Kenya, Rwanda and Zambia are top three countries to access credit in SSA

Oct 18, 2016

The ICAEW report placed Angola at the bottom of the ranking.

Rwanda, Zambia and Kenya are the top three countries in sub-Saharan Africa in terms of ease of access to credit, according to a new report by the Institute of Chartered Accountants in England and Wales (ICAEW). Ghana, Mauritius and Uganda take the fourth, fifth and sixth spots respectively.

According to the report, seen by Capital FM, Rwanda has made six reforms to facilitate access to credit during the 2010-16 period, including adapting the requirements for collaterals.

Eighty-nine per cent of Rwandans have access to financial services, up from 72 per cent in 2012, according to the FinScope survey 2016.

Forty-two per cent of the population is accessing financial services through non-banking institutions, against 19 per cent in 2012.

Meanwhile, Angola came in at the bottom of the ICAEW ranking. The report noted that Angola only made one reform to facilitate access to credit over the 2010-16 period.

"While Angola has the third largest banking system after Nigeria and South Africa in Sub-Saharan Africa, only a small portion of the population uses the banking system and few businesses apply for loans," the report stated.ADNFCR-2976-ID-801826875-ADNFCR