Rwandan government 'on track' to hit access to finance target

Aug 29, 2012

Almost three-quarters of Rwandans can access financial services and products, putting the government on track to meet its 2017 target.

Almost three-quarters of Rwandans can access financial services and products, putting the government on track to meet its 2017 target.

It aims to give at least 80 per cent of the population the ability to make use of financial services by 2017 and the figure currently stands at 71.8 per cent, thanks in part to growth of the microfinance sector.

Research
conducted by Finscope Rwanda and the National Bank of Rwanda revealed the population is taking advantage of the wider range of offerings available to them, with total bank loans rising from 631.3 billion francs (€828.3 million) in December 2011 to 757 billion in June 2012.

Rwandans at the lower end of the economic scale have benefited from financial inclusion thanks to the microfinance sector, including savings and credit co-operatives (SACCOs).

According to central bank data, the microfinance sector's total assets are up 22.2 percent and deposits by 23.3 percent, with at least 58 percent of SACCOs having broken even and now able to operate without government assistance.ADNFCR-2976-ID-801438261-ADNFCR