According to the FinScope 2020 survey, 93% (from 89% in 2016, 72% in 2012 and 48% in 2008) of Rwandan adults are financially included in terms of accessing and using both formal and informal financial products. Levels of financial inclusion vary from 99% in Gasabo district to about 83% in Rusizi district.
The survey indicates a narrowing gender gap in financial inclusion with only 8% of women excluded compared to 7% of male counterparts. The report underscores that youth within the age range of 16 – 24 years, are the most financially excluded at 18%, significantly higher compared to the national average of 7% exclusion.
About 77% of the Rwandan population access and use formal financial products, including those that are provided by the banking sector and other from formal but non-bank financial institutions such as insurance firms, mobile network operators, Microfinance institutions/SACCOs, etc.
About 36% (from 26% in 2016, 23% in 2012 and 14% in 2008) of adults in Rwanda are banked. The proportion of adults that are banked range from 80% in Gasabo district to only 8% in Ngororero district. Banked population growth has increased by 1.1 million since 2016. About 25% of banked adults use digital financial tools up from 6% in 2016. About 75% of adults in Rwanda use other formal (non-bank) financial products/services. These financial services increase overall levels of formal inclusion.
The informal sector continues to play a significant role in financial inclusion and increasing product portfolio choices with about 78% of adults in Rwanda using informal financial services mainly through saving groups (ibimina).