The Chief Executive Officer of I&M Bank Rwanda, Benjamin Mutimura, has called for stronger financial ecosystems and clearer investor exit opportunities to unlock more funding for women-led innovation across Africa. Speaking during the “Funding the Future: Investing in Women-Led Innovation and Women-Centric Solutions” panel discussion at the Inclusive Fintech Forum (IFF) 2026 in Kigali, Mutimura said many African investors hesitate to back startups because exiting investments on the continent remains difficult. It was held on Day 3 of the IFF. The panel also featured Natalie P. Jabangwe, CEO of Timbuktoo Africa Innovation Foundation; Ebby Gatamu, Co-founder and CEO of Cladfy; Radhika Bhachu, Co-founder and CEO of Ndovu; and Ivan Ntwali, Rwanda Country Director at Mastercard Foundation, who joined the discussion on how financing models can better support inclusive innovation across Africa. Discussions revolved around the future of investment in Africa’s innovation ecosystem, with a strong focus on women-led innovation and solutions designed for women. Mutimura held that while Africa continues to produce innovative solutions and talented entrepreneurs, the lack of clear exit opportunities, overall, discourages local investors. “Once we invest on the continent, as Africans, sometimes it becomes extremely hard to have an exit pathway, or even see it,” he said during the discussion. “One of the reasons we see many investors coming from outside the continent is because those within Africa often see it as practically impossible to actually exit.” ALSO READ: I&M Bank executives spotlight financial innovation, data governance at IFF 2026 Mutimura pointed to what more institutions across the ecosystem—including banks—can do to create opportunities for investors. “Eventually, when are we going to acquire locally built startups operating and creating value in the fintech space so that investors on the continent can have a little bit of liquidity?” Mutimura asked “This requires us to change our mindset as traditional bankers, and I think we are fit for it.” According to Mutimura, one of the biggest challenges facing banks when it comes to supporting fintech innovation is the reliance on historical data when assessing potential investments. “From the banking perspective, when we support clients, we want to use historical data. But fintech companies that are building new solutions often don’t have that data,” he explained. “That comparable bias becomes a major challenge.” To address this, he underscored the importance of building new ecosystems and partnerships that allow financial institutions to support emerging sectors without relying solely on traditional risk models. Mutimura shared an example of how I&M Bank Rwanda is experimenting with new financing approaches through partnerships with international organisations. “We are privileged to be in a country where we have a lot of data and strong policies thanks to the government. But as banks, sometimes we still struggle to figure out what we can do with that,” he said. ALSO READ: I&M Bank to empower womenpreneurs through Berwa’s business advisory, Rwf400m loans Through collaboration with UN agencies, the bank has been able to finance health centers across the country—many of which are led by women. “We partnered with UN agencies that provided about 80 per cent of the capital while we provided liquidity to finance a thousand health centers,” Mutimura explained. “This was not an existing market, but it was a clear need.” He added that additional partners were brought in to support quality assurance, demonstrating how multi-stakeholder partnerships can help build entirely new financial ecosystems. “Instead of relying on historical data, we are looking at needs and building ecosystems around them,” he said. Mutimura also pointed to sectors such as agriculture and manufacturing, where women play a significant role, but where banks have historically had limited engagement. To better understand these opportunities, I&M Bank Rwanda is working with academic partners to deepen its research. “We are working with the Frankfurt School of Management to help us understand what the issues are and what the potential could be,” he said. “The question of what constitutes an acceptable market is still a challenge for banks.” Despite these challenges, Mutimura expressed optimism that collaboration between financial institutions, development partners, and innovation ecosystems could unlock new opportunities. “It’s still early days, but by forging the right partnerships, lowering the cost for banks, and bringing in the right expertise, we believe we can build a new ecosystem that supports innovation and investment on the continent.”
