Access to Finance Rwanda (AFR) on June 20 launched the fifth Finscope Survey which revealed access trends and changes in financial inclusion in Rwanda over the past four years, The New Times, Rwanda’s largest daily newspaper, reported Sunday.
In collaboration with the Ministry of Finance and Economic Planning (MINECOFIN), the National Bank of Rwanda (BNR), and the National Institute of Statistics of Rwanda (NISR), AFR unveiled the findings of the Finscope 2024 under the theme “Financial Inclusion in Rwanda: From Access to Usage and Benefits.”
The launch brought together stakeholders from the financial sector, including financial service providers, nonbank financial institutions, Fintechs, mobile network operators, policymakers and regulators, the private sector, researchers and academia, and development partners.
According to Jean Bosco Iyacu, the CEO of Access to Finance Rwanda, the 2024 Rwanda Finscope report is noteworthy since it is the first survey undertaken following the COVID-19 pandemic and subsequent economic shocks over the last four years.
“It actually provides great insights into how these shocks have changed the access and utilization of financial services and how financial sector actors have responded to the pressure,” he remarked. “For instance, FinScope consumer surveys in recent years have been motivated by the need to create trustworthy information or evidence to support policy actions by financial sector providers in their efforts to broaden the breadth and depth of Rwanda’s financial ecosystem, but in 2024, the focus shifted from financial inclusion to inclusive finance.”
Iyacu also stated that the primary goal is to target and transform the livelihoods of Rwandans through the use of appropriate financial products and services. Findings from the latest survey show huge growth in formal financial inclusion from 77%, about 5.4 million people in 2020, to 92%, 7.5 million people in 2024, surpassing the 90% target set for 2024.
In Rwanda, one-third of adults (31%), or 2.5 million, use banking channels or services. Access to Finance Rwanda’s Head of Research and Information John Rwirahira who presented the latest study’s results revealed that the use of digital financial services climbed from 30% (2.1 million) in 2020 to 73% (5.9 million) in 2024.
The Minister of Finance and Economic Planning, Yusuf Murangwa, emphasized the need for universal financial inclusion and access to financial services, saying they are key for strong economic development and ensuring that no one is left behind in the process.