Rwanda's financial inclusion has grown to 93 per cent, according to preliminary findings of a recent Finscope study soon to be launched.
Financial inclusion means that individuals have access to useful and affordable financial products and services that meet their needs ranging from transactions, payments, savings, credit and insurance, among others.
"Despite this high financial inclusion rate, more efforts are required to cover the remaining 7 per cent of the financially excluded population, and to increase the utilization of formal financial services, including saving and borrowing," the Budget Framework Paper reads in part.
The Rwanda formal financial industry has often been said to maintain traditional criteria and practices which further cause players such as banks to have little impact in driving inclusion.
At the recent 11th Alliance for Financial Inclusion Global Policy Forum held in Kigali, stakeholders agreed to adopt pro-inclusion policy models, such as developing proportionate key regulatory and policy measures for enabling, promoting and enhancing the use of e-money services to drive up inclusion.
