The number of Rwandan adults who have access to financial services increased between 2016 and 2020, largely driven by the rise in informal savings groups as well as the rise in mobile money services.
According to the FinScope 2020 survey, 93% of Rwandans have access to formal financial services, which reflect a rise of 4 percentage points from 89% in 2016.
The study commissioned by the Ministry of Finance and Economic Planning in partnership with Access to Finance Rwanda (AFR) sought to understand the levels of financial inclusion, identify the drivers and barriers to financial access.
Of the financially included, 5.5 million adults in Rwanda use formal financial services, including the banking sector and other formal financial services from insurance firms, mobile network operators among others.
"High uptake and usage of banking products have also led to formal financial inclusion.
