• Home
  • About Us
  • Contact Us
Tuesday, July 15, 2025
  • Login
No Result
View All Result
Rwanda Dispatch News Agency
Magazine
  • Home
  • Business
  • Politics
  • National
  • Economy
  • Social
  • Opinions
  • Sport
  • E-dition
  • Entertainment
  • Home
  • Business
  • Politics
  • National
  • Economy
  • Social
  • Opinions
  • Sport
  • E-dition
  • Entertainment
No Result
View All Result
Rwanda Dispatch News Agency
No Result
View All Result
Home Economy

93% Rwandans are financially included-FinScope Survey 2020

by Admin
29 May 2020
in Economy
0
93% Rwandans are financially included-FinScope Survey 2020
Share on FacebookShare on TwitterWhatsapp
PDF Button

The Ministry of Finance and Economic Planning in partnership with Access to Finance Rwanda (AFR) today launched the 2020 FinScope Survey Report, a yardstick that measures how Rwandans are financially included and progress made towards narrowing gaps.

The main objective of the FinScope Rwanda 2020 Survey was to indicate the levels of financial inclusion; define the landscape of access; identify the drivers of, and barriers to financial access; assess trends or changes over time and provide information on new opportunities for increased financial inclusion.

According to the FinScope 2020 survey, 93% (from 89% in 2016, 72% in 2012 and 48% in 2008) of Rwandan adults are financially included in terms of accessing and using both formal and informal financial products. Levels of financial inclusion vary from 99% in Gasabo district to about 83% in Rusizi district.

The survey indicates a narrowing gender gap in financial inclusion with only 8% of women excluded compared to 7% of male counterparts. The report underscores that youth within the age range of 16 – 24 years, are the most financially excluded at 18%, significantly higher compared to the national average of 7% exclusion.

About 77% of the Rwandan population access and use formal financial products, including those that are provided by the banking sector and other from formal but non-bank financial institutions such as insurance firms, mobile network operators, Microfinance institutions/SACCOs, etc.

About 36% (from 26% in 2016, 23% in 2012 and 14% in 2008) of adults in Rwanda are banked. The proportion of adults that are banked range from 80% in Gasabo district to only 8% in Ngororero district. Banked population growth has increased by 1.1 million since 2016. About 25% of banked adults use digital financial tools up from 6% in 2016. About 75% of adults in Rwanda use other formal (non-bank) financial products/services. These financial services increase overall levels of formal inclusion.

The informal sector continues to play a significant role in financial inclusion and increasing product portfolio choices with about 78% of adults in Rwanda using informal financial services mainly through saving groups (ibimina).

“Financial inclusion is one of the core drivers of an inclusive economy and Government has invested significantly in removing systemic barriers to the uptake of financial services. The FinScope survey shows that there has been tremendous improvement in financial inclusion. The work is not over yet. The objective is to achieve 100% financial inclusion by 2024 so I encourage everyone involved to keep the momentum,” said Dr. Uzziel Ndagijimana, the Minister of Finance and Economic Planning.

The FinScope Rwanda survey is a nationally representative demand-side survey conducted every 4 years to address the need for credible financial sector information. It offers insights to guide policymakers, regulators and financial service providers in terms of how to address or respond to existing challenges, monitoring and reviewing the financial inclusion target.

The first FinScope Rwanda Survey was conducted in 2008, driven by a lack of credible information to guide policy interventions and financial service providers in their efforts to expand the reach and depth of the Rwanda financial system. AFR, on behalf of the Government commissioned follow-up surveys in 2012, 2016, and 2020. The later illustrates how many adult Rwandans are financially included, specifically aligning the levels of inclusion to the revised National Financial Inclusion Strategy (NFIS) and to report any changes since the last FinScope survey.

AFR is a Rwandan non- profit organization, with a strategic focus of stimulating financial sector development by collaborating with financial institutions and other stakeholders to increase access to and use of financial services.

Related Posts:

  • HM King Mohammed VI Addresses Speech to 1st China-Arab Summit Held in Saudi Arabia
    HM King Mohammed VI Addresses Speech to 1st China-Arab…
  • Unseen Struggles: Hope and Healing in Rwanda's Fight Against Elephantiasis
    Unseen Struggles: Hope and Healing in Rwanda's Fight Against…
  • President Kagame holds the Annual Diplomats’ Luncheon
    President Kagame holds the Annual Diplomats’ Luncheon
  • Water-saving irrigation boosts land productivity in Rwanda
    Water-saving irrigation boosts land productivity in Rwanda
  • HM King Mohammed VI Delivers Speech to Nation on Throne Day
    HM King Mohammed VI Delivers Speech to Nation on Throne Day
  • Fighting Mental Health Burden in Rwanda Through Community Healing Spaces
    Fighting Mental Health Burden in Rwanda Through Community…
Tags: FinScope Survey 2020
Admin

Admin

Next Post
Rising from a crisis – A more self-reliant Africa after coronavirus?

Rising from a crisis – A more self-reliant Africa after coronavirus?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

No Result
View All Result

Mount Meru Gas

e-Dispatch

e-Dispatch

Click here to download this magazine

Organic Beer

archives

July 2025
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031  
« Jun    

Dispatch Agency Ltd is a local media institution based in Kigali with various media related products premiered with The Dispatch News Magazine.

  • Home
  • About Us
  • Contact Us

© 2023 Rwanda Dispatch .

No Result
View All Result
  • Home
  • Business
  • Politics
  • National
  • Economy
  • Social
  • Opinions
  • Sport
  • E-dition
  • Entertainment

© 2023 Rwanda Dispatch .

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In