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Rwandan incubator kLab has signature of a memorandum of understanding with French financial services firm Finance Innovation to develop links develop a fintech cluster, build links between the two countries, and increase fintech skills in Rwanda.

The deal between Finance Innovation and kLab was signed at the fourth edition of the Transform Africa Summit held in Kigali earlier this month, which was focused on disruptive technology in the financial sector.

It 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.

The new hub will host fintech-focused events around themes such as AI, big data and blockchain, offer training opportunities, and create synergies between French and Rwandan entrepreneurs.

It also aims to support the development of innovative startups, creating favourable conditions for their deployment and outreach by connecting them with investors, mentors and partners, and set up a good practice sharing arrangement between France and Rwanda.

kLab managing director Aphrodice Mutangana said the partnership marked a new step forward in the digitisation 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.

Joëlle 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.”

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