Rwandan banks charged to partner “Rural Savings Groups”

Oct 19, 2016

The target of the partnership is to extend financial services to rural areas

The National Bank of Rwanda (BNR) has called on commercial banks in Rwanda to extend financial services to informal financial market in rural areas across Rwanda. To support the Government's initiative to increase penetration of financial services, BNR Governor, John Rwangombwa charged banks to bridge the gap between financial institutions and savings groups in rural areas in order to ensure availability of financial services to those excluded. Rwangombwa also implored the banks to take advantage of new technologies and innovative products that will increase formal financial inclusion. The government of Rwanda targets 80 per cent and 100 per cent financial inclusion by 2017 and 2020, respectively. However, the 2016 FinScope survey report shows that Rwanda has already exceeded her financial inclusion target with over 89 per cent of adult population accessing formal financial services.