Rwanda: Survey shows 89% of Rwandans have access to finance
Forty-two per cent is now accessing financial services through non-banking institutions.Eighty-nine per cent of Rwandans have access to financial services, up from 72 per cent in 2012, the FinScope survey 2016 has revealed. Rwanda has now surpassed its target of 80 per cent of financial inclusion by 2017.
Forty-two per cent of the population is now accessing financial services through non-banking institutions, against 19 per cent in 2012.
The survey also notes that government interventions to improve financial inclusion for women and and the rural population have paid off, with more than 28 per cent of the rural population now accessing financial services.
Rwanda ranks second in sub-Saharan Africa after Mauritius in terms of financial inclusion.
This improvement is largely due to the introduction of innovative products such as mobile money, credit and saving institutions and non-banking institutions.
Prime Minister Anastase Murekezi said the findings reflect both government and the private sector's efforts to improve standards of living in Rwanda.
The government has launched a large campaign to improve financial education and is also one of the Better Than Cash Alliance members. This international programme, hosted by the United Nations Capital Development Fund (UNCDF), encourages the adoption of electronic means of payment.
"We have put in place policies that encourage payment digitisation and continue to support the private sector, especially financial institutions, to embrace the use of ICT to champion financial inclusion," said Claver Gatete, Minister of Finance and Economic Planning.