The story behind Rwanda’s financial inclusion transformation

Soraya M. Hakuziyaremye, Deputy Governor, National Bank of Rwanda

Rwanda has transformed remarkably over the past three decades, emerging as a global example of resilience and progress, particularly in the realm of financial inclusion. In the aftermath of the 1994 genocide against the Tutsi, the economy was shattered, and financial exclusion was a pressing challenge.

By 2008, 21% of adults were using were formal financial services, a figure that reached 77% by 2020. As of 2024, 92% of adults are financially included. Rwanda’s formal financial inclusion rate for women has reached 90%, with a gender gap of just 4%, compared to 11% in 2016.

How has this progress been achieved?

Rwanda’s journey towards financial inclusion has been shaped by a series of targeted interventions aimed at enhancing access to financial services for all, with the National Bank of Rwanda (NBR) playing a pivotal role through implementing innovative systems and policies.

A catalyst for progress was the 2019 AFI Global Policy Forum, when Rwanda led the Kigali Statement on accelerating financial inclusion for disadvantaged groups, including women, youth, forcibly displaced persons (FDPs), and people with disabilities. As of today, 98% of FDPs are financially included: 36% use bank accounts while 62% use other formal non-bank financial services.

Progress on women’s financial inclusion has been driven by policy measures such as mobile money expansion and financial literacy programs targeting women. Implementing an Electronic Data Warehouse which collects gender-disaggregated data has also been significant. This allows the Central Bank to closely monitor financial inclusion trends with a focus on gender disparities, ensuring that women and other marginalized groups receive targeted support, and helping to develop policies and financial products that address women’s unique needs.

In addition, the NBR has supported the interoperability of mobile money services, which has revolutionized access to financial services, particularly for citizens in remote and rural areas.

Another key advancement is the upgrade of the Rwanda Integrated Payment Processing System (RIPPS), which now operates 24/7. Real-time financial transactions enable individuals and businesses to transfer funds, make payments, and access financial services at any time of the day. By extending the system’s coverage to microfinance institutions, even the smallest financial institutions can offer reliable, round-the-clock services, further deepening the reach of financial inclusion.

These innovations are underpinned by a supportive legal and regulatory framework that fosters trust and security in Rwanda’s financial system. The Financial Service Consumer Protection Law plays a critical role in safeguarding consumers’ rights, ensuring transparency, and promoting responsible financial practices. Our sandbox regulatory framework encourages financial innovation by allowing new financial products and services to be tested in a controlled environment before being rolled out.

Where do we go from here?

While Rwanda has made remarkable strides, the journey doesn’t end here. The next phase is about moving beyond access to financial services toward full financial usage. This means ensuring Rwandans can save, access credit, secure insurance, and make sound investments to build generational wealth.

A key area of focus is the inclusive adoption of digital financial services, particularly for underserved groups. The National Bank of Rwanda’s efforts in consumer protection, including innovations like the INTUMWA chatbot for handling complaints and the GERERANYA platform for financial services price comparison, are further strengthening the financial ecosystem.

Rwanda’s financial inclusion journey is a testament to the power of resilience, innovation, and commitment to inclusivity, but also to a deliberate strategic approach to establish financial institutions nationwide, and to actively promote the use of digital financial services for all. In this, we were inspired by our peers in the AFI network, as we hope that Rwanda’s story stands as an inspiration for others across our network.

We have come a long way in the last thirty years, but we are conscious that there is still much to do if we are to build an inclusive financial ecosystem where everyone- not just a select few- can thrive, and where nobody is left behind.