Rwanda has made remarkable strides in financial inclusion, boasting a 92 per cent rate of adults with access to formal financial services. Yet, beneath this achievement lies a sobering disparity: women-owned and women-led businesses remain critically underserved when it comes to access to credit. Only 25 per cent of the 16 per cent of loans disbursed to micro, small, and medium-sized enterprises (MSMEs) go to women, despite women forming a significant share of Rwanda’s entrepreneurial landscape. This isn’t just a gender equity issue, it’s an economic imperative. As the Governor of the National Bank of Rwanda rightly noted, closing the gender finance gap could add up to $700 million to Rwanda’s gross domestic product (GDP). That’s not a token gain; it’s a transformative opportunity. But unlocking it requires challenging long-held biases and systemic barriers in the financial ecosystem. Too often, women are deemed too risky due to a lack of collateral, limited credit history, or smaller business sizes. These assumptions persist despite global and local data showing that women tend to be reliable borrowers. Rwanda must pivot from celebrating basic access to mobile wallets to fostering real financial empowerment—credit, insurance, and investment tools tailored to the realities of women entrepreneurs. The WE Finance Code is a promising start. It holds banks accountable to disaggregated gender data and pushes for product innovation that meets women where they are. But more must be done. Financial institutions should create collateral-free lending schemes, supported by partial credit guarantees from the government or development partners. Women’s business networks need to be linked directly to financing opportunities, and financial literacy initiatives must go beyond training to include mentorship and peer learning across borders. Additionally, regulatory reforms should actively promote gender-responsive lending. Data transparency through tools like the financial inclusion dashboard is commendable, but it must be matched with consequences for institutions that lag behind. Access to credit is not charity, it is smart economics. Rwanda cannot afford to leave $700 million on the table. By unlocking finance for women, we unlock inclusive growth, stronger communities, and a more resilient national economy. The time to act is now.
