File size: 5.8 Mb
On behalf of the Access to Finance (AFR) team, I am pleased to present to you the 2017 Annual Report. In its second phase of operations, 2016-2020, AFR has partnered with DFID, MasterCard Foundation, Sweden and USAID with grants amounting to USD 31,643,208 to intervene in five Key Result Areas: SACCOs and Savings Group Development, Agriculture and Rural Finance, Digital Financial Services, Risk Mitigation and Market Development. A separate fund of Euro 3 million by KfW was managed under AFR by the Frankfurt School for the period April 2014 to November 2017. We continue to work closely with the Government of Rwanda (GOR) in aligning our strategy to the country’s broader development agenda.
During this year, AFR transitioned into a new governance structure with the necessary organs and documentation in place. Key strategic partnerships were negotiated leading to Memorandum of Understanding (MOUs) with: Rwanda Cooperative Agency (RCA) for the automation of the Umurenge SACCO’s, MINECOFIN for the design and implementation of the Long Term Savings Scheme, Local Administrative Development Agency (LODA) for the digitisation of social cash transfers and MINAGRI for the implementation of the National Agriculture Insurance Scheme.
We embarked on development of eleven projects in addition to four approved in 2016. Currently the projects are in different implementation phases. By December 2017, AFR cumulatively reached 53,626 people of whom 36% were women. In addition 1,324 staff of financial institutions were trained. AFR supported development of new financial products to improve usage of financial services by low income people. These include; four agriculture finance products, two digital finance products and three micro insurance products.
The report highlights the achievements and successes we experienced over the year. It also includes the stories of clients such as Claudine and Consolee whose lives have been impacted by a financial service, packaged appropriately and delivered on time. The work reported here would not have been possible without the support of those who have selflessly given time, resources and technical expertise to achieve our vision.
AFR remains solid in its commitment to an inclusive financial sector that meets the needs of low-income rural populations in Rwanda.
Thank you for your partnership in 2017.