kLab and Finance Innovation sign MoU. (Photo Credit: Disrupt Africa)
kLab and Finance Innovation sign MoU. (Photo Credit: Disrupt Africa)

Rwandan incubation hub kLab has signed an MoU with French financial services firm; Finance Innovation to develop a Fintech cluster that will build links between the two countries, and increase fintech skills in Rwanda, Disrupt Africa reports.

The deal aims to implement joint projects that will build on the ecosystems and expertise of both parties, and assist the development of the fintech space in Rwanda.

kLab MD; Aphrodice Mutangana said the partnership marked a new step forward in the digitization of Africa, and of Rwanda especially as the country focuses on developing a knowledge economy.

“There is strong political will to offer the best means and opportunities to entrepreneurs in our country. This partnership will help to strengthen the dissemination of the innovation culture in Rwanda, improve business incubation devices and replicate the kLab model across the country,” he said.

Joelle Durieux, General Manager of Finance Innovation, said the agreement could be a precursor to a broader one at a pan-African level.

“The creativity of the Rwandan fintechs is undeniably a powerful lever for transforming the country’s economy but also a vector for boosting the ecosystem of innovative French SMEs,” he said.

“The young Rwandan talents will allow the launch of many ambitious initiatives to which French fintech will be able to be associated. It is important to remember that all players in the financial industry – asset managers, banks, insurance companies – need fintech to review their value chain and reinvent their models.”