat inferable to FinTech improvements such 
as versatile cash. The share of  grown-ups making or 
accepting computerized installments developed to 57 
percent in 2021 from 35 percent in 2014 concurring 
to the most recent circular of  World Bank Findex 
information studies. Usually extraordinary news for 
financial development and diminishing imbalance, 
destitution, and familiarity. For destitute individuals and 
little businesses without get to monetary administrations 
as fundamental as a bank account, FinTech is opening an 
unused world of  opportunity. Fintech offers the capacity 
to send and receive installments safely and pick up get to 
reserve funds, credit, and protections items that can offer 
assistance grow businesses, relieve dangers, and arrange 
their prospects (Nuguer, 2022).

1 Faculty of  Business and Media, Philosophy in Finance and Economics, Selinus University, Rwanda
* Corresponding author’s e-mail: Salim-013@live.com



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This transformation has particularly benefitted 
ladies. Owning advanced accounts boosts women 
independence and standing inside the family, as they can 
straightforwardly get to government installments and 
compensation, instead of  depend on male relatives for 
control of  family funds. Computerized accounts have 
too given ladies more noteworthy get to credit, which 
has been appeared to assist destitute individual’s smooth 
vacillations in salary. Take the illustration of  ladies who 
once had to depend on day advances from advance 
sharks when they needed credit. These advances had 
intrigued rates of  between 10 and 20 percent per day at 
some point indeed more. Women can presently advantage 
from FinTech administrations which give microloans at 
more competitive rates made conceivable by utilizing 
elective information and information analytics to survey 
her credit as long as appropriate shields are input. The 
FinTech transformation is additionally lessening the costs 
of  settlement administrations, a life saver for families in 
creating nations who are subordinate on budgetary offer 
assistance from relatives working overseas. The World 
Bank Settlements Cost Around the world information 
appears that the normal cost for sending $200 is around 
6 percent over all sorts of  suppliers, while the cost to 
send settlements through versatile cash administrations 
is beneath 4 percent. This implies more cash for families 
to spend on fundamental needs, such as nourishment, or 
wellbeing care and instruction (Tyson, 2021).

LITERATURE REVIEW
For Rwanda’s digital evolution to become 
transformational, the private sector needs to play a 
far greater role in spearheading digitization, through 
both increased technology adoption and support for 
innovation. So far digital adoption has been slow to 
permeate key sectors, and uptake among Micro, Small 
and Medium Scale Enterprises (MSME’s) has been 
modest. For example, greater merchant acceptance of  
DFS could help unlock further growth of  FinTech, and 
much more can be done to extend the benefits of  Digital 
Financial Services (DFS) to MSMEs more generally by 
incentivizing uptake. Where MSMEs typically find access 
to credit to be a significant challenge, DFS can also offer 
a potential solution. Bringing more MSMEs online can 
also increase opportunities for startups to offer digitally 
enabled business applications, as well as gradually increase 
local e-commerce (World Bank Group, 2020).
As in numerous creating nations, versatile cash 
was advocated as a critical device of  money related 
incorporation in Sub-Saharan Africa. This consider 
endeavors to distinguish the components persuading 
Rwandans to utilize the portable cash utilizing the 
FinScope 2016 study information collected from an 
arbitrary test of  12,480 people. Considering that receiving 
and utilizing portable cash is discretionary, the greatest 
probability strategy was utilized to assess an endogenous 
exchanging relapse show to account for test choice and 
indigeneity. The comes about put forward the part of  

financial components, riches and profitable resources 
on sparing advancement. Versatile cash contributes 
essentially on sparing advancement; it is in this way a 
figure to boost the money related incorporation and 
a use point of  financial advancement through the 
upgrade of  comprehensive development. Based on the 
investigate discoveries, it is suggested that investigating 
the components and techniques to put in put a cashless 
financial framework would make strides the financial 
change in Rwanda (Maniriho, 2021).
Song, N. (2022) has assessed the impact of  Fintech on 
Economic Growth: Evidence from China. Budgetary 
innovation (FinTech) has seen quick advancement as of  
late in China; be that as it may, ponders investigating the 
commitments of  FinTech to China financial development 
stay constrained. In this way, this think about propelled by 
the information crevices and quick development of  FinTech 
inspected (i) the effect of  FinTech and the sub-measures of  
third-party installment, credit, and protections on China’s 
financial development; (ii) the territorial and common 
effect of  FinTech on China financial development; (iii) 
the causality connections between FinTech and financial 
development. By using a sample of  31 provinces in China 
and the instrumental variable generalized method of  
moments (IV–GMM) technique, the study established the 
following: (i) FinTech and the sub-measures of  third-party 
payment, credit, and insurance have a statistically significant 
positive effect on China’s economic growth. Specifically, 
a 10% rise in FinTech, third-party payment, credit, and 
insurance raises China’s economic growth by 8%, 4%, 
5%, and 16%, respectively; (ii) the eastern region has the 
highest growth effect of  FinTech. Moreover, Zhejiang 
province has the highest growth effect of  FinTech at the 
provincial level; (iii) a unidirectional causality exists from 
third-party payment and credit to economic growth and 
economic growth to insurance; a bidirectional causality 
exists between FinTech and economic growth. Song, N. 
(2022) study explicitly suggests substantial institutional 
reforms to promote the healthy development of  FinTech 
in China (Song, 2022).
Hashem, et al. (2023) reveal the effect of  FinTech through 
money related advancement, budgetary consideration, 
and regulation quality on the comprehensive 
development of  25 creating nations in Asia. To serve 
this reason, the Human Improvement List (HDI), the 
subordinate variable, has been taken as the intermediary 
for comprehensive development together with a set of  
autonomous factors in a well-balanced board information 
set, which is at that point analyzed to see the effect of  
changing levels of  autonomous factors on human 
advancement for the period 2014-2021. The results about 
appear that expanding the level of  FinTech beside the 
Findex, monetary incorporation, and regulation quality 
may increment human improvement (Hashem, 2023).
Fintech (financial technology) plays a critical role in 
driving economic growth and development through its 
various contributions to the economy. Here are some key 
ways in which FinTech makes a significant impact: 



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Increased Financial Inclusion
Fintech has been instrumental in expanding access 
to financial services, particularly in underserved and 
unbanked populations. By leveraging digital and mobile 
technologies, FinTech firms have been able to reach 
individuals and businesses that were previously excluded 
from the formal financial system. This increased financial 
inclusion helps stimulate economic activity by providing 
more people with access to banking, lending, insurance, 
and investment opportunities, thereby enabling them to 
participate more fully in the economy (Mashamba, 2023). 

Enhanced Efficiency and Cost Savings
Fintech innovations, such as digital payments, automated 
processes, and AI-driven analytics, have led to significant 
improvements in the efficiency of  financial transactions 
and services. This, in turn, reduces costs for businesses 
and consumers, freeing up capital that can be deployed 
elsewhere in the economy. For businesses, streamlined 
and automated financial processes result in operational 
cost savings, while consumers benefit from lower fees, 
faster transactions, and improved access to affordable 
financial products and services (Tyson, 2021). 

Support for Small and Medium-Sized Enterprises 
(SMEs)
Fintech solutions have proven to be particularly beneficial 
for SMEs, providing them with access to financing, 
payment processing, accounting tools, and other 
essential financial services. By facilitating easier and more 
affordable access to capital and financial management 
tools, FinTech contributes to the growth and sustainability 
of  SMEs, which are vital drivers of  economic activity and 
job creation in many economies. 

Innovation and Competition in Financial Services
Fintech has spurred greater competition and innovation 
within the financial services sector, challenging traditional 
institutions to improve their offerings and deliver more 
value to customers. This competition leads to better 
products, lower costs, and increased accessibility, 
ultimately benefiting consumers and businesses. The 
rise of  FinTech has also encouraged traditional financial 
institutions to innovate and modernize their operations, 
thus fostering a more dynamic and customer-oriented 
financial landscape (Sheng, 2021). 

Economic Resilience and Risk Management
Fintech solutions contribute to enhanced economic 
resilience by enabling better risk assessment, management, 
and mitigation. Through the use of  advanced data 
analytics, AI-driven algorithms, and other technologies, 
FinTech firms help identify and address financial risks 
more effectively. This, in turn, contributes to a more 
stable and resilient financial system, ultimately supporting 
broader economic stability (Nuguer, 2022). 

Facilitation of  Cross-Border Transactions and Trade 
Fintech has streamlined cross-border payments and 
trade finance, reducing barriers and costs associated with 
international transactions. By simplifying and accelerating 
cross-border payments and easing trade finance processes, 
FinTech contributes to the expansion of  global trade and 
commerce, fostering economic growth and international 
cooperation (Mugabe, 2021). 

Job Creation and Economic Growth
The growth of  the FinTech sector itself  contributes to job 
creation and economic growth, providing employment 
opportunities for a wide range of  professionals, 
including software developers, data scientists, financial 
analysts, compliance specialists, and customer support 
professionals. Furthermore, as FinTech firms serve as 
enablers of  economic activity, their contributions to 
financial inclusion, innovation, and efficiency can have 
broader positive impacts on overall economic growth, 
productivity, and prosperity (Nicole, 2021). Overall, 
FinTech’s impact on the economy is substantial and 
multifaceted, encompassing improved financial inclusion, 
increased efficiency and cost savings, support for SMEs, 
innovation and competition in financial services, economic 
resilience, facilitation of  cross-border transactions, and 
job creation. These contributions collectively help drive 
economic development, enhance financial stability, and 
empower individuals and businesses to participate more 
fully and effectively in the modern economy (Kireyeva, 
2021).

MATERIALS & METHODS
This section is limited to the materials used for data 
collection and methods used for data processing and 
analysis. The study was limited to a few indicators (see 
the conceptual framework) and specific methods of  data 
analysis, mainly a linear regression model. 

Research Design
This study is a census design and uses data representing 
the whole country (Rwanda); it is a descriptive design as 
presenting data using descriptive statistics parameters, 
and the study is correlative as using a linear regression 
model; the study gives a correlation between Fintech 
and economic growth and development of  Rwanda. 
Reserch design of  investigate plan alludes to the generally 
procedure that you select to coordinated the distinctive 
components to consider in a coherent and coherent 
way, subsequently, guaranteeing you may viably address 
the investigate issue; it constitutes the outline for the 
collection, estimation, and investigation of  information.

Population and Sampling
The population of  the study is not limited as this study 
covers whole FinTech services contributing in Gross 
Domestic Product (GDP) of  the country. And all 



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economic activities under financial sector contributing in 
Rwanda GDP. In other case for economic development, 
the human development index was considered to 

represent this indicator and was taken to all Rwandans.

Conceptual Framework of  the Study

Figure 1: Conceptual framework

Data Collection Tools and Treatment
The current study relay only on secondary data 
collection and analysis. The secondary data used are both 
quantitative and qualitative. Qualitative secondary data 
was collected as literature of  this study and quantitative 
data were collected as values obtained while measuring 
the indicators in the conceptual framework of  the study. 
The main report visited to obtain quantitative secondary 
data is the Rwanda National Account Reports of  National 
Institute of  Statistics (NISR), the global economy portal and 
world bank statistics portal. All information used are for the 
year 2018 to 2023 and for some indicators where 2023 was 
not reported, the change between 2021 to 2022 was assumed 
to be the same change for the year 2022 to 2023.

Data Analysis 
Data analysis was performed using both descriptive and 
inferential statistics. Descriptive statistics were made 
by presenting indicators in their actual units from the 
original reports and modifications to the growth rates to 
ensure that, data are in the same format for easy analysis. 
Meaning that, the information presented use descriptive 
statistical parameters like numbers and growth rates.  
For inferential statistics, the multilinear regression 
Equation [2] assumed the following form:
Ŷ1&2= β0 + β1X1 + β2X2 + β3X3 + ε. Where: 
Ŷ1&2 = Economic growth and development indicators by 
2 indicators such as; GDP Growth per capita rate and 
Human Development Index. 

β0 = constant, 
X1 = Growth of  Information Communication and 
Telecommunication , 
X2 = Increase of  Mobile Money Subscribers in Rwanda, 
X3 = Growth of  Number of  FinTech start-ups in 
Rwanda,
and β1, 2, &3 = Slopes associated with X1, X2, and X3, 
respectively. 
While ε = Error term or the random disturbance term.
Study Null Hypothesis
There is no significant role of  FinTech in the economic 
growth and development in Rwanda.

RESULTS & DISCUSSION
Results were made in form of  descriptive and inferential 
statistics per each indicator as defined in the conceptual 
framework.
Table 1 and figure 2 show that GDP per head or per capita 
was increased from 2017 to 2018 at 5% and reduced to 
2020 by 4% due to the high increase in value of  dollar 
because in local currency it was increased, and increased 
6% by 2021, 18% by 2022 and 15% from 2022 to 2023. All 
these indicators are not static or changing in regular way, 
in some years reduced and in some other years increases 
highly or moderately. This where for example from 2017 
to 2018 mobile money subscribers in Rwanda increased 
at 44% while by 2020 reduce 1%. Mobile money accounts 
which is equivalent to mobile money subscribers is a big 
number even greater than Rwandan total population 

Table 1: Mixed FinTech and Economic growth and Development indicators
Indicators (All) 2018 2019 2020 2021 2022 2023
Gross Domestic Product (GDP) (in billion Rwf) 8,298 9,305 9,596 10,930 13,716 15,109
GDP per head (in current US dollars) 797 836 803 853 1,004 1,155
Information & communication (in billion Rwf) 144 185 194 215 201 201
Financial services (in billion Rwf) 206 225 220 281 369 457
Mobile Money Subscribers in Rwanda in millions 11.07 15.92 15.7 15.36 16.29 17.22
Number of FinTech start-ups in Rwanda 42 44 44 44 44 44
Human Development Index (ratio) 0.54 0.54 0.54 0.53 0.53 0.55

Source: NISR, World Bank, Globe economy portals, 2024



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because it counts mobile money accounts from various 
institutions, individuals, businesses, etc. Here for example, 
most people in Rwanda are owning 3 to 4 sim cards and 
each is registered in the mobile money system (Nicole, 
2021).
Considering null hypothesis one stating that, there is 
no significant role of  FinTech on economic growth of  
Rwanda, the findings prevail the following results:

From Table 2, an (R2) of  1 indicates that the regression 
predictions perfectly fit the data. This shows that, the 
analyzed model feet at 82% as (R2) is equal to 0.820. R 
is also equal to 0.906 meaning that, Change of  FinTech 
start-ups in Rwanda, Information & communication, 
Mobile Money Subscribers in Rwanda each contribute 
82% to the economic growth in Rwanda as represented 
by GDP per capita.

Figure 2: Change on mixt FinTech and Economic growth and Development indicators from 2018 to 2023

Table 2: Model summary H01
Model Summary
Model R R Square Adjusted R Square Std. Error of  the Estimate
1 .906a .820 .280 .07340

a. Predictors: (Constant), Change of  FinTech start-ups in Rwanda, Information & communication, Mobile Money Subscribers in 
Rwanda

Table 3: ANOVA Table for the tested variables H01
ANOVAa

Model Sum of  Squares df Mean Square F Sig.
1 Regression .025 3 .008 1.518 .024b

Residual .005 1 .005
Total .030 4

a. Dependent Variable: GDP per head
b. Predictors: (Constant), Change of  FinTech start-ups in Rwanda, Information & communication, Mobile Money Subscribers in 
Rwanda

Table 3, the results show that the model had an F ratio 
of  1.518 and the P value was 0.024<0.05, signifying 
that the F ratio was statistically significant, therefore the 
overall regression model for all the variables tested were 
statistically significant and can be used for prediction 
at 5% significant level. This further indicate that the 
predictors variables Change of  FinTech start-ups in 
Rwanda, Information & communication, Mobile Money 
Subscribers in Rwanda used in this study as indicators 
of  FinTech are statistically significant to the economic 
growth of  Rwanda. Therefore, the formulated null 

hypothesis starting that there is no significant role of  
FinTech on economic growth of  Rwanda was failed to be 
accepted in favor of  alternative hypothesis or its opposite.
Table 4 gives the following linear equation:
Y1=0.008+0.750X1+3.042X2-31.604X3
This means that, there is a positive correlation between 
Information & communication, Mobile Money Subscribers 
in Rwanda and negative correlation with Change of  
FinTech start-ups in Rwanda toward the economic growth 
(GDP per capita). In other words, one unit change from 
the one above indicators (3 listed above) lead to change 



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of  0.750; 3.042 and -31.604 change times additional value 
to the current units of  the GDP per capita of  economic 
growth. In other words, once indicators of  independent 
variable are absolute, the economic growth represented 
by GDP per capita is equal to 0.008 units. As conclusion 
the null hypothesis one: there is no significant role of  

FinTech on economic growth of  Rwanda” is rejected in 
favor of  alternative hypothesis “there is a significant role 
of  FinTech on economic growth of  Rwanda”.
Considering null hypothesis two stating that, there is no 
significant role of  FinTech on economic development of  
Rwanda, the findings prevail the following results:

Table 4: Coefficients table for linear regression analysis H01
Coefficientsa

Model Unstandardized 
Coefficients

Standardized 
Coefficients

t Sig.

B Std. Error Beta
1 (Constant) .008 .084 .094 .940

Information & communication .750 1.350 1.155 .555 .677
Mobile Money Subscribers in Rwanda 3.042 2.239 6.705 1.358 .404
Change of  FinTech start-ups in Rwanda -31.604 26.593 -7.782 -1.188 .445

a. Dependent Variable: GDP per head

Table 5: Model summary H02
Model Summary
Model R R Square Adjusted R Square Std. Error of  the Estimate
1 .778a .605 -.581 .02587

a. Predictors: (Constant), Change of  FinTech start-ups in Rwanda, Information & communication, Mobile Money Subscribers in 
Rwanda

Table 6: ANOVA Table for the tested variables H02
ANOVAa

Model Sum of  Squares df Mean Square F Sig.
1 Regression .001 3 .000 .510 .044b

Residual .001 1 .001
Total .002 4

a. Dependent Variable: Human Development Index
b. Predictors: (Constant), Change of  FinTech start-ups in Rwanda, Information & communication, Mobile Money Subscribers in 
Rwanda

From Table 5, an (R2) of  1 indicates that the regression 
predictions perfectly fit the data. This shows that, the 
analyzed model feet at 60.5% as (R2) is equal to 0.605. R 
is also equal to 0.778 meaning that, Change of  FinTech 
start-ups in Rwanda, Information & communication, 
Mobile Money Subscribers in Rwanda each contribute 
60.5% to the economic development in Rwanda as 
represented by the human development index.
Table 6, the results show that the model had an F ratio 
of  0.510 and the P value was 0.044<0.05, signifying 
that the F ratio was statistically significant, therefore 
the overall regression model for all the variables 
tested were statistically significant and can be used for 
prediction at 5% significant level. This further indicate 
that the predictors variables Change of  FinTech start-
ups in Rwanda, Information & communication, Mobile 
Money Subscribers in Rwanda used in this study as 

indicators of  FinTech are statistically significant to the 
economic development of  Rwanda represented by 
Human Development Index. Therefore, the formulated 
null hypothesis starting that there is no significant role 
of  FinTech on economic development of  Rwanda was 
failed to be accepted in favor of  alternative hypothesis or 
its opposite.
Table 7 gives the following linear equation:
Y2=-0.017+0.269X1+0.770X2-8.329X3
This means that, there is a positive correlation between 
Information & communication, Mobile Money 
Subscribers in Rwanda and negative correlation with 
Change of  FinTech start-ups in Rwanda toward the 
economic development (Human Development Index). In 
other words, one unit change from the one above indicators 
(3 listed above) lead to change of  0.269; 0.770 and -8.329 
change times additional value to the current units of  the 



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than 5% level of  significance. This means that, to assess 
the determinants of  economic growth and economic 
development, there is a need to select more indicators or 
variables rather than choosing only three indicators, as is 
the case in this study.

REFERENCES
Finkelstein-Shapiro, A., Mandelman, F. S., & Nuguer, V. 

(2022). Fintech entry, firm financial inclusion, and 
macroeconomic dynamics in emerging economies. 
https://doi.org/10.18235/0003918

Kireyeva, A., Kredina, A., Vasa, L., & Satpayeva, Z. 
(2021). Impact of  financial technologies on economic 
development: Theories, methods and analysis. Journal 
of  International Studies, 14(4), 286-303. https://doi.
org/10.14254/2071-8330.2021/14-4/19

Maniriho, A. (2021). Mobile money for financial inclusion 
in Rwanda application of  endogenous switching 
regression model. SSRN Electronic Journal. https://
doi.org/10.2139/ssrn.3904897

Mashamba, T., & Gani, S. (2023). Fintech, bank funding, 
and economic growth in sub-Saharan Africa. Cogent 
Economics & Finance, 11(1). https://doi.org/10.1080/
23322039.2023.2225916

Mugabe Roger,Peter Umaru Kamara, Aruma 
Bakarr,Abdulai Babson Turay. (2021). The Link 
between Financial Development and Economic 
Growth: case of  Rwanda. International Research 
Journal of  Innovations in Engineering and Technology 
(IRJIET), 5(2), 97-102. https://doi.org/10.47001/
IRJIET/2021.502014

NICOLE Masaryk, I. S. (2021). Role of  capital market 
in the economic growth of  Rwanda [Master’s thesis]. 
https://is.muni.cz/th/a4930/Master_Thesis_
ISHIMWE_SAMBWE_Nicole.pdf

Njenga, G., Machagua, J., & Gachanja, S. (2022). 
Capital markets in sub-Saharan Africa. WIDER 
Working Paper. https://doi.org/10.35188/unu-
wider/2022/246-1

Parvez, M. A., Katha, E. H., Shaeba, M. K., & Hossain, 
M. S. (2023). Fintech and inclusive growth: Evidence 
from 25 Asian developing countries. https://doi.
org/10.56506/qmhr3332

Rwanda economic update, January 2020. (2020). https://
doi.org/10.1596/33247

Human Development Index or Economic Development. 
In other words, once indicators of  independent variable 
are absolute, the economic development represented by 
Human Development Index is equal to -0.17 units. As 
conclusion the null hypothesis one: there is no significant 
role of  FinTech on economic development of  Rwanda” 
is rejected in favor of  alternative hypothesis “there is a 
significant role of  FinTech on economic development of  
Rwanda”.
The study results give confidence to the study to confirm 
that there is a significant role of  FinTech in the economic 
growth and development in Rwanda, however based 
on the indicators selected, it was not for all indicators 
where growth of  Number of  FinTech start-ups in 
Rwanda present negative correlation with economic 
growth and development of  Rwanda. In other case for all 
tested indicators, the role or correlation is not statistical 
significant as all p-values for specific indicators (3 from 
independent variable) present value greater than 0.5%. 
As explained by (Hashem, 2023) economic growth and 
development are large components which cannot be 
explained by a single and small indicators as three above 
selected indicators. Meaning that, considering a FinTech 
as main engine for economic growth and economic 
development can mislead policy makers.

CONCLUSION
The conclusion of  the study relies on the acceptance 
or fail to accept study hypothesizes. The main study 
hypothesis was divided into hypothesis for easy analysis 
of  data, and this has simplified and lead to provision 
of  two hypotheses one for the role of  FinTech on the 
economic growth of  Rwanda and the second on the role 
of  FinTech on the economic development of  Rwanda. 
Data analysis generally has concluded by rejecting 
both null hypothesis and the results made the study to 
conclude that, there is significant role of  FinTech on 
economic growth and development of  Rwanda, but 
going on indicator to indicator there is an insufficiency 
evidence to confirm the correlation between growth of  
number of  FinTech start-ups in Rwanda on economic 
growth and development of  Rwanda as the correlation 
between these variables remain negative. In other case for 
all three variables, the coefficient table has provided none 
statistically significance relationship as all p-values are less 

Table 7: Coefficients table for linear regression analysis H02
Coefficientsa

Model Unstandardized 
Coefficients

Standardized 
Coefficients

t Sig.

B Std. Error Beta
1 (Constant) -.017 .029 -.582 .664

Information & communication .269 .476 1.742 .565 .673
Mobile Money Subscribers in Rwanda .770 .789 7.133 .975 .508
Change of  FinTech start-ups in Rwanda -8.329 9.373 -8.621 -.889 .538

a. Dependent Variable: GDP per head



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https://journals.e-palli.com/home/index.php/ajfti

Am. J. Financ. Technol. Innov. 2(1) 25-32, 2024

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