The Kigali International Financial Centre (KIFC) has announced the establishment of Africa’s first and only Fintech Fund, with a capitalization of $50 million.

The fund, which is backed by MyGrowthFund Venture Partners, will focus on African fintech startups with proven technology.

With the establishment of the fund in KIFC, African investments in the fintech sector will be more easily accessible, resulting in a boost to the continent’s overall financial inclusion efforts.

On February 2, the announcement was made at the Kigali International Financial Centre: The Home of Africa’s Fintechs forum at the Conrad Hotel in Dubai.

The event was part of a four-day trip organized by the Rwandan government with the goal of connecting the business communities of the UAE and Rwanda. Thematic events focusing on banking, fintech, health, mining, and commerce were held on February 2 and 3.

Participants learned about KIFC’s game-changing role in connecting global investors to fintech opportunities across Africa.

KIFC fosters an investment-friendly culture and provides the resources required to boost entrepreneurship and digital skills in the fintech sector.

“Because 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,” 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.

Total capital spending in African FinTech firms increased by $1.49 billion in 2021, making it Africa’s largest FinTech investment year to date at $2.02 billion.