from PHYLLIS BIRORI in Kigali, Rwanda
Rwanda Bureau
KIGALI, (CAJ News) – RWANDA has made great strides in enhancing digital financial inclusion, in the process reaching a rate that exceeds the target set by the government.
The Digital Financial Inclusion Thematic Report launched by the Access to Finance Rwanda (AFR) reveals that 85,3 percent of Rwanda’s 8,2 million adults were digitally included in 2024.
AFR, which has unveiled the report in collaboration with the Ministry of Information and Communication Technology and Innovation, at the Mobile World Congress on Wednesday, reports that this is a substantial increase from 66 percent in 2020.
AFR lauded that this achievement surpassed the country’s target of 80 percent, as set in the Rwanda FinTech Strategy (2024–2029).
The findings reveal that mobile money continues to revolutionize financial access across the country, with 79,5 percent of adults now having access to mobile money services and 69,9 percent being active mobile money users.
The findings reveal that 80 percent of adults in Rwanda have access to mobile phones while 22,1 percent have access to smartphones or feature phones that enable access to the internet and access to computers is limited to 8 percent of adults.
Paula Ingabire, Minister of ICT and Innovation, said regulatory frameworks and strategies, such as the Financial Sector Development Strategic Plan (2018–2024) and the Rwanda Payment System Strategy, had fostered innovation and inclusion.
“As Rwanda continues to advance its digital transformation agenda, access to digital financial services remains a cornerstone of our commitment to building an inclusive and resilient economy,” she said.
AFR is a non-profit company established in 2010 to promote financial inclusion and financial sector development in the East African country.
Funders and partners of the Digital Financial Inclusion Thematic Report include Ministry of ICT and Innovation, Ministry of Finance and Economic Planning, National Bank of Rwanda, Rwanda Bankers Association, Swedish International Cooperation Agency, Mastercard Foundation and Jersey Overseas Aid.
– CAJ News