AFR turns 15: Changing lives, driving an inclusive financial ecosystem, economy

Fifteen years ago, more than half of Rwanda’s adult population—52%—lacked access to formal or informal financial services, according to the first FinScope survey conducted in 2008. The survey’s findings became a critical inflection point for the country’s financial sector and led to the creation of Access to Finance Rwanda (AFR) in 2010.

Structured as a private, not-for-profit company, AFR was established with a mandate to act as a market catalyst, identifying and addressing structural barriers that limited access to finance for large segments of the population. Since then, the organisation has played a central role in reshaping Rwanda’s financial landscape through collaboration with key sector players.

As of 2024, Rwanda reports a 96% financial inclusion rate, effectively placing it among the most financially inclusive countries in Africa. AFR has supported interventions that have enabled over 4.5 million Rwandans to access and use new or improved financial services.

A unique market-oriented development approach

AFR’s institutional design sets it apart. Unlike many donor-funded initiatives, it operates outside of traditional NGO frameworks, giving it the agility to partner flexibly with both public and private sector actors. At the core of its operations is the Market Systems Development (MSD) approach, which focuses on identifying and addressing the root causes of financial market failures, rather than treating the symptoms.

“Our role isn’t to give a fish or even teach someone to fish,” says Jean-Bosco Iyacu, CEO of AFR. “We assess the entire fishing ecosystem to ensure access is reliable and affordable. That’s how you achieve sustainable and scalable impact.”

AFR CEO Jean-Bosco Iyacu speaking at the 2024 FinScope Survey launch.

This systems-level thinking has informed AFR’s work across a broad spectrum that includes digital payments, long-term savings, research, inclusive insurance, and capital market development.

Expanding financial access

Financial inclusion in Rwanda has expanded rapidly over the past decade and a half. In 2008, just 48% of adults accessed financial services. By 2024, that figure had doubled. AFR’s interventions have helped to bring underserved populations, including women, smallholder farmers, informal workers, refugees, and persons with disabilities, into the financial mainstream. Key to this success has been AFR’s ability to work across the ecosystem: coordinating government actors, supporting product development with financial institutions, and investing in shared market infrastructures.

Accelerating digital financial services

Among AFR’s most transformative contributions is its role in supporting the development of the Rwanda National Digital Payment System—the country’s first fully interoperable payment platform. By linking banks, microfinance institutions, telecoms, and fintech firms, the platform has helped drive the transition toward a cashless economy. To date, over 1.5 million people are using digital person-to-person payment platforms. This infrastructure has significantly reduced transaction costs and improved financial service delivery, particularly in remote areas. While over 619,000 Rwandans now receive government-to-person cash transfers electronically.

Building financial resilience

AFR has also played a central role in strengthening financial resilience through the design and rollout of national-level savings and insurance schemes. Its support was instrumental in launching the Ejo Heza long-term savings scheme, which has now attracted over 3.5 million contributors, and the National Agriculture Insurance Scheme (NAIS), which provides insurance to over 650,000 farmers against crop failure and livestock losses. These programmes represent a shift from short-term financial access to long-term financial security, targeting low-income and vulnerable populations.

Unlocking finance for growth

Credit access remains a challenge across much of Sub-Saharan Africa, particularly in rural and agricultural sectors. AFR has worked to de-risk lending to these communities by supporting financial institutions to establish specialised agriculture lending units and leverage credit guarantee schemes.

These efforts have helped unlock over Rwf 2 billion in agricultural lending to farmers and small-scale rural entrepreneurs, many of whom were previously considered unbankable.

Supporting capital market development

Beyond the banking and insurance sector support, AFR has contributed to the diversification of the Rwandan financial sector and the development of Rwanda’s nascent capital market. It has supported feasibility studies, provided technical assistance, and backed innovative transactions—including the listing of Rwanda’s first independent power producer on the Rwanda Stock Exchange.

These activities are helping to broaden Rwanda’s financial sector beyond traditional banking, creating new investment vehicles and channels for long-term capital.

Driving evidence-based policy and innovation

Access to Finance Rwanda (AFR) is a leading source of financial sector data and market intelligence in Rwanda. Since 2012, AFR has served as the custodian of the national FinScope Surveys, which have played a critical role in shaping Rwanda’s financial inclusion strategies and regulatory reforms.

Financial sector players attending the launch of the FinScope Survey.

The insights generated through FinScope have been made possible through strong collaboration with key partners, including the Ministry of Finance and Economic Planning (MINECOFIN), the National Institute of Statistics of Rwanda (NISR), and the National Bank of Rwanda (NBR).

FinScope data has informed the development of Rwanda’s national financial education strategy, supported gender-responsive and inclusive regulatory efforts, and catalysed policy reforms aimed at expanding access to finance for underserved groups. Notable outcomes include the establishment of Umurenge SACCOs and the design of financial products tailored to the diverse needs of Rwandans.

Looking ahead

Despite Rwanda’s remarkable progress in advancing financial inclusion, around 4% of adults remain financially excluded. Many of these individuals belong to vulnerable groups—women, youth, refugees, persons with disabilities, and micro, small, and medium enterprises (MSMEs). AFR continues to collaborate with partners to close this gap and ensure no one is left behind.

AFR’s 15-year journey reflects a broader evolution in development thinking: moving from short-term, project-based interventions to long-term, market-based, and system-level change. As Rwanda works to deepen its financial sector and drive inclusive economic growth, AFR’s role as a behind-the-scenes catalyst remains vital.

Looking to the future, Rwanda’s prosperity will hinge on its ability to harness innovation, respond to climate risks, and adapt to an increasingly complex global economy. AFR is committed to supporting this transition—helping to shape a financial system and economy that is not only inclusive, but also resilient, adaptive, and fit for the future.

Our strategic focus will be on directing finance and other innovative interventions toward productive sectors such as agriculture, manufacturing, tourism and hospitality, and creative industries to positively impact Rwanda’s trade balance, contribute to Rwanda’s economic transformation and transition to a greener economy, while strengthening the resilience of low-income communities against climate and economic shocks. By leveraging technology, data, and digital public infrastructure, we aim to build smarter, faster, and more inclusive financial systems and economy for the next generation.