Rwanda Achieves 96% Financial Inclusion for Women, Driven By Mobile Banking Growth

Access to Finance Rwanda (AFR) launched the Finscope Gender and Financial Inclusion Thematic Report on March 7, highlighting a significant increase in women's access to financial services--from 92% in 2020 to 96% in 2024.

The rise is largely driven by mobile money, which now reaches 73% of women, up from 55% in 2020. Despite this progress, challenges remain in women's use of more complex financial products, such as credit, insurance, and savings.

In addition, there is still a gap between rural and urban females in terms of using formal financial services with 95% of urban females use formal financial products or services, compared to 87% of rural females.

The launch event, held at the Kigali Marriott Hotel, was attended by key actors from Rwanda's financial sector, government institutions, development partners, civil society organizations, and gender advocacy groups.

The report provides valuable insights into gender disparities in financial service usage, contributing to Rwanda's ongoing efforts to enhance financial inclusion for women.

Jean Bosco Iyacu, CEO of Access to Finance Rwanda, highlighted the country's progress in promoting women's financial inclusion, mentioning the upcoming launch of several additional thematic reports.

"We have made notable strides in promoting women's financial inclusion and economic empowerment in Rwanda. Soon, we will be launching thematic reports covering areas such as digital financial services, financial inclusion for refugees, MSMEs, financial inclusion in agriculture, and more," he said.

Iyacu emphasized the importance of evidence-based data in guiding interventions, encouraging continued efforts for women's financial inclusion to accelerate actions for gender equality in government.

Minister of Gender and Family Planning, Console Uwimana, underscored the significance of the Finscope 2034 Gender Financial Inclusion Thematic Report, noting that it reflects the challenges and opportunities faced by women in Rwanda.

She highlighted that access to financial services is crucial for women's economic empowerment, enabling them to manage finances, invest in businesses, and build wealth.

"It is not simply a collection of statistics; it's about your people, your challenges, and your opportunities. Financial inclusion is more than access; it is about ensuring that women can fully utilize financial services to close economic gaps and achieve long-term growth," she said.

Minister Uwimana also called for stronger partnerships between the government, financial institutions, and the private sector to foster gender-transformative financial solutions. She added that more must be done, including strengthening gender-responsive financial policies, improving financial literacy, and closing the digital divide, especially in rural areas.

Elisee Kamanzi, Head of Entrepreneurship & Enterprise Growth at MasterCard Foundation, recognized Rwanda's progress in women's financial inclusion, highlighting the role of technology in advancing inclusion, particularly "mobile banking as a strong tool for expanding the inclusion of young women and women in underserved communities."

"We recognize the positive progress, but we also know that where there is progress, there is always a gap, and we need to fill it. A few barriers remain, such as the need for appropriate policy actions to ensure equitable access for all," he stated.

Kamanzi also encourages collaboration between key players to leverage each other's knowledge to achieve full financial inclusion for all.

Valence Kimenyi, Director of Financial Sector Development and Inclusion at the National Bank of Rwanda, highlighted the progress made this year in narrowing the gender gap in financial inclusion, envisioning a future with zero gender gaps in financial access.

"There is no justification for a woman having less access to financial services than a man. Achieving this goal would require innovations, the delivery of innovations, and applying a gender lens to what we do," he said.

Finscope Survey is produced every four years since 2008 by Access to Finance Rwanda in collaboration with the Ministry of Finance and Economic Planning, the National Bank of Rwanda and the National Institute of Statistics of Rwanda and covers a wide range of thematic areas of the financial sector.