The 2008 FinScope report revealed that only 48% of Rwandan adults had access to financial services and products – both formal and informal. Given the relationship between access to financial services and economic development, the Governement of Rwanda and DFID established AFR in 2010, with a core mandate of promoting financial inclusion. DFID, the World Bank, and KfW were the initial funders of AFR.
Access to Finance Rwanda (AFR) is a Rwandan not for profit company established in 2010 by the UK’s Department for International Development (DFID) and the World Bank in partnership with the Government of Rwanda and the German Development Bank, KfW later joining in as a donor. Access to Finance Rwanda is part of the broader Financial Sector Deepening (FSD) Network of programs in Africa that seek to create a transformative impact on the reduction of poverty by supporting efforts to improve financial inclusion and by helping financial institutions and markets drive economic growth.
The creation of AFR was based on the premise that a sound and growing financial sector is essential to underpinning Rwanda’s ambitious development tartgets. During its first five years of operation (2010-2015), AFR in partrnership with different institutions implemented interventions that enabled close to 1,000,000 Rwandans to access and use financial services.
Key micro-level achievements have included:
Key meso-level achievements have included:
At the macro level, AFR has supported the development of key government policies and strategies as follows :