FinScope Survey 2020 Report
The ultimate aim of policies and strategies for financial inclusion is increased access to formal financial institutions and increased uptake and usage of formal financial products and services (i.e. those provided by regulated service providers). The target of the Government of Rwanda is to increase the proportion of formally served adults to 100% by 2024.
It is generally agreed that one of the core drivers to an inclusive economy is the constant fight against poverty and the inclusion of most of the population in the formal economy. Hence, the importance of a more financially included adult population is vital as it gives rise to financial stability. As more funds are channelled and flow in the formal economy, this allows for a more effective monetary stimulus while helping reduce costs of conducting financial transactions and increase oversight among other reasons. Given the crucial role of financial inclusion in the national agenda, priority should be aimed at strategies that increase and deepen financial inclusion. To do so, it is imperative that these interventions are specifically targeted, and evidence based. It is in pursuit of this objective that the Rwandan Government with support from the Access to Finance Rwanda (AFR) initiated the fourth FinScope 2020 consumer survey.
The FinScope Rwanda survey is a nationally representative demand-side survey implemented by AFR to address the need for credible financial sector information. It provides insights to guide policymakers and regulators in terms of how to address or respond to existing challenges, monitoring, and reviewing the financial inclusion target.
The first FinScope Rwanda Survey in 2008 was driven by a lack of credible information to guide policy interventions and financial service providers in their efforts to expand the reach and depth of the Rwanda financial system. The decision to implement FinScope Rwanda 2008 was championed by the Ministry of Finance as the overall custodian of Rwandan’s financial sector.
In pursuit of the objective of removing systemic barriers to the uptake of financial services, the Rwandan government needed to obtain credible information on how the landscape of access to and usage of financial services has changed since 2008. AFR on behalf of the government commissioned follow-up surveys in 2012 and 2016.
Similarly, FinScope Rwanda 2020 survey is expected to illustrate how many adult Rwandans are financially included, specifically aligning the levels of inclusion to the revised National Financial Inclusion Strategy (NFIS) and also to report any changes since the last FinScope survey in 2016.