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Rwandan Fintech startups to watch in 2023

african man trader working inside hedge fund office focus on face

Financial services are becoming increasingly innovative. We are hearing a lot about Fintech companies that have been on the rise and causing various changes in Rwanda over the last few years.

Financial Technology (Fintech) is now widely used to improve banking and financial services. These technologies make various financial services available to customers.

We can see this by looking at how AC Group, which was founded in 2015, has improved transportation with Tap and Go technology, which is now used nationwide for buses.

Currently, many startups and mid- to large-sized businesses are entering the industry or changing their traditional methods of providing financial services. These are the ones to keep an eye on in 2023. We have to see what they have in store for us.


PayingTone is a Fintech company that strives to provide accessibility and affordability of products & services that are essential to their customers basic standards of living.

PayingTone’s mission is to give people access to alternative financing mechanisms that help them sustain their basic life. The App gives its users small loans that they can use for their basc needs.

You can access it through its App that is available on both Google Play Store and App Store. the app conducts credit analysis, looking at background information, and what one does, and asking them to upload different documents to help the system determine how much credit to offer.

The company was Founded by Ignace Turatsinze and Brenda Munezero, they recently came in 2nd place in Hanga pitchfest 2022 competition where they were awared $20,000.



Pesachoice describes itself as “The one-stop shop for all your human resource-related needs”

Pesachoice offers two services: PesaChoice Loans and MIDAS HR Software.

MIDAS HR Software provides a user-friendly, customer-focused tool to help organizations focus on their core business by making day-to-day business management effortless.

PesaChoice Loans seeks to bridge the gap between salary payouts and unexpected expenses for people with limited access to institutional credit. Through collecting customer data such as bills paid they are able to extend finances to their customers.

PesaChoice was born in 2016 out of the need of solving African challenges with African solutions. It was co-founded by Davis Nteziryayo whoi s currently the CEO of the Fintech.



Exuus is a Rwandan based company has developed a digital and inter-operable decentralised ledger for saving groups.

The platform assists savings groups in better running their operations, and it assists the broader financial sector community in better understanding and working with the segment.

Exuus has introduced ‘SAVE’ a digital platform that financially empowers Savings Groups sustainably through a comprehensive, adequate, open and user-friendly Saving Groups ledger handling.

The platform helps saving groups get loans, contribute and to keep track of their transactions online at their convenience. The startup was founded in 2014 by CEO Shema Steve.

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Founded by Christian Ngabo, Udustarts is a mixture of a social network and a Fintech platform. The social network side gives the ability to chat, post photos and videos, and discover new interests.

The fintech side allows users to create a virtual debit card that can be used to make online payments and send money to other users on the platform.

Udustars also promotes financial literacy through articles related to financial education. The reason for mixing the social network and fintech sides is to build a community platform in which users can learn from each other and grow financially.

The platform has three main functionalities; the social network, post monetisation, and the virtual wallet that comes with a virtual debit card.

The platform also allows users to use their local payment methods, such as Mobile Money, Banks, or M-Pesa to add money to their virtual card.



VugaPay is a cross-platform payment service owned by Vuga Ltd, a Rwandan company. It was founded by Patrick Muhire and Cedrick Muhoza.

The firm allows businesses and users to transfer money across major payment systems, including credit card networks, mobile money and Bitcoin via an API, USSD interface, a mobile phone app or web interface.

VugaPay describes itself as a “digital wallet”, Users have a VugaPay balance that is used for their transactions. They can link their mobile money, bitcoin, PayPal bank accounts, debit cards or credit cards to their VugaPay account.

Paying with mobile money is free, but credit cards, bitcoin, PayPal and bank accounts have a 3% fee for each transaction.

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Uplus mutual partners

Uplus Mutual Partners (U+) is a Fintech company that is bringing a solution allowing people from all walks of life to connect on the platform to contribute and save for whatever causes they may be involved in.

The application, Uplus Mutual Partners allows anyone and any organisation looking at a better way of raising funds and saving with their friends, family and colleagues.

The platform is available as an application (iOS and Android) that allows any group to save and collectively finance (from any mobile money solution) for social and economic growth.


Food bundles

Food Bundles was founded by Dioscore Shikama, it is a local is a digital platform which optimizes fresh food distribution.

The platform leverages digital technology to improve market links for smallholder farmers and meet the growing demand for fresh food produce

food bundles


CentWise describes itself as a Buy Now Pay Later product for micro traders. It aims at Bridging
the funding gap for microtraders in Africa.

It enables micro businesses to purchase inventory on credit and pay back after they have made sales.

It Unlocks financial access for micro traders such as street vendors and hawkers by building alternative collateral products.

CentWise seeks to be a reliable partner in bridging the pag between access to funding and micro traders in Africa.

centwise bridging the funding gap for microtraders in africa


It is a a digital platform that helps African artists and creatives share their work and collect payments.

Bafana provides African artists, creators and athletes with the necessary tools to connect with and raise funds from their fans around the world.

Founded in October 2020 by Yves Mugenga and Isaac Muraganwa, Bafana allows artists or athletes to create a personal page on which they can showcase their talent and creations and receive tips from fans.



Kudibooks is a payment and accounting software for non-finance and non-accounting professionals.

Kudibooks is for micro, small and medium businesses that find it harder and costly in hiring pro accountants. We become your instant virtual accountant.

Kudibooks those book keeping, bank reconciliation, payment integration, budgeting, reporting and storage for its customers.

Kudibooks also encourages financial literacy with its blog section that tackles different financial topics.


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