Women’s economic empowerment is not just a social imperative; it is an economic necessity. Across Rwanda, women are starting businesses, leading organisations, and playing a critical role in economic development. From bustling markets in Kigali to agricultural cooperatives in rural districts, women are at the heart of commerce. Yet, challenges such as access to finance, balancing multiple responsibilities, and societal biases continue to limit their full potential. The Rwandan financial sector has both the responsibility and the opportunity to drive change. The financial sector as an enabler To truly empower women, financial institutions in Rwanda must go beyond traditional banking solutions. Women need financial services tailored to their unique needs—products that recognise their roles as entrepreneurs, caregivers, and community builders. Expanding access to finance is crucial, as many women entrepreneurs, particularly in rural areas, face difficulties in securing loans due to a lack of collateral or credit history. Financial institutions must innovate with collateral-free loans, group lending models, and flexible repayment structures to accommodate the realities of women’s businesses. Moreover, engaging men as allies in women’s financial empowerment is equally important. Encouraging male leaders, spouses, and community figures to actively support women’s entrepreneurship and financial independence can drive long-term societal change, creating an environment where women can thrive without systemic obstacles. Ensuring rural women are not left behind While urban women have better access to financial services, rural women still face significant barriers. Many rely on informal savings groups, which, while effective, have limitations in providing substantial capital for business expansion. The financial sector must step in with solutions that reach women in remote areas, such as mobile banking, digital credit, and village savings group linkages to formal banking services. Financial literacy programmes tailored for rural women can also bridge knowledge gaps and enhance their ability to grow sustainable businesses. Turning intent into action Women’s empowerment requires more than conversation—it demands action. The Rwandan financial sector must innovate, collaborate, and advocate for solutions that create a level playing field. It is only through a holistic approach that we can build ecosystems where women entrepreneurs thrive, where their businesses grow, and where they can contribute to national and regional economic transformation. Take, for example, the “Kataza na I&M” programme, which offers loans at a discounted 9% rate without collateral to women in key industries, removing financing barriers. Through partnerships, collateral challenges have also been addressed, ensuring that more women—especially those previously excluded from the financial system—can now access funding. Complementing this, business advisory services and financial literacy workshops are provided to help women manage and grow their businesses sustainably. These are the kinds of initiatives that will accelerate action. By recognising and responding to the specific needs of all Rwandan women—whether in cities or villages—financial institutions can truly become catalysts for change. The time to accelerate action is now. The views expressed in this article are those of Dederi Wimana, Chief Finance Officer at I&M Bank.
