Rwanda’s technology sector is producing growing success stories that are not only transforming businesses and communities but also strengthening investor confidence in local innovation as a driver of commercial value.

One of the contributors to this shift is the Development Bank of Rwanda (BRD), whose Hanga Ventures Ignite fund is supporting early-stage technology companies to scale into viable businesses that create jobs and advance Rwanda’s digital economy ambitions.

Through Hanga Ventures Ignite, an early-stage catalytic fund under World Bank-backed Rwanda Digital Acceleration Project (RDAP), BRD has committed more than €2 million (approx. Rwf3.4 billion) to 28 homegrown startups since April 2025, with over €1 million (approx. Rwf1.7 billion) already deployed.

High-level delegation assesses startup impact

On May 28, officials from the Ministry of ICT and Innovation (MINICT), the Rwanda Information Society Authority (RISA), the World Bank, and BRD visited two Kigali-based fintech companies supported under the programme.

Among them were Yves Iradukunda, Minister of State at MINICT, Antoine Sebera, CEO of RISA, and World Bank representatives.

The visit highlighted a growing ecosystem of startups building practical digital solutions for small businesses and informal workers.

Startups attract up to 14x investor returns

BRD says some of the best-performing startups supported under the fund have attracted up to 14 times the value initially invested.

This has helped reduce perceptions of high startup risk while encouraging greater participation from commercial investors.

"This progress validates that customised investment instruments can build strong commercial value around these products,” said Stella Rusine Nteziryayo, CEO of BRD.

"We are committed to ensuring the technology sector thrives, decentralising access to digital services for everyone, faster, safer, and more efficiently.”

Kayko helps SMEs digitise operations and unlock financing

One of the standout startups is Kayko, a fintech firm building digital financial infrastructure for SMEs.

The company has digitised bookkeeping for more than 10,000 merchants, helping businesses move from manual records to digital financial systems.

Kayko Founder and CEO, Crepin Kayisire, said many entrepreneurs previously lacked clear financial visibility.

"Many did not know whether they were making profits or losses, while others struggled to track stock, expenses, and cash flow,” he said.

"However, once businesses begin recording sales, inventory, customer transactions, and expenses digitally, they gain a better understanding of how their operations work.”

He added that the shift is also psychological.

"Business owners begin seeing themselves as serious enterprises capable of growth, expansion, hiring employees, and accessing formal financial services,” he noted.

Building digital financial identities to improve SMEs’ creditworthiness

Kayko is also addressing SME financing barriers by helping businesses build digital financial identities.

"Kayko is changing this by helping merchants build a digital financial identity based on their daily business activity,” Kayisire said.

"Every transaction recorded on the platform creates a history that can be used to demonstrate business performance and credibility.”

He noted that merchants using Kayko-generated reports have collectively unlocked more than $1.5 million in external financing from banks, SACCOs, and microfinance institutions.

"The startup believes the future of SME financing in Rwanda will increasingly depend on operational data rather than traditional collateral,” he observed.

With support from Hanga Ventures Ignite and RDAP, Kayko has improved its products, hired talent, strengthened payment systems, and expanded its merchant base.

It now plans to scale its digital ecosystem and equip at least 100,000 SMEs over the next five years.

Save Directly expands financial inclusion

Another notable startup is Save Directly, a Kigali-based fintech platform enabling informal workers to save through flexible digital micro-savings.

The platform uses a "Save Now, Buy Later” model targeting insurance, education, and healthcare needs.

It serves informal workers, motorcycle taxi riders, gig workers, and small vendors, many of whom lack access to formal financial systems.

Using USSD, users can save small amounts without smartphones or internet access.

Founder and CEO Christopher Kinani said the idea emerged in 2023 after observing inconsistent savings habits among motorcycle taxi riders.

"The platform initially operated manually, allowing users to choose when and how much to save. However, the company later introduced automatic daily debit systems that simplify the process and encourage consistent saving,” he explained.

Today, Save Directly has more than 57,000 subscribers and over 170 agents across Rwanda.

"For many workers in the informal sector, these services represent an important first step toward inclusion in the formal economy,” he said.

BRD sees growing investor and bank confidence

Innocent Gatete, Head of Strategic Projects and Implementation at BRD, said the startups have already attracted interest from commercial banks.

"This is a pilot and we wanted to show them that the concept is actually practical,” he said.

"The next phase will do more interventions and we’re expecting thousands of innovators. We want commercial banks to dare and support them as well.”

RDAP and Hanga Ventures Ignite aim to accelerate Rwanda’s transition into a knowledge-based digital economy by supporting innovation in fintech, agritech, healthtech, AI, and digital infrastructure.

The startups supported are expanding access to digital services while solving practical challenges facing businesses and communities.