Rwanda has made significant progress in financial inclusion for women over the past three decades. The country transitioned from an era where women were not allowed to open bank accounts to one where women now run financial institutions. This transformation has been swift, right from grassroots cooperatives to the highest levels where women lead some of Rwanda’s top banks. Despite these significant milestones in women’s financial inclusion and economic empowerment, gaps remain in how women access financial services compared to men. This issue was at the forefront of discussions at the Equity Women Forum 2025, on Friday, March 28, at Kigali Serena Hotel. The event brought together key stakeholders from the banking sector, development partners, and women entrepreneurs to discuss financial inclusion, empowerment, and the future of women in business. The annual forum organized by Equity Bank Rwanda Plc and UN Women Rwanda as part of International Women’s Day and Women’s Month celebrations, reflected on Rwanda’s progress, the challenges that persist, and the steps needed to achieve full financial inclusion, prosperity, and independence for women across Rwanda and Africa. The Governor of the National Bank of Rwanda (BNR), Soraya Hakuziyaremye, who was the guest of honour, emphasised that for Rwanda, empowering women is not a favour but a national priority. She highlighted that economically empowering a woman means economically empowering a nation. “This platform is more than just a gathering of stakeholders—it is a space where commitments turn into action, shaping the future of women’s economic empowerment. The collective drive in this room reflects our determination to break down barriers and create opportunities for women across Rwanda and beyond,” the Central Bank Governor said. Reflecting on the theme of the forum—Empowering Women Through Technology and Financial Inclusion—Hakuziyaremye said it underscores the foundation of economic progress: ensuring that women are not only included but also fully empowered to lead in business, technology, and finance. She acknowledged that despite economic gains, structural barriers continue to hinder women’s full financial potential. “Despite the remarkable achievements of women entrepreneurs, we must acknowledge that structural barriers still exist. These barriers limit women’s access to financial services, digital literacy, and economic opportunities,” she said. Hakuziyaremye pointed out that in Rwanda, statistics show that only 17 per cent of women hold bank accounts compared to 27 per cent of men. Additionally, only 20 per cent of women access credit, highlighting the gender gap in financial access and digital literacy. Social norms also restrict women’s full economic participation. She emphasised that addressing these challenges is not just a moral obligation but an economic necessity, with technology serving as a game-changer. “It is crucial to improve access to digital devices and financial services, as these are key enablers of women's economic participation. Many women have the potential to succeed but lack access to digital tools,” she said. A good example is Rwanda’s subsidised device financing initiative launched two years ago, which made digital devices more affordable. Hakuziyaremye stated that similar innovative financial models must be scaled across Africa to ensure all women, regardless of their economic background, can benefit from technology. She noted that the cost of digital services must be reduced. While Rwanda has some of the lowest data costs, internet access remains expensive in other regions. The high costs prevent women from leveraging technology for business growth. To fully empower women, she said that technology must be affordable, accessible, and inclusive. Power of mentorship and business sustainability The forum addressed the importance of providing women with skills, mentorship, and long-term support systems. It was noted that while many women have brilliant business ideas, 80 per cent of their startups fail within the first 18 months, highlighting the need for continuous guidance and support. Hakuziyaremye said that through mentorship platforms, women can navigate business challenges and scale their enterprises successfully. Jennet Kem, the UN Women Representative to Rwanda, underscored the significance of financial inclusion in women’s economic empowerment, calling the forum’s theme timely. “It is a critical moment for us, during this month, to reflect on the steps we have made in achieving, fulfilling, and respecting women’s rights. We all know women are a whole pillar of the arsenal of human rights,” she said. She reiterated that gender stereotypes and exclusion limit women’s potential and urged tailored solutions like coaching and specialised financial products for women entrepreneurs. Kem emphasised that affording women their rights should not be seen as a favour or charity, adding that when a woman is economically empowered, everyone benefits. Hannington Namara, Managing Director of Equity Bank Rwanda, stated that financial institutions in Rwanda have implemented various programmes to support women in business. “For Equity Bank, we have a programme called ‘Igire na Equity.’ Through this initiative, we aim to provide meaningful and significant resources to women—our sisters—because we know you are capable,” he said. Namara reaffirmed Equity Bank’s commitment to supporting women, not just by financing their projects but also by providing financial literacy to help them manage money better. “When resources are placed in the hands of women, businesses thrive, families grow, and communities prosper. This is the heart of our commitment to supporting women-led enterprises,” he said, revealing that women are the most compliant clients and rarely default on their loans. During the forum, women who have successfully accessed funding to start their businesses shared their testimonies, while women-led businesses showcased their work in an exhibition on the sidelines. Loyce Bamwine, the Director of Social Impact Investments at Equity Bank, highlighted some of the challenges women still face in accessing financial services. She noted that while Rwanda has achieved 96 per cent of financial inclusion for adults, a 4 per cent gender gap still exists. Some barriers include digital literacy, unpaid care work, gender norms, and limited access to financial resources. “To address these challenges, financial institutions must adopt a dual-engine approach: providing financial services while implementing social programmes that transform lives,” Bamwine said. She explained that Equity Bank Rwanda, under its social impact initiatives, has seven key pillars covering education, social protection, entrepreneurship, financial inclusion, and women’s empowerment. Impact Over 10,000 women have benefited from financial inclusion initiatives, and more than 47,000 have received business training, mentorship, and financial literacy support. Additionally, more than 241,000 mothers have obtained jobs through businesses created by empowered women. Women like Diane Mukasahaha, the founder of Dikam, a textile manufacturer, and Jenipher Ingabire, another entrepreneur, Managing Director of Security World Technology, shared their journeys of growth and financial support from the bank. “I approached a bank and told them I don’t have a house, but I have stock. I have a business. The bank accepted my stock as collateral, and I secured my first loan,” Ingabire, who was part of a distinguished panel, said, adding that she now has access to up to Rwf300 million in credit to finance her business when needed. Ingabire, who is among the women who have utilised facilities availed by Equity Bank Rwanda, reiterated that if indeed women are given an opportunity, businesses grow, communities thrive, and economies transform. The panel featured speakers who included Thelma Quaye, a renowned digital leader with over 19 years of experience in the telecommunications, ICT, and banking sectors, currently working with Smart Africa, who shared insights on the power of digital tools in financial inclusion, citing examples from her home country Ghana. The panel also had Jiyeon Janice Ryu, the International Finance Corporation (IFC) Resident Representative for Rwanda and Uganda, as well as Namara and Ingabire, who shared inspiring stories during the interactive session. The forum was filled with inspiring stories and insights, affirming that when women are given financial opportunities, they unlock their full potential. As the event concluded, participants resolved to continue advocating for more inclusive financial policies, expanded digital and financial literacy programmes, and greater access to financial resources for women entrepreneurs. Financial inclusion is not just about numbers—it’s about real impact. By working together, a future where women have equal financial opportunities and can thrive in business and beyond can be achieved.
