KIGALI | 15 June 2026 A landmark study released today by the National Bank of Rwanda (NBR), Access to Finance Rwanda (AFR), and the Women in Finance Rwanda Foundation (WIFR) reveals that Rwanda is outperforming global averages in women’s representation across financial sector leadership, while highlighting critical challenges in sustaining the pipeline of future women leaders.

The Women in Financial Services Rwanda 2025 Study is the first study of its kind in Africa and draws on data from more than 50 financial institutions and insights from over 1,500 professionals across Rwanda’s banking, insurance, pensions, investment management, and fintech sectors.

The study found that women hold 39% of Board seats, 39% of CEO/Managing Director positions, and 35% of Executive Committee roles in Rwanda’s financial sector, significantly exceeding global averages of 28%, 9%, and 23%, respectively.

However, the findings also reveal a persistent leadership pipeline challenge. Women account for 64% of non-managerial exits, receive 30% fewer promotions than men, and remain concentrated in support functions rather than technical and revenue-generating roles that typically lead to executive leadership.

While Rwanda has achieved notable success at senior leadership levels, women’s representation declines along the career pathway—from 56% at the non-managerial level to 43% in middle management, 36% in senior management, and 35% at the Executive Committee level. The study further highlights barriers, including workplace bias, limited sponsorship, maternity reintegration challenges, pay disparities, and concerns around workplace safety and reporting mechanisms.

The findings were presented at a high-level launch attended by financial sector leaders, policymakers, regulators, development partners, and private sector stakeholders to discuss the implications for Rwanda’s financial sector and the broader African financial services industry.

Leadership Perspectives

Soraya Hakuziyaremye, Governor, National Bank of Rwanda

“Rwanda has demonstrated that gender progress at the top is achievable, but the pipeline sustaining it remains fragile. This report provides practical insight into where institutions need to act to ensure talent is recognized, supported, and able to progress.”

Agnès Uwanyiligira, Ag. CEO, Access to Finance Rwanda

“Women’s economic participation is directly linked to the resilience and competitiveness of our financial sector. This study provides evidence that can help institutions take more deliberate and measurable actions.”

Lina Higiro, Founding Chair, Women in Finance Rwanda Foundation

“The gains we are seeing are encouraging, but sustaining them will require stronger leadership commitment, active sponsorship, and greater transparency in measuring progress. Rwanda has shown what is possible at the top; the next step is ensuring that more women successfully navigate the journey to leadership.”

Recommendations

To strengthen the leadership pipeline for women in financial services, the report recommends:

• Board-approved gender targets and accountability frameworks.
• Gender-disaggregated workforce reporting and transparency.
• Enhanced sponsorship and leadership development opportunities for women.
• Independent whistleblowing mechanisms and stronger workplace protections.
• A sector-wide roadmap to accelerate progress toward gender-balanced leadership by 2030.

The study provides a baseline for action and positions Rwanda as both a leader in women’s representation and a model for how financial institutions can build more inclusive, competitive, and sustainable leadership pipelines.

About the Study

The Women in Financial Services Rwanda 2025 Study is the first study of its kind in Africa, providing a comprehensive assessment of gender representation, career progression, workplace experiences, and leadership pathways across Rwanda’s financial services sector.

Commissioned by the National Bank of Rwanda, Access to Finance Rwanda, and the Women in Finance Rwanda Foundation, and conducted by Oliver Wyman, the study combines workforce data from more than 50 financial institutions with survey responses and interviews from over 1,500 financial services professionals. The findings provide an evidence-based baseline to inform policy, institutional action, and industry-wide efforts to strengthen the leadership pipeline for women in financial services.

The blog explores how Rwanda has made significant progress in digital financial inclusion through mobile money and digital payments. It also highlights the challenges that remain out of reach for rural communities, women, and low-income populations.

Rwanda’s digital money efforts have reached 85.3% of Rwandans, or 7 million people. The difficult question is whether it works for them, and the case of two Rwandans makes that clear. The first is a salaried civil servant in Kigali who pays her electricity bill, her children’s school fees, and her health insurance entirely through her phone. She never visits a single counter. The second is a young woman who sells vegetables at a weekly market in the Southern Province. She has heard of mobile money and even lives within walking distance of an agent. Yet, she does not own a mobile phone, lacks a regular income, and has never made a digital transaction in her life.

Both women are Rwandan adults. Yet, only one of them is counted among the 85.3% of Rwandan adults who are now digitally financially included, based on the AFR FinScope 2024 Digital Financial Services Thematic Report. This figure places Rwanda among the highest-included countries in sub-Saharan Africa, a remarkable leap from just 46% in 2016. However, behind it lies a more complex story about who digital financial services truly reach and how they do so.

Rwanda’s digital financial inclusion story is one of mobile money. The AFR FinScope 2024 report shows that the vast majority of adults now have access to mobile money services, while banks serve just 1.5% of adults. These mobile money platforms, not bank branches, brought most Rwandans into the financial system. The mobile money services are delivered through basic phones and SIM cards, primarily through providers, such as MTN Rwanda and Airtel Rwanda.

People are drawn to mobile money platforms above all by the need to pay businesses, especially for medical expenses, utilities, and airtime, which top the list. Rwanda’s national digital payment platform is eKash. It enables instant, interoperable transfers across banks and mobile money networks, which makes these everyday transactions seamless.

Government and regulatory action have amplified this momentum. The National Bank of Rwanda’s Payment System Strategy and Law No. 061/2021 mandated interoperability across providers. The Twagiye Kashiresi digital literacy campaign boosted merchant payment volumes, while the COVID-19 period served as an accelerant. Estimates indicate that 9% of Rwandan adults became first-time mobile money users during this period, with an additional 13% who increased their usage.

Yet, access is not the same as use, and use differs from transformation. Rwanda has built a remarkable platform, but the data shows that most people use it primarily for bill payments. The fuller potential of this platform includes digital wage receipts, safe savings, and loan repayment without a branch visit, which remain out of reach for most.

Only 15.4% of adults receive their income digitally. Most of those who do save formally keep their money in a mobile money account, yet informal channels still command a significant share of savings. For many people, especially those with low and unpredictable incomes, savings groups offer a more flexible, accessible, and trusted way to manage money. Village savings and loan associations (VSLAs) are groups that allow small, frequent contributions and quick access to funds when needed, and only 14% of borrowers repay loans digitally.

Rwandans use digital accounts for transactions, but not yet as tools for financial management. This is the access-usage gap, and it matters because the transformative potential of digital finance lies not in the payment itself, but in what the payment can unlock.

The 1.2 million adults who remain entirely excluded have a clear profile. Rural residents comprise 84.7% of this group, and women account for 61.2%. Half of the excluded are young, and 80% have not progressed beyond primary school. Casual workers and street vendors account for nearly half of this group at 44.9%, and most earn irregular incomes with no steady relationship with any financial institution.

The primary barrier is simple and concrete, as 68% of non-mobile money users cite a lack of cell phone ownership as the main reason for not using mobile money. It is not the complexity of service, high fees, or distrust of the system. The network infrastructure around many of these people already exists, with 69.6% of excluded adults living within reach of a reliable Global System for Mobile Communications (GSM) signal. The infrastructure is largely in place, but most excluded adults do not own a device.

Beyond devices, attitude plays a role. Many excluded adults prefer to deal with people rather than machines and prefer cash payments. These attitudes are not irrational preferences, as they reflect trust, habit, and the social fabric of informal financial life, but they are also addressable. 65.3% of excluded adults live within 1 km of a mobile money agent, which means the last mile is shorter and more solvable than it seems.

Exclusion also has a gender dimension, as two out of every three excluded adults are women. The gender gap in digital financial inclusion is present across all age groups and widens with age, which reflects deeper structural constraints. Lower phone ownership, less control over household income, and reduced exposure to formal financial services all play a role.

Kenya’s M-Pesa is the most-cited comparator for Rwanda. M-Pesa turned a payment tool into an economic lifeline in Kenya, with more than 34 million subscribers and 300,000 agent outlets. It enabled microloans, salary disbursement, and integration into government services. The lesson is that coverage and ecosystem depth determine how widely people use a platform.

India’s Aadhaar-enabled ecosystem offers a second model for Rwanda. India simplified the account-opening process and enabled direct benefit transfers at scale by linking biometric identity to financial access. Rwanda’s existing national ID infrastructure and eKash platform are natural foundations for a similar approach, particularly for the Umurenge SACCOs and cooperatives that remain only partially connected to the national payment switch.

Nigeria’s interoperability push shows how cross-platform connectivity expands trust and use among previously excluded populations. Rwanda’s eKash is already a move in this direction. Yet, full extension to savings and credit cooperative organizations (SACCOs) that serve rural communities remains an unfinished piece of the puzzle.

On the technology frontier, AI credit models can use mobile money transaction history to extend small loans to users without formal credit records. Rwanda’s planned CBDC pilots from 2026 offer an entry point to bring excluded populations into the digital system for the first time through transparent government-to-person payments. These tools shift the system from access to utility.

Rwanda’s digital financial inclusion journey has reached an inflection point. The groundwork is largely in place, with the mobile money built, agent networks expanded, and the near-universal access achieved in urban areas. The country should be proud of this next step that goes beyond technology to reach a point where digital financial services become genuinely useful and trusted. These services should reach the vegetable seller in the Southern Province, the rural woman without a phone, and the young casual worker who has never had a reason to go digital.

Affordable devices, liquid networks of well-trained agents in the most underserved zones, and products designed for irregular incomes rather than salaried employees alone must drive the next step. It means fee transparency, local-language interfaces, and patient community-level work to build digital confidence where cash remains the default.

The AFR FinScope 2024 report provides Rwanda’s policymakers, providers, and development partners with a precise map of where the gaps are and who carries them. Rwanda has solved access, and the next step will not be measured by the number of accounts opened, but by the lives changed.

This blog draws on findings from the AFR FinScope 2024 Digital Financial Services Thematic Report, published by Access to Finance Rwanda.

Rwanda is making a compelling case that the future of inclusion will depend not only on innovation itself, but also on the digital public infrastructure that allows it to scale and reach more people.

Known as Digital Public Infrastructure (DPI), these systems form the foundation that connects people, businesses, and markets. Built on three core pillars — digital identity, payments, and data-sharing frameworks — DPI creates the digital rails that allow services to move efficiently, much like roads support the movement of people and goods.

The role of DPI took centre stage during the Inclusive FinTech Forum 2026, held in Kigali from March 10 to 12, where policymakers, development partners, and industry leaders explored how such infrastructure can accelerate inclusion and expand access to financial services.

Hosted by the Ministry of ICT and Innovation, the Rwanda Information Society Authority (RISA), and Access to Finance Rwanda (AFR), the forum’s DPI Track examined how shared digital systems can help fintech companies grow faster, reduce costs, and serve people who remain excluded from formal finance.

Closing the inclusion gap

Across Africa, fintech innovation has expanded access to mobile payments, digital wallets, and credit. However, gaps persist. Millions of people, particularly women, low-income households, smallholder farmers, and small businesses, still struggle to access affordable and appropriate financial services.

Fragmented systems and limited interoperability continue to constrain progress. According to the World Bank, 420 million adults in Africa were financially excluded as of 2022.

In Rwanda, significant strides have been made. Digital financial inclusion stands at 85.3 per cent of adults — about 7 million people — according to FinScope 2024. The challenge now is no longer access alone, but how to build systems that make digital finance more inclusive, scalable, and trustworthy.

Enabling fintech through shared infrastructure

Speaking during the forum, the Minister of State in the Ministry of ICT and Innovation, Yves Iradukunda, emphasised that while fintech innovation is transforming how people transact and access financial services, its full impact depends on the underlying infrastructure.

“The ability for fintech to reach the underserved population depends heavily on digital public infrastructure, which should support their operations and their service capabilities,” he said.

He stated that systems such as digital identity, interoperable payments, and secure data exchange provide the shared foundation on which innovators can build, enabling faster innovation, lower costs, and wider reach.

A coordinated national approach

A key factor behind Rwanda’s progress has been its deliberate effort to avoid fragmented implementation.

“Our approach has been a whole-of-government approach. Not looking at silos type of implementation, but a cohesive approach to transform the country using digital tools,” said Antoine Sebera, Chief Executive Officer of RISA. 

Antoine Sebera, CEO, Rwanda Information Society Authority (RISA), speaking on one of the DPI Track sessions at IFF2026.

He underscored the importance of foundational infrastructure — including connectivity, smartphone access, and digital literacy — to ensure that digital systems translate into meaningful use for citizens and businesses.

Reaching the underserved

For Access to Finance Rwanda Chief Executive Officer Jean Bosco Iyacu, DPI is not just a technical framework, but a pathway to inclusion.

“I’m a firm believer in DPI because it unlocks value, but also it touches the vast majority of the underserved and unserved segments of the population,” he said.

Jean Bosco Iyacu, CEO of Access to Finance Rwanda (AFR), said that fintechs should look beyond the market’s most crowded segments

He pointed out that traditional financial systems have struggled to close the inclusion gap quickly enough. By contrast, DPI reduces friction, lowers integration costs, and expands access.

“With DPI, you have a single integration; you access the entire market,” Iyacu said.

This shift is particularly important for fintech innovators, who often face high costs and complexity when integrating with multiple financial institutions. Shared infrastructure allows them to focus more on designing relevant products rather than negotiating access.

Iyacu also urged fintech firms to look beyond payments, which have driven much of the sector’s growth across Africa. He identified insurance, wealth creation tools, digital lending, and capital markets as the next frontier for inclusion.

Beyond access to real inclusion

The discussion also highlighted that access to digital tools alone does not guarantee meaningful participation in the economy.

Lee Naik, Chief Executive Officer and Regional President of TransUnion Africa, underscored that real inclusion goes beyond owning a mobile wallet or digital ID.

Economic participation, he observed, is realised when individuals and businesses can access services that improve their livelihoods — such as credit for farmers, working capital for traders, or financing for entrepreneurs.

The implication is clear: digital systems must move beyond enabling transactions to unlocking broader economic opportunities.

The role of policy and trust

Speakers emphasised that the success of DPI depends as much on governance and policy as it does on technology.

Effective digital public systems require clear regulatory frameworks, institutional coordination, and safeguards that protect users while encouraging innovation.

At the same time, experts cautioned against a one-size-fits-all approach.

“Digital Public Infrastructure is not a one-size-fits-all model. Governance arrangements will differ across countries. What matters is allowing countries to shape the right policies, governance, and guardrails for their own context,” said Nanjira Sambuli, Senior Advocacy Officer for Africa Inclusive Financial Systems and Digital Public Infrastructure at the Gates Foundation.

Key considerations include data privacy, security, ownership, and user consent, alongside ensuring that regulation remains flexible enough to support innovation.

A continental opportunity

While much of the discussion focused on Rwanda, the implications extend across Africa.

As the continent advances integration under the African Continental Free Trade Area, fragmented systems continue to make cross-border transactions costly and inefficient. More interoperable digital infrastructure could help address these challenges, enabling smoother trade and stronger economic connectivity.

In this context, DPI is not only a tool for domestic inclusion, but also a building block for a more integrated and competitive African economy.

From ambition to implementation: Rwanda’s case for DPI

For Rwanda, that momentum is already visible. The country has made deliberate investments, adopted a coordinated approach, and positioned digital transformation as part of national development rather than a narrow technology agenda. 

Yves Iradukunda, Minister of State, Ministry of ICT and Innovation, delivers his remarks at the DPI track at IFF2026

Through collaboration with the National Bank of Rwanda and RISA, Access to Finance Rwanda is supporting the development of a Credit Market Infrastructure — a shared digital platform designed to modernise the country’s credit ecosystem. The system connects financial service providers, data providers, and borrowers through standardised Application Programming Interfaces (APIs) and automated processes.

The initiative initially focuses on addressing challenges in agricultural lending, a sector that remains underserved despite its importance to the economy.

AFR is also supporting the Agriculture Management Information System, developed with the Ministry of Agriculture and Animal Resources, which aims to help farmers access financial services, advisory support, and market opportunities through a digital platform.

Supporting long-term development

These efforts align with Rwanda’s Vision 2050, which places technology and innovation at the centre of economic and social transformation.

Digital Public Infrastructure is expected to play a critical role in this agenda by enabling efficient service delivery, expanding economic opportunities, and strengthening resilience.

By prioritising national coordination, fostering regional collaboration, and supporting innovation ecosystems, Rwanda is laying the strong foundation for a more inclusive digital economy. 

Key players at the recent launch of Rwanda DPI Day in Kigali on March 9.

The bigger picture

Discussions at the Inclusive FinTech Forum underscored a key reality: Africa does not lack innovation or ambition. The challenge lies in building the foundational systems that allow these innovations to scale effectively.

For Rwanda, the focus has shifted from simply expanding access to ensuring that digital systems deliver meaningful impact — enabling people and businesses not only to transact, but to grow, invest, and participate fully in the economy.

Rwanda has unveiled a national Digital Public Infrastructure (DPI) strategy aimed at improving how institutions share data, deliver services, and build digital innovation—paving the way for a more connected digital economy and accelerating the country’s ambitions in artificial intelligence, according to officials.

The strategy was introduced during Rwanda’s first DPI Day, held on Monday, March 9, and organised by Rwanda Information Society Authority (RISA) in collaboration with Access to Finance Rwanda (AFR) and the Ministry of ICT and Innovation.

The event also marked progress since the establishment of Rwanda’s Centre of Digital Public Infrastructure in 2025.

Digital public infrastructure refers to foundational and interoperable digital systems, such as digital identity platforms, payment systems, and data exchange layers, that function as public goods and allow governments and private actors to build services at scale.

Officials stated that the initiative aims to create a shared digital foundation that allows institutions to collaborate more efficiently, while supporting innovation across sectors.

Over the past decade, Rwanda has made significant progress in digitising public services. However, many digital platforms were developed independently, creating systems that serve specific institutions but are not always designed to communicate with one another, officials observed.

Antoine Sebera, Chief Executive Officer of RISA, said the introduction of DPI seeks to address this challenge.

“Digital public infrastructure is about creating the shared foundation that allows services across government institutions to work together seamlessly,” Sebera said.

He explained that without such a foundation, the growth of multiple standalone platforms can lead to fragmentation, limiting interoperability, scalability, and long-term sustainability.

Foundational DPI systems, including digital identity, interoperable payment platforms, and trusted data exchange systems, enable digital services to integrate and scale more efficiently, while improving the experience for citizens.

“DPI is like roads and electricity for the digital economy. It allows services, innovation, and inclusion to move faster across the entire country,” Sebera said.

He emphasised that the strategy is not meant to replace existing digital systems but rather to provide a framework that ensures future digital solutions are interoperable, secure, and aligned with Rwanda’s national development priorities.

Unlocking innovation and AI potential

Sebera also noted that establishing a shared digital infrastructure will support Rwanda’s ambitions to become a regional hub for artificial intelligence (AI).

With stronger data exchange systems and interoperable platforms, he said, AI technologies can access larger volumes of reliable and high-quality data from different sectors, making them more effective.

Sebera underscored that the development of DPI will enable both government institutions and private companies to build innovative digital services on top of a shared national infrastructure. However, he added that such a system cannot be built by a single institution.

“Its very nature requires collaboration among government institutions, private sector innovators, civil society, and development partners,” he said.

Iyacu Jean Bosco, Chief Executive Officer – AFR.

Jean Bosco Iyacu, Chief Executive Officer of Access to Finance Rwanda, emphasised that the conversation around DPI must go beyond policymakers and include innovators, businesses, and academic institutions.

“The DPI ecosystem should be open to everyone, the public sector, private sector, innovators, think tanks, and academia,” Iyacu said.

He noted that the Covid-19 pandemic highlighted the importance of digital systems in enabling access to services and financial inclusion.

“We are looking at shared technologies that are reusable, where innovators can build new services from where others have stopped,” he said.

Iyacu added that AFR remains committed to expanding inclusive financial systems and ensuring digital innovations benefit underserved communities, small businesses, and rural populations.

“DPI is a powerful framework for us to achieve this by creating shared digital realms that reduce barriers financially and enable innovation at scale,” he added.

Building Rwanda’s digital foundations

Sharon Umunyana, Director for the Rwanda Centre for Digital Public Infrastructure, said the centre’s role is to ensure the country’s DPI infrastructure works effectively in practice.

She cited initiatives such as digital identity systems – whose rollout is planned by June 2026 – and interoperable payment platforms like e-Kash as early steps in Rwanda’s DPI journey.

According to Umunyana, the centre will support the development of foundational digital systems, strengthen collaboration between public and private sectors, and build technical capacity within the ecosystem.

“Technology is actually the easier part,” she said.

“The real question is how we build digital foundations that enable innovation, inclusivity, and economic growth through coordination and collaboration, while avoiding silos.”

She added that the private sector will play a critical role in building applications, financial services, and digital platforms on top of these foundational systems.

Officials and participants pose for a group photo at the launch.

Safeguards, trust, and collaboration

Yves Iradukunda, State Minister at the Ministry of ICT and Innovation, stressed that implementing DPI will require strong collaboration across institutions.

“We must ensure that all stakeholders work together to remove silos that could lead to duplicated investments,” he said.

“The success of this effort will depend on strong collaboration between government institutions, regulators, the private sector, development partners, and the broader technology community.”

Fatmata Lovetta Sesay, Resident Representative of UNDP to Rwanda, also highlighted the importance of trust, safety, and inclusion in developing digital infrastructure.

Fatmata Lovetta Sesay, Resident Representative of UNDP to Rwanda, speaks at the launch on Monday, March 9.

“A trusted and open platform invites private sector and civil society to build upon it,” she said.

She noted that safeguards are essential to ensure that women, rural communities, and marginalised groups are not left behind in the digital transformation.

“Digital public infrastructure is not an end in itself. It is a foundation for Rwanda’s future digital economy, including the adoption of artificial intelligence,” she said.

Building technical capacity

The event also featured a technical training programme on foundational DPI, organised by RISA. The training covered DPI architecture and principles, interoperable payment systems, data exchange frameworks, and practical implementation considerations.

Participants who completed the programme received certificates, marking the creation of a growing community of certified practitioners expected to support the implementation of Rwanda’s digital public infrastructure.

Access to Finance Rwanda (AFR) has launched the Terimbere MSME Facility, a new platform aimed at connecting Micro, Small, and Medium Enterprises (MSMEs) in Rwanda

Kigali | March 9, 2026 — Access to Finance Rwanda (AFR) has launched the Terimbere MSME Facility, a new platform aimed at connecting Micro, Small, and Medium Enterprises (MSMEs) in Rwanda to tailored business growth services and appropriate access to capital.

The platform is designed to bring together MSMEs seeking support, qualified business growth service providers, and capital providers looking to engage with investment-ready enterprises. It seeks to address persistent challenges facing MSMEs, including limited access to finance, inadequate support for business growth, and barriers to greater profitability and creating dignified and fulfilling work.

The Terimbere MSME Facility serves MSMEs across Rwanda, with a particular focus on rural and peri-urban areas, and prioritises MSMEs in agriculture, tourism, and hospitality, as well as other businesses linked to these sectors.

Facilitating the provision of business growth services and access to finance

Through the Facility, MSMEs will be able to access tailored business growth support in areas such as financial management, operational efficiency, marketing, human resources management, technical sector-specific advisory, investment readiness, Environmental, Social, and Governance (ESG), etc.

The Facility also works with financial institutions and capital market actors to facilitate tailored financial solutions, including MSME-centric loans, guarantee facilities, subsidy mechanisms, and targeted products for women and youth entrepreneurs.

Expanding access through digital and physical channels

MSMEs, service providers, and capital providers can access the Terimbere MSME Facility Platform online to register (https://terimberemsme.rw), indicate their needs or services, and connect with relevant partners, access appropriate information and opportunities.

The platform is intended to simplify the process of finding credible, affordable, and tailored support, while helping enterprises to find appropriate financing more efficiently.

Recognising that many enterprises — particularly in rural and peri-urban areas — may still face barriers such as limited connectivity, information gaps, or distance from support services, Terimbere MSME Facility also operates Satellite Offices in five districts: Musanze, Rubavu, Rusizi, Kayonza, and Huye.

These offices are intended to bring support closer to entrepreneurs and MSMEs by offering a convenient local access point for guidance, onboarding, and support throughout the business diagnostic process that leads to tailored business growth support, as well as access to financial solutions for investment-ready MSMEs.

Jean Bosco Iyacu, Chief Executive Officer of Access to Finance Rwanda, said: “The Terimbere MSME Facility represents a significant step in strengthening Rwanda’s entrepreneurship ecosystem by connecting MSMEs to tailored services and financial solutions they need to scale, build resilience, and create meaningful and dignified jobs.”

“It also provides business growth service providers with a stronger platform to extend their impact, while enabling capital providers to connect with investment-ready enterprises that can drive inclusive economic growth.”

The initiative has been designed with a strong gender and social inclusion lens to ensure that women, especially young women, refugees, persons with disabilities, and entrepreneurs in rural areas are not left behind.

In addition to MSME-level support, the Facility will also contribute to improving the broader entrepreneurship and MSME finance ecosystem through research, market insights, and engagement with policymakers, regulators, and other key enablers.

Access to Finance CEO Jean Bosco Iyacu, speaks during a meeting. 

For Francine Ingabire Mukamurenzi, a visually impaired person, growing her small business should have been a story of ambition and opportunity. Instead, it exposed how far the country still has to go to ensure financial services truly work for everyone.

Francine Ingabire Mukamurenzi, a visually impaired person, shares her testimony at the conference on February 19.

“I used to run a small business, but when I wanted to expand it, I went to the bank I was already using [in which I had an account] to apply for a loan. They refused because I am visually impaired,” she said.

A sign language interpreter helps a delegate with disabilities during the conference.

Her experience reflects a broader challenge highlighted on February 19, when Access to Finance Rwanda (AFR), in partnership with Mastercard Foundation and the National Union of Disability Organizations of Rwanda (NUDOR), convened a High-Level Policy Dialogue to confront barriers keeping persons with disabilities on the margins of Rwanda’s financial system.

The meeting brought together government officials, financial service providers, development partners and organisations of persons with disabilities to examine evidence and propose practical solutions.

A participant asks a question using sign language at a High-Level Policy Dialogue

Stark disparities behind national progress

Rwanda has made notable progress in expanding access to financial services. However, findings from the FinScope 2024 Thematic Report on Financial Inclusion for Persons with Disabilities in Rwanda show that significant gaps remain. Persons with disabilities continue to be less financially included than adults without disabilities.

The report highlights structural barriers linked to education and literacy. About 34 per cent of persons with disabilities have never attended school, while 44 per cent are illiterate—more than double the 21 per cent illiteracy rate among adults without disabilities.

The meeting aims to confront barriers keeping persons with disabilities on the margins of Rwanda’s financial system.

ALSO READ: NUDOR roots for quality education for the disabled

For John Rwirahira, Head of Research, Evidence and Policy at AFR, the statistics only tell part of the story.

“Some of the key challenges that persons with disabilities face include financial literacy itself. The majority either do not have formal education or only reached primary level, which makes it difficult to access financial services,” he said.

John Rwirahira, Head of Research, Evidence and Policy at AFR.

“Financial literacy efforts must therefore be tailored not only to their level of education but also to the specific disabilities they have.”

He noted that exclusion goes beyond education, citing lack of collateral, among other challenges.

“Lack of collateral is a general issue, but it is more specific for persons with disabilities because they also face stigma when they go to financial service providers,” he said.

“There are communication gaps, and institutions are not always equipped with trained staff to engage with persons with different types of disabilities. Physical access to facilities is also a challenge, as some are not constructed in ways that allow easy access,” he added.

ALSO READ: Experts urge stronger collaboration to expand access to financial services

Rwirahira emphasised that addressing these challenges requires coordinated action, including targeted training for financial institutions to improve communication, customer handling and product design tailored to persons with disabilities.

Participants also observed that gender and entrenched social norms—particularly in rural areas—continue to undermine perceptions of persons with disabilities as active contributors to socio-economic development.

‘Financial inclusion is about dignity’

Beth Nasiforo Mukarwego, Chairperson of NUDOR, acknowledged government efforts to promote inclusion but said gaps between policy and practice persist, especially in rural communities and among older persons and those with limited education.

“I thank Access to Finance Rwanda, the Mastercard Foundation and all partners for organising this High – Level Policy Dialogue. Persons with disabilities make up a significant part of our population, yet they still face barriers to access essential services, including financial services, due to discrimination, limited accessibility and gaps between policies and practice,” she said.

Beth Nasiforo Mukarwego, Chairperson of NUDOR, acknowledged government efforts to promote inclusion

ALSO READ: Access to Finance Rwanda CEO on enhancing financial inclusion with data analytics

Mukarwego underscored that inclusion goes beyond simply opening bank accounts.

“Financial inclusion is not only about access to services, it is about dignity, independence and equal opportunity. It is about enabling persons with disabilities to participate fully in the economy and plan for their future,” she said.

The FinScope 2024 report, she added, is expected to provide clearer evidence on how persons with disabilities access and use financial services, while highlighting persistent gaps in digital finance, service quality and usage.

ALSO READ: Access to Finance Rwanda launches Finscope 2024

From rejection to resilience

After being turned away by her bank, Mukamurenzi remained determined.

Panelists engage in a discussion during a High-Level Policy Dialogue to confront barriers keeping persons with disabilities on the margins of Rwanda’s financial system. Photos by Craish BAHIZI

“Later, I approached Urwego Finance, and they agreed to support me, but only if I was part of a cooperative. I had to create one, and after six months, we received the loan. We have been working with that bank since then, and we will finish paying our loan in May,” she added.

Her journey underscores both resilience and the additional hurdles faced by entrepreneurs with disabilities. Beyond stigma and collateral requirements, some must form cooperatives to qualify for loans. Others face extra costs, such as hiring assistance for retail activities.

The meeting aims to confront barriers keeping persons with disabilities on the margins of Rwanda’s financial system.

Mukamurenzi also called for more inclusive banking practices, including respectful communication and improved access to financial tools such as Visa cards without unnecessary restrictions.

A call to move from dialogue to action

Emmanuel Ndayisaba, Executive Director of the National Council of Persons with Disabilities (NCPD), commended stakeholders for their engagement and reaffirmed the council’s commitment to advancing equitable access to financial services.

“Today’s discussions have built a shared understanding of financial inclusion as empowerment, economic independence and full participation in national development,” he said.

Emmanuel Ndayisaba, Executive Director of the National Council of Persons with Disabilities (NCPD) addresses participants during a High-Level Policy Dialogue to confront barriers keeping persons with disabilities on the margins of Rwanda’s financial system in Kigali on February 19. Photos by Craish BAHIZI

He underscored that equitable access to financial services supports entrepreneurship, employment, innovation and community resilience, but warned that key challenges remain.

“When persons with disabilities access financial services equitably, they are better positioned to contribute to entrepreneurship, employment, innovation and community resilience. However, progress requires continued effort. Accessibility gaps, social attitudes and limitations in financial products and literacy remain challenges,” he observed.

Ndayisaba urged stakeholders to move from dialogue to implementation by strengthening accessibility standards, expanding inclusive financial education and developing appropriate financial products.

The meeting aims to confront barriers keeping persons with disabilities on the margins of Rwanda’s financial system.

Access to Finance Rwanda (AFR), in collaboration with the Government of Rwanda through the Ministry of Trade and Industry (MINICOM) and the Mastercard Foundation launched the inaugural Micro, Small, and Medium Enterprises (MSME) Growth Symposium, a landmark gathering aiming to address challenges facing Rwanda’s MSMEs, while unlocking pathways for growth and resilience.

Held on Thursday, October 2, under the theme “Driving a thriving entrepreneurship ecosystem in Rwanda,” at the Kigali Convention Centre, the symposium brought together policymakers, researchers, private sector leaders, development partners, financial institutions, students, and entrepreneurs.

The event featured the launch of AFR’s first-ever “Rwanda MSME FinMap 2024,” a report that assesses MSMEs’ access to and use of financial services in Rwanda. According to the findings, 38 per cent of MSMEs cited access to finance as their biggest challenge, followed by the cost of finance at 32.2 per cent, operating space at 25 per cent, lack of market access at 24 per cent, and internet at 23.4 per cent, among others. Overall, the report shows that 83% of MSMEs in Rwanda are financially included, with 75% accessing services through formal, regulated institutions, while 32% rely on informal financial services, such as community-based savings groups.

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These findings make the symposium timely as it offers a platform to “share research insights and evidence, practical experiences, working practices to inform strategies and initiatives,” said Jean-Bosco Iyacu, CEO of Access to Finance Rwanda.

“It’s a platform to strengthen collaboration between non-government institutions, the private sector, development partners, financial institutions, and entrepreneurs to address challenges and unlock new growth opportunities for MSMEs,” Iyacu added.

Jean-Bosco Iyacu, Access to Finance Rwanda CEO, addresses delegates at the meeting in Kigali.

He cited the National Institute of Statistics of Rwanda’s (NISR) research that indicated 99.8 per cent of businesses in Rwanda fall into the MSMEs category, describing it as “the backbone of the country’s economy.”

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Iyacu underscored that MSMEs are key drivers of innovation, job creation, and key enablers of inclusive growth, as well as contributing significantly to improving economic resilience and poverty reduction.

However, Iyacu pointed out that regardless of their immense potential, MSMEs continue to face challenges that hinder their growth and scaling capabilities. He highlighted access to capital and business growth support, emphasising the symposium’s role in addressing these challenges by bringing industry players together to discuss practical actions and customised solutions.

“Together with our partners, we believe that empowering MSMEs is not just an economic imperative. It is a central pillar of Rwanda’s development agenda and a driver of social transformation,” he said.

In its National Strategy for Transformation Two (NST2), the Government of Rwanda aims to create 250,000 jobs annually and at least 1.25 million decent (productive) jobs for Rwandans by 2029. According to the released report, MSMEs employ over 712,000 people, with more than 213,000 of them being women. Hence, once supported, MSMEs can play a significant role in achieving the government’s job creation target.

Ivan Ntwali, Country Director for Mastercard Foundation Rwanda speaks at the symposium

Ivan Ntwali, Country Director of Mastercard Foundation Rwanda, emphasised the role of MSMEs in achieving that goal by bridging financial gaps, management, and developing policies based on research evidence.

Ntwali emphasised leveraging technology in transactions, data gathering, and increasing women-led initiatives are key to ensuring success for MSMEs.

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“Success for this MSME Growth Symposium will be delivered when a young woman finds the right product, in clear language, submits a short digital application, receives a timely decision, and depends on repayment schedules according to the reality of her business,” Ntwali said.

He stressed that the government and private sector all have a role in enabling innovation and sharing risks, saying, “these efforts will unlock finance that truly serves young people, especially women-led enterprises.”

The financing gap is still the biggest barrier

Speaking at the event, Alexis Kabayiza, Chief Technical Advisor for MINICOM, emphasised that unlocking capital for MSMEs is not just a financing issue, but the government’s priority.

“When MSMEs have access to finance, our economies become strong, more resilient, and better able to withstand shocks,” he said.

“But success will come through collective efforts. No single actor can be able to unlock the potential of SMEs. It requires both of us, starting from the government, private sector, investors, development partners, financial institutions, but more importantly, the efforts of our entrepreneurs.”

Alexis Kabayiza, Chief Technical Advisor for MINICOM speaks at the meeting

The symposium also featured panel discussions on MSME financing, a presentation for the Data for Growth Report under the Finance S’Engage Initiative led by Entrepreneurial Solutions Partners (ESP), and a presentation on Central Bank Policies and Regulations affecting Agri-SMEs Financing by ACELI Africa

“These reports provide an in-depth view of both demand, supply, and the regulatory side of MSME financing. But also, they offer us the data we need to design targets,” Iyacu explained.

A call for customised solutions 

Reflecting on bridging the gaps between access to finance and collaboration between financial institutions and MSMEs, Alice Nkulikiyinka, the Country Director for BPN Rwanda, noted that financial institutions should be able to look at MSMEs individually, avoiding a one-size-fits-all evaluation model, as all MSMEs have different potentials and operation models.

“We need to take time to understand different industries. What people in the creative industry need is not what agriculture needs. There is work that can be done. It may sound like a big investment or a lot of work, but the return on investment is huge, and that is what we need to be focusing on,” Nkulikiyinka said.

The landmark gathering aimed to address challenges facing Rwanda’s MSMEs, while unlocking pathways for growth and resilience. 

The symposium also featured panel discussions on MSME financing, a presentation for the Data for Growth Report under the Finance S’Engage Initiative.

The symposium brought together policymakers, researchers, private sector leaders, development partners, financial institutions, students, and entrepreneurs. Kellya Keza

The Symposium was held under the theme “Driving a thriving entrepreneurship ecosystem in Rwanda,” at the Kigali Convention Centre.

ECOBANK CEO Carine Umutoni speaks during a pannel discussion

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.

A refugee couple in Mahama empowered through the Refugee Financial Inclusion Project.

A resident in Kirehe accesses financial services at the Umutanguha Finance Company branch, established with support from AFR.

Thanks to digital financial services, tea farmers now receive their payments without delays.

Launched on June 20, the report was developed and presented by Access to Finance Rwanda (AFR) during the celebration of World Refugee Day 2025 under the theme “Solidarity with refugees,” in collaboration with the Ministry in Charge of Emergency Management (MINEMA) and the UN Refugee Agency (UNHCR).

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The event was held in Kigali in the presence of government officials, AFR’s partners, UN organisations’ representatives, refugees and their communities, and representatives from different non-government organizations.

According to the report, 99 percent of refuges aged 16 years and above living in Rwanda have access to formal or informal financial services. Of these, 37 percent use bank accounts, while 62 percent rely on non-bank formal services such as mobile money or microfinance institutions.

Jean Bosco Iyacu, AFR’s Chief Executive Officer, commended the government of Rwanda for its steadfast commitment to providing a safe and dignified environment for refugees, which allows them to survive and thrive.

“When individuals leave their countries of origin, they are not merely looking for shelter. They are in search of inclusive communities that welcome them, integrate them, and provide opportunities for their growth and resilience,” Iyacu said.

“Refugees carry with them their skills, knowledge, dreams, and ambitions. When they are not seen as a burden but as partners, and when they are given the opportunity, they contribute meaningfully to the socio-economic development of their host countries.”

He noted that this report is the first one focusing exclusively on refugees’ access to financial services. AFR’s 2018 study about refugees and their money, focusing on monthly cash transfers , revealed that despite refugees’ engagement in economic activities, they lacked access to a broad range of financial services.

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Iyacu pointed out that the study also revealed a need for formal financial solutions to help refugees manage and grow their businesses and improve livelihoods. That gap led to a multi-stakeholder partnership with MINEMA, Umutanguha Finance Company, and MTN Rwanda, resulting in the establishment of dedicated bank branches within refugee camps.

“As a result, Umutanguha established dedicated branches in refugee camps, enabling refugees and residents to save money, access credit, and obtain financial services without the burden of long travels,” Iyacu added.

Iyacu applauded Rwanda’s move to integrate refugees and asylum seekers into the national identification system, which has made it easier for them to open bank accounts and access financial services.

Mobile money remains the primary channel, with 87 percent of adult refugees actively using it, and 76 percent owning registered mobile money accounts. However, men dominate mobile money account uptake with 81 percent compared to 73 percent of women.

The Minister in Charge of Emergency Management, Maj. Gen (Rtd) Albert Murasira, underscored that the report is in line with the government’s policy aiming at creating a conducive environment for the protection of refugees, ensuring their socio-economic inclusion, as well as empowering them to be self-reliant.

The Minister in Charge of Emergency Management, Maj. Gen (Rtd) Albert Murasira, speaks about the newly launched report on Friday, June 20

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He commended AFR’s leadership and stakeholders for launching the report, noting that its findings are vital milestones in understanding and providing avenues for improving the financial inclusion of refugees.

“I wish to call upon all stakeholders, government institutions, development and humanitarian partners, private sector, and civil society to build on the success made and guide our strategies and programming to bridge gaps presented and design inclusive financial and livelihood solutions adapted to the refugee context,” he said.

The new FinScope 2024 Refugees Financial Inclusion Thematic Report was launched on Friday, June 20. All photos by Dan Gatsinzi

He referenced Rwanda’s Refugee Sustainable Graduation Strategy, aimed at reducing dependence on humanitarian support, addressing funding challenges, while empowering refugees to be self-reliant. However, he warned of growing global funding constraints, stressing the report’s timeliness.

“This orientation also comes in the critical moments when we have globally the unprecedented funding crisis affecting the humanitarian interventions across the globe, region, and Rwanda in particular,” the minister said.

“Hence, the need to systematically change the traditional humanitarian approach and put more emphasis on development-led interventions to build the economic capacity of refugees and enable them to be self-reliant.”

UNHCR’s Country Representative, Aissatou Ndiaye-Dieng, commended Rwanda for its continued commitment to welcoming refugees and asylum seekers and for ensuring they have access to opportunities on par with all Rwandans. “Solidarity with refugees is not just a theme, it is a call to conscious, a call to action, and a call to remember our shared humanity,” she stated.

Ozonia Ojielo, the UN Resident Coordinator in Rwanda, echoed these concerns and stressed the importance of aligning financial inclusion with fit-for-purpose financial products.

He noted that while there might be access to finance, there should be consideration of financial products coming out of financial institutions, warning that without a clear product that matches the refugee context, the cost of credit would be high, leading to refugees’ inability to borrow.

“We now need a new conversation on financing products and returns on investment. That’s what allows us to close the loop and address the challenges we’re seeing here for the refugees,” Ojielo added, emphasizing that there is a need for an intersection between the humanitarian and development perspectives.

“Let’s reconceive the new frontier for humanitarian interventions that allows this logic of fresh lands to actually have meaning in the lives of the refugees, but have meaning in terms of the government’s aspiration to address these issues.”

Currently, Rwanda hosts 136,000 refugees and asylum seekers residing in camps and urban settings. By the time the FinScope 2024 Refugees Financial Inclusion Thematic Report this survey was conducted, Rwanda was hosting 63,000 adult refugees and asylum seekers aged 16 years and above.

Ozonia Ojielo, the UN Resident Coordinator in Rwanda addresses delegates at the event,

Participants and officials pose for a group photo at the launch of the new FinScope 2024 Refugees Financial Inclusion Thematic Report on Friday,

Jean Bosco Iyacu, AFR’s Chief Executive Officer delivers his remarks at the launch_