The IMPACT OF FINANCIAL TECHNOLOGY ON THE GROWTH OF SMEs IN RWANDA (2020-2024)
Keywords:
Fintech,digital credit platforms,digital wallets,mobile money,digital lending access,SMEs growth,
Abstract
Fintech is instituted to revolutionalize financial transactions and aid SMEs growth, however, the impact is minimal or encumbered. This study investigated the impact of financial technology on the growth of SMEs in Rwanda(2020-2024); using digital lending access, mobile money, digital credit platforms, and digital wallets on SME growth. A quantitative research design was employed, using a descriptive and explanatory survey approach on a population of 25,000 registered SMEs. A stratified random sampling technique was applied to select 379 SMEs respondents. The findings revealed that digital credit platforms had a strong positive effect on SME survival/longevity (β = 1.061, p < 0.001) and market expansion (β = 1.55, p < 0.001) but were not significant for employment growth (β = 0.251, p = 0.127). Mobile money significantly improved survival (β = 1.764, p < 0.001) but had no significant influence on market expansion (β = -0.298, p = 0.143) or employment growth (β = -0.118, p = 0.673). Digital wallets significantly enhanced market expansion (β = 0.61, p < 0.01) and employment growth (β = 0.588, p < 0.05) but negatively impacted survival (β = -1.4, p < 0.001). Digital lending showed a consistent negative influence on all three growth dimensions: survival (β = -0.667, p < 0.001), market expansion (β = -1.172, p < 0.001), and employment growth (β = -0.291, p = 0.09). The study concluded that digital credit platforms and mobile money best support longevity, while digital wallets enhance efficiency and job creation. The study recommends restructuring digital loans, expanding financial literacy, improving wallet security, and enhancing mobile money with business-friendly features.
References
References
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Achtenhagen, L., Naldi, L., & Melin, L. (2010). “Business Growth”Do Practitioners and Scholars Really Talk About the Same Thing? Entrepreneurship Theory and Practice, 34(2), 289–316. https://doi.org/10.1111/j.1540-6520.2010.00376.x
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Animhiaga, E. (2025, March 29). A deep overview of consumer credit in Rwanda. Lendsqr. https://blog.lendsqr.com/a-deep-overview-of-consumer-credit-in- rwanda blog.lendsqr.com
Rizzi, A., & Kumari, T. (2021). Trust of data usage, sources, and decisioning: Perspectives from Rwandan mobile money users. Center for Financial Inclusion. centerforfinancialinclusion.org
Sanga, B., & Aziakpono, M. (2024). FinTech developments and their heterogeneous effect on digital finance for SMEs and entrepreneurship: Evidence from 47 African countries. Journal of Entrepreneurship in Emerging Economies, ahead-of-print. https://doi.org/10.1108/JEEE0920230379 emerald.com+1researchgate.net+1
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Bates, T. (1990). Entrepreneur human capital inputs and small business longevity. The Review of Economics and Statistics, 72(4), 551–559. https://doi.org/10.2307/2109594
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Davidsson, P., Steffens, P., & Fitzsimmons, J. (2009). Growing profitable or growing from profits: Putting the horse in front of the cart? Journal of Business Venturing, 24(4), 388–406. https://doi.org/10.1016/j.jbusvent.2008.04.003
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319–340. https://doi.org/10.2307/249008
Demirgüç-Kunt, A., Klapper, L., & Singer, D. (2023). The Global Findex Database 2023: Financial Inclusion, Digital Payments, and Resilience in the Post- Pandemic Era. World Bank Group. https://www.worldbank.org/en/publication/globalfindex
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FSD Kenya. (2021). Digital Finance for SMEs in Kenya: Market Insights. Financial Sector Deepening Kenya.
Gatera, D. (2023). Cybersecurity in Rwanda’s Fintech Sector: Risks and Resilience for SMEs. Journal of African Digital Finance, 7(1), 66–82.
GSMA. (2023). State of the Industry Report on Mobile Money 2023. GSMA Mobile for Development. https://www.gsma.com
GSMA. (2023). State of the Industry Report on Mobile Money 2023.
GSMA. (2024). Mobile Money State of the Industry Report. GSM Association.
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GSMA. (2024). State of the Industry Report on Mobile Money 2024. GSMA Mobile for Development. https://www.gsma.com
Habiyaremye, J. (2024). Digital Wallets and SME Liquidity Management in Rwanda. East African Journal of Finance and Economics, 10(2), 102–118.
IFC. (2020). MSME Finance Gap: Assessment of the Shortfalls and Opportunities in Financing Micro, Small and Medium Enterprises in Emerging Markets.
IFC. (2023). MSME Finance Gap Report: Sub-Saharan Africa. International Finance Corporation.
ILO. (2020). Decent Work in SMEs: Employment and Working Conditions. International Labour Organization.
International Finance Corporation. (2023). Financing SMEs in Emerging Markets. https://www.ifc.org
Jack, W., & Suri, T. (2024). Digital financial services and economic development: A decade of evidence from mobile money. Journal of Development Economics, 165, 102911. https://doi.org/10.1016/j.jdeveco.2023.102911
Julien, P. A. (1993). Small businesses as a research subject: Some reflections on knowledge of small businesses and its effects on economic theory. Small Business Economics, 5(2), 157–166.
Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson Education.
Kyaruzi, M., Ngowi, H., & Mbise, A. (2024). Digital lending and small business resilience in post-pandemic Tanzania. African Journal of Business and Development, 19(1), 77–95. https://doi.org/10.1080/26608963.2024.1123450
Lu, J. W., & Beamish, P. W. (2001). The internationalization and performance of SMEs. Strategic Management Journal, 22(6-7), 565–586. https://doi.org/10.1002/smj.184
McKenzie, D. (2017). Identifying and Spurring High-Growth Entrepreneurship: Experimental Evidence from a Business Plan Competition. American Economic Review, 107(8), 2278–2307. https://doi.org/10.1257/aer.20151404
MINICOM. (2022). Rwanda SME Policy Review. Ministry of Trade and Industry, Rwanda.
Mukamana, E., & Tusiime, M. (2025). Integration Gaps in Fintech Tools for Rwandan SMEs. Rwanda Journal of Business and Technology, 9(1), 77–90.
Muthiora, B. (2019). Digital Credit and SME Growth in East Africa. CGAP Working Paper.
Muthoni, S. (2024). The Role of Digital Credit in Kenya’s SME Growth. Nairobi Journal of Finance and Innovation, 18(2), 77–93.
Ndungu, M., & Waema, T. (2024). Impact of mobile money on SME formalization and growth: Case of Nairobi. Journal of African Business and Technology, 19(1), 70–88. https://doi.org/10.1080/15228916.2024.2033440
Ndungu, M., & Waema, T. (2024). Mobile Money for SME Growth in East Africa: Digitalization and Formalization Pathways. African Journal of ICT Development, 12(1), 88–104.
Nguyen, T. H., Le, P. V., & Tran, M. T. (2024). The impact of digital wallets on small business performance in Vietnam. Asian Journal of Digital Economy, 9(1), 45–63. https://doi.org/10.1016/j.ajde.2024.03.006
Njenga, D., & Kamau, S. (2023). Impact of digital credit platforms on SMEs performance in Nairobi. East African Journal of Financial Technology, 8(3), 55–70. https://doi.org/10.2139/ssrn.4539827
Nyiramajo, L., & Habimana, E. (2025). The Impact of YegoPay Adoption on Rwandan SMEs. Kigali: Rwanda Institute for Business Research.
OECD. (2017). Entrepreneurship at a Glance 2017. OECD Publishing. https://doi.org/10.1787/entrepreneur_aag-2017-en
Okafor, C., & Muriuki, J. (2024). Digital wallets and SME growth in Sub-Saharan Africa: A study of Nigeria and Kenya. Journal of Financial Innovation in Africa, 11(2), 112–134. https://doi.org/10.1080/26608963.2024.1151207
Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340.
Penrose, E. T. (1959). The Theory of the Growth of the Firm. Oxford University Press.
POS
RDB. (2023). SME Development Annual Report. Rwanda Development Board.
Rizzi, P., & Kumari, S. (2021). Digital Lending and Trust: Perspectives from Rwanda’s Mobile Money Users. Journal of African Financial Innovation, 9(2), 123–137.
Robson, P. J. A., & Bennett, R. J. (2000). SME growth: The relationship with business advice and external collaboration. Small Business Economics, 15(3), 193–208. https://doi.org/10.1023/A:1008129012953
RURA. (2023). ICT Sector Performance Report for 2022. Rwanda Utilities Regulatory Authority.
Rurangwa, A., & Nsengiyumva, P. (2025). Fintech Literacy and Adoption Among Rural SMEs in Rwanda. Kigali Institute of Digital Studies.
Sanga, S., & Aziakpono, M. (2025). Digital Credit, Regulation, and SME Growth in Africa: A Quantile Regression Approach. African Development Studies, 17(3), 205–229.
Schumpeter, J. A. (1934). The theory of economic development: An inquiry into profits, capital, credit, interest, and the business cycle. Harvard University Press.
Siaka, C. (2025). Rwanda’s Mobile Money Ecosystem and Merchant Integration: Trends and Barriers. Rwanda Economic Review, 11(4), 45–61.
Storey, D. J. (1994). Understanding the Small Business Sector. Routledge.
Umutesi, C., & Kamanzi, B. (2024). Digital Wallet Adoption and Merchant Experience in Rwanda’s Informal Economy. Rwanda ICT and Innovation Review, 6(3), 45–61.
valuable, rare, inimitable, and non-substitutable (VRIN)
Venkatesh, V., & Davis, F. D. (2000). A theoretical extension of the Technology Acceptance Model: Four longitudinal field studies. Management Science, 46(2), 186–204. https://doi.org/10.1287/mnsc.46.2.186.11926
Venkatesh, V., & Davis, F. D. (2021). Technology acceptance model: Past, present, and future. Journal of the Association for Information Systems, 22(6), 1278– 1299. https://doi.org/10.17705/1jais.00633
Venkatesh, V., & Davis, F. D. (2021). Technology acceptance model: Past, present, and future. Journal of the Association for Information Systems, 22(6), 1278– 1299. https://doi.org/10.17705/1jais.00633
Venkatesh, V., & Davis, F. D. (2021). Technology acceptance model: Past, present, and future. Journal of the Association for Information Systems, 22(6), 1278– 1299. https://doi.org/10.17705/1jais.00633
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World Bank. (2020). Improving Market Access for SMEs in Africa: Trade and Competitiveness Global Practice. World Bank Publications.
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World Bank. (2022). Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19.
World Bank. (2022). Rwanda Economic Update: Boosting SMEs for Post-COVID Recovery. World Bank Publications.
World Bank. (2024). SME Finance: Improving Access to Finance for Small Businesses. https://www.worldbank.org/en/topic/smefinance
World Economic Forum. (2024). The Future of Digital Payments: Building Inclusive and Scalable Wallet Systems. https://www.weforum.org/reports/the-future-of- digital-payments
Xelius, R. (2025). Fintech and Financial Inclusion in Rwanda: A Sectoral Overview. Rwanda FinTech Report, 8(1), 25–42.
Zhao, H., Liu, Y., & Wang, M. (2020). Fintech and SME financing in the digital era. Journal of Economic Perspectives, 34(4), 95–120.
Abor, J., & Quartey, P. (2023). Mobile money adoption and SME growth in Ghana: Evidence from the services sector. African Journal of Economic Policy, 30(2), 45–62. https://doi.org/10.4314/ajep.v30i2.3
Achtenhagen, L., Naldi, L., & Melin, L. (2010). “Business Growth”Do Practitioners and Scholars Really Talk About the Same Thing? Entrepreneurship Theory and Practice, 34(2), 289–316. https://doi.org/10.1111/j.1540-6520.2010.00376.x
AFI. (2022). FinTech for Financial Inclusion in East Africa. Alliance for Financial Inclusion.
Animhiaga, C. (2025). Digital Credit and SME Transformation in Rwanda: Trends, Risks, and Policy Gaps. Kigali Economic Review, 12(1), 44–61.
Animhiaga, E. (2025, March 30). A deep overview of business and SME loans in Rwanda. Lendsqr. https://blog.lendsqr.com/a-deep-overview-of-business-and- sme-loans-in-rwanda minict.gov.rw+9xelius.org+9reddit.com+9blog.lendsqr.com+2blog.lendsqr.co m+2blog.lendsqr.com+2
Animhiaga, E. (2025, March 29). A deep overview of consumer credit in Rwanda. Lendsqr. https://blog.lendsqr.com/a-deep-overview-of-consumer-credit-in- rwanda blog.lendsqr.com
Rizzi, A., & Kumari, T. (2021). Trust of data usage, sources, and decisioning: Perspectives from Rwandan mobile money users. Center for Financial Inclusion. centerforfinancialinclusion.org
Sanga, B., & Aziakpono, M. (2024). FinTech developments and their heterogeneous effect on digital finance for SMEs and entrepreneurship: Evidence from 47 African countries. Journal of Entrepreneurship in Emerging Economies, ahead-of-print. https://doi.org/10.1108/JEEE0920230379 emerald.com+1researchgate.net+1
Siaka, F. (2025). The Digital Payment Ecosystem in Rwanda: 2025 landscape. Fosia Agency. fosiarw.com
Xelius. (2025). Exploring Rwanda’s FinTech Landscape. arxiv.org+15xelius.org+15afr.rw+15
Access to Finance Rwanda. (2024). Rwanda National Fintech Strategy (20242029). xelius.org+3afr.rw
Audretsch, D. B. (2007). The Entrepreneurial Society. Oxford University Press.
Ayyagari, M., Demirgüç-Kunt, A., & Maksimovic, V. (2011). Small vs. young firms across the world: Contribution to employment, job creation, and growth. World Bank Policy Research Working Paper No. 5631.
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Bates, T. (1990). Entrepreneur human capital inputs and small business longevity. The Review of Economics and Statistics, 72(4), 551–559. https://doi.org/10.2307/2109594
Beck, T., Demirgüç-Kunt, A., & Levine, R. (2005). SMEs, Growth, and Poverty: Cross-Country Evidence. Journal of Economic Growth, 10(3), 199–229. https://doi.org/10.1007/s10887-005-3533-5
Beck, T., Pamuk, H., & Adegbite, A. (2023). Digital financial services and SME finance in Africa: Evidence and future pathways. Journal of African Financial Studies, 15(2), 114–133. https://doi.org/10.1080/20421338.2023.2241469
BFA Global. (2022). The State of FinTech in Africa.
BNR. (2023). Annual Financial Stability Report. National Bank of Rwanda.
BNR. (2023). Annual Report 2022/2023. National Bank of Rwanda.
Böhmer, T., & Wimmer, M. (2020). Measuring SME growth: A focus on employment and productivity. European Commission SME Insights Report.
Brüderl, J., Preisendörfer, P., & Ziegler, R. (1992). Survival chances of newly founded business organizations. American Sociological Review, 57(2), 227– 242. https://doi.org/10.2307/2096207
Coad, A., Frankish, J. S., Roberts, R. G., & Storey, D. J. (2013). Growth paths and survival chances: An application of Gambler’s Ruin theory. Journal of Business Venturing, 28(5), 615–632. https://doi.org/10.1016/j.jbusvent.2012.06.002
Davidsson, P., Steffens, P., & Fitzsimmons, J. (2009). Growing profitable or growing from profits: Putting the horse in front of the cart? Journal of Business Venturing, 24(4), 388–406. https://doi.org/10.1016/j.jbusvent.2008.04.003
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319–340. https://doi.org/10.2307/249008
Demirgüç-Kunt, A., Klapper, L., & Singer, D. (2023). The Global Findex Database 2023: Financial Inclusion, Digital Payments, and Resilience in the Post- Pandemic Era. World Bank Group. https://www.worldbank.org/en/publication/globalfindex
Demirgüç-Kunt, A., Klapper, L., & Singer, D. (2023). The Global Findex Database 2023: Financial Inclusion, Digital Payments, and Resilience. World Bank. https://www.worldbank.org/en/publication/globalfindex
FSD Kenya. (2021). Digital Finance for SMEs in Kenya: Market Insights. Financial Sector Deepening Kenya.
Gatera, D. (2023). Cybersecurity in Rwanda’s Fintech Sector: Risks and Resilience for SMEs. Journal of African Digital Finance, 7(1), 66–82.
GSMA. (2023). State of the Industry Report on Mobile Money 2023. GSMA Mobile for Development. https://www.gsma.com
GSMA. (2023). State of the Industry Report on Mobile Money 2023.
GSMA. (2024). Mobile Money State of the Industry Report. GSM Association.
GSMA. (2024). State of the Industry Report on Mobile Money 2024. GSMA Mobile for Development. https://www.gsma.com
GSMA. (2024). State of the Industry Report on Mobile Money 2024. GSMA Mobile for Development. https://www.gsma.com
Habiyaremye, J. (2024). Digital Wallets and SME Liquidity Management in Rwanda. East African Journal of Finance and Economics, 10(2), 102–118.
IFC. (2020). MSME Finance Gap: Assessment of the Shortfalls and Opportunities in Financing Micro, Small and Medium Enterprises in Emerging Markets.
IFC. (2023). MSME Finance Gap Report: Sub-Saharan Africa. International Finance Corporation.
ILO. (2020). Decent Work in SMEs: Employment and Working Conditions. International Labour Organization.
International Finance Corporation. (2023). Financing SMEs in Emerging Markets. https://www.ifc.org
Jack, W., & Suri, T. (2024). Digital financial services and economic development: A decade of evidence from mobile money. Journal of Development Economics, 165, 102911. https://doi.org/10.1016/j.jdeveco.2023.102911
Julien, P. A. (1993). Small businesses as a research subject: Some reflections on knowledge of small businesses and its effects on economic theory. Small Business Economics, 5(2), 157–166.
Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson Education.
Kyaruzi, M., Ngowi, H., & Mbise, A. (2024). Digital lending and small business resilience in post-pandemic Tanzania. African Journal of Business and Development, 19(1), 77–95. https://doi.org/10.1080/26608963.2024.1123450
Lu, J. W., & Beamish, P. W. (2001). The internationalization and performance of SMEs. Strategic Management Journal, 22(6-7), 565–586. https://doi.org/10.1002/smj.184
McKenzie, D. (2017). Identifying and Spurring High-Growth Entrepreneurship: Experimental Evidence from a Business Plan Competition. American Economic Review, 107(8), 2278–2307. https://doi.org/10.1257/aer.20151404
MINICOM. (2022). Rwanda SME Policy Review. Ministry of Trade and Industry, Rwanda.
Mukamana, E., & Tusiime, M. (2025). Integration Gaps in Fintech Tools for Rwandan SMEs. Rwanda Journal of Business and Technology, 9(1), 77–90.
Muthiora, B. (2019). Digital Credit and SME Growth in East Africa. CGAP Working Paper.
Muthoni, S. (2024). The Role of Digital Credit in Kenya’s SME Growth. Nairobi Journal of Finance and Innovation, 18(2), 77–93.
Ndungu, M., & Waema, T. (2024). Impact of mobile money on SME formalization and growth: Case of Nairobi. Journal of African Business and Technology, 19(1), 70–88. https://doi.org/10.1080/15228916.2024.2033440
Ndungu, M., & Waema, T. (2024). Mobile Money for SME Growth in East Africa: Digitalization and Formalization Pathways. African Journal of ICT Development, 12(1), 88–104.
Nguyen, T. H., Le, P. V., & Tran, M. T. (2024). The impact of digital wallets on small business performance in Vietnam. Asian Journal of Digital Economy, 9(1), 45–63. https://doi.org/10.1016/j.ajde.2024.03.006
Njenga, D., & Kamau, S. (2023). Impact of digital credit platforms on SMEs performance in Nairobi. East African Journal of Financial Technology, 8(3), 55–70. https://doi.org/10.2139/ssrn.4539827
Nyiramajo, L., & Habimana, E. (2025). The Impact of YegoPay Adoption on Rwandan SMEs. Kigali: Rwanda Institute for Business Research.
OECD. (2017). Entrepreneurship at a Glance 2017. OECD Publishing. https://doi.org/10.1787/entrepreneur_aag-2017-en
Okafor, C., & Muriuki, J. (2024). Digital wallets and SME growth in Sub-Saharan Africa: A study of Nigeria and Kenya. Journal of Financial Innovation in Africa, 11(2), 112–134. https://doi.org/10.1080/26608963.2024.1151207
Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340.
Penrose, E. T. (1959). The Theory of the Growth of the Firm. Oxford University Press.
POS
RDB. (2023). SME Development Annual Report. Rwanda Development Board.
Rizzi, P., & Kumari, S. (2021). Digital Lending and Trust: Perspectives from Rwanda’s Mobile Money Users. Journal of African Financial Innovation, 9(2), 123–137.
Robson, P. J. A., & Bennett, R. J. (2000). SME growth: The relationship with business advice and external collaboration. Small Business Economics, 15(3), 193–208. https://doi.org/10.1023/A:1008129012953
RURA. (2023). ICT Sector Performance Report for 2022. Rwanda Utilities Regulatory Authority.
Rurangwa, A., & Nsengiyumva, P. (2025). Fintech Literacy and Adoption Among Rural SMEs in Rwanda. Kigali Institute of Digital Studies.
Sanga, S., & Aziakpono, M. (2025). Digital Credit, Regulation, and SME Growth in Africa: A Quantile Regression Approach. African Development Studies, 17(3), 205–229.
Schumpeter, J. A. (1934). The theory of economic development: An inquiry into profits, capital, credit, interest, and the business cycle. Harvard University Press.
Siaka, C. (2025). Rwanda’s Mobile Money Ecosystem and Merchant Integration: Trends and Barriers. Rwanda Economic Review, 11(4), 45–61.
Storey, D. J. (1994). Understanding the Small Business Sector. Routledge.
Umutesi, C., & Kamanzi, B. (2024). Digital Wallet Adoption and Merchant Experience in Rwanda’s Informal Economy. Rwanda ICT and Innovation Review, 6(3), 45–61.
valuable, rare, inimitable, and non-substitutable (VRIN)
Venkatesh, V., & Davis, F. D. (2000). A theoretical extension of the Technology Acceptance Model: Four longitudinal field studies. Management Science, 46(2), 186–204. https://doi.org/10.1287/mnsc.46.2.186.11926
Venkatesh, V., & Davis, F. D. (2021). Technology acceptance model: Past, present, and future. Journal of the Association for Information Systems, 22(6), 1278– 1299. https://doi.org/10.17705/1jais.00633
Venkatesh, V., & Davis, F. D. (2021). Technology acceptance model: Past, present, and future. Journal of the Association for Information Systems, 22(6), 1278– 1299. https://doi.org/10.17705/1jais.00633
Venkatesh, V., & Davis, F. D. (2021). Technology acceptance model: Past, present, and future. Journal of the Association for Information Systems, 22(6), 1278– 1299. https://doi.org/10.17705/1jais.00633
World Bank. (2020). Doing Business 2020: Comparing Business Regulation in 190 Economies. World Bank Group.
World Bank. (2020). Improving Market Access for SMEs in Africa: Trade and Competitiveness Global Practice. World Bank Publications.
World Bank. (2021). Rwanda Economic Update: Financing Development.
World Bank. (2022). Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19.
World Bank. (2022). Rwanda Economic Update: Boosting SMEs for Post-COVID Recovery. World Bank Publications.
World Bank. (2024). SME Finance: Improving Access to Finance for Small Businesses. https://www.worldbank.org/en/topic/smefinance
World Economic Forum. (2024). The Future of Digital Payments: Building Inclusive and Scalable Wallet Systems. https://www.weforum.org/reports/the-future-of- digital-payments
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Published
2025-08-30
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