Rwanda’s overall financial inclusion registered tremendous progress in eight years, expanding from 48 percent in 2008 to 89 percent in 2016, Monique Nsanzabaganwa, Deputy Governor of the National Bank of Rwanda, said here on Thursday.
The growth of access to financial services both formal and informal in Rwanda is due to a lot of positive reforms in the financial sector, said Nsanzabaganwa while presenting Rwanda’s financial inclusion journey report at the 2019 Alliance for Financial Inclusion (AFI) Global Policy Forum.
Rwanda hosts the forum from September 11 to 13 under the theme, “Using Technology for Inclusion of Women and Youth.” The meeting that brings together over 800 global policymakers, regulatory institutions and development partners seeks to highlight how the use of technology can bring progress in financial inclusion for marginalized groups, especially women and youth.
“It is commendable that there have been concerted and coordinated efforts in Rwanda to close the financial inclusion gap and these efforts have yielded positive results even though we still have a long way to go,” she said.
The government has put in place more policies to continue advancing financial inclusion, including the introduction of mobile banking and financial transactions, Savings and Credit Cooperatives (Saccos) in every sector across the country, as well as internet banking.
Rwandan Prime Minister Edouard Ngirente said at the forum that Rwanda invested a significant amount of efforts and resources in establishing ICT infrastructure as a means to facilitate financial inclusion.
Financial inclusion is considered as a tool for economic development, particularly in the area of improving welfare and general standard of living, wealth creation and poverty reduction, said Ngirente while formally opening the forum.
Around 100 member institutions make up the AFI network, including central banks, ministries of finance and other financial regulators from over 80 developing and emerging countries. Enditem