Assessing the Role of Fintech in the Economic Growth and Development in Rwanda (2018-2023)

The study entitled “Assessing the Role of FinTech in the Economic Growth and Development in Rwanda (2018-2023)” was conducted to assess the validity of one hypothesis, which was divided into two hypotheses: there is no significant role of FinTech in economic growth of Rwanda and the second is there is no significant role of FinTech on economic development of Rwanda. The study has used only secondary data. The indicators for hypotheses testing were assumed 3 indicators for the independent variable and two indicators under the dependent variable (see the conceptual framework). Data were collected from the National Institute of Statistics (NISR), which reported national accounts, World Bank data, and global economy data. Data analysis was performed with the support of Ms. Excel and Statistical Package for Social Scientist version 20 (SPSS). Data was presented in the form of descriptive statistics and inferential statistics (linear regression model). The conclusion of the study relies on the acceptance or failure to accept study hypotheses. The main study hypothesis was divided into hypotheses for easy data analysis, which has simplified and led to the provision of two hypotheses: one for the role of FinTech on the economic growth of Rwanda and the second on the role of FinTech on the economic development of Rwanda. Data analysis generally has concluded by rejecting both null hypotheses, and the results made the study conclude that there is the significant role of FinTech in economic growth and development of Rwanda. However, going from indicator to indicator, there is insufficient evidence to confirm the correlation between the growth of several FinTech start-ups in Rwanda and the economic growth and development of Rwanda as the correlation between these variables remains negative. In another case for all three variables, the coefficient table has provided no statistically significant relationship as all p-values are less than a 5% level of significance. This means that, for assessing the determinants of economic growth and economic development, there is a need to select more indicators or variables rather than choosing three indicators only as it is in this study.