Rwanda : 72 per cent of Rwandan adults use financial products or mechanisms – FinScope survey

The Second FinScope survey 2012 on Rwanda has revealed that 72 percent of Rwandan adults (3.2 million) have, or use, financial products or mechanisms. This comes as big contrast with what was on ground five years ago.

The findings were released by the Government of Rwanda in partnership with Access to Finance Rwanda (AFR).

The first FinScope Rwanda survey was conducted in 2008. The survey showed that 79 percent of Rwandans, 18 years or older were not using formal financial insti­tutions.

A large amount of money remained in people’s pockets, which not only limited Rwandans’ ability to build financial security, but also financial institutions’ capacity to distribute credit because of a lack of liquidity.

Since then, there has been a shift in Rwanda’s financial landscape since 2008. The proportion of adults who are not using financial services or products has dropped by 46 percent since 2008.

This survey was commissioned by the Government of Rwanda and collaboratively implemented by Access to Finance Rwanda (AFR), its funders (the United Kingdom’s Department for International Development (DFID) and the World Bank), the National Bank of Rwanda (BNR) and the Ministry of Finance and Economic Planning (MINECOFIN).

It is aimed at providing a holistic understanding of how individuals generate an income and how they manage their financial lives. It also identifies the factors that drive financial behaviour and those that prevent individuals from using financial products and services

According to the survey, the establishment of Umurenge SACCOs has also significantly changed access to formal financial services in Rwanda.

This intervention has been successful in providing access to Rwandans who would otherwise not use formal financial services. FinScope 2012 showed that 22 percent of adults (approximately 1 million) have Umurenge SACCO products and that these products are actively being used.

The banked population increased from 14 percent of adults being banked in 2008 to 23 percent (1 million) being banked in 2012. This increase was mainly due to new banks entering the market and an increased outreach of existing banks.



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