Assessing the Banking and Non-Banking Services Based Financial Technology (FinTech) Performance in Rwanda: Case of Bank of Kigali (BK) and Radiant Insurance (2019-2022)

Abstract

The study entitled “Assessing the banking and non-banking services based FinTech performance in Rwanda. Case of Bank of Kigali (BK) and Radiant Insurance (2019-2022)” was conducted to assess whether there is no significant correlation between banking and non-banking services and FinTech performance. In other words, FinTech performance is not statistically significant to the banking and non-banking services in Rwanda or not. The study was based on secondary data use only and analysis of existing data from both BK and Radiant Insurance financial statements reports (desk review of data). Data was manipulated based on the need of the researcher but the original meaning was not changed (data transformation). Data analysis was made using bivariate and linear regression models. In Rwanda, both banking and non-banking services are being offered and developed using digital technology which is mainly developed as FinTech. The government and private sector invested more in FinTech to ensure that people everywhere can access banking services and insurance or other non-banking financial services. This has made more changes in the bank's service delivery system and outcomes. The evaluation of secondary data has shown that, by generalization, there is a positive correlation between FinTech performance in banking and non-banking services development and one contributes 39.2% to the other. Independently it was found that Digital investments (X1), Digital Capital Raising (X2), Digital payments (X3), and Digital assets (X4) each contribute 62.6% to the overall banking a non-banking services development in Rwanda. In conclusion, the study confirms that there is a significant correlation between banking and non-banking services and FinTech performance. In other words, FinTech's performance is statistically significant to the banking and non-banking services in Rwanda.