Financial institutions need to adopt AI-powered credit scoring and blockchain-enabled solutions to deepen financial inclusion and modernise the lending landscape, says the Ministry of Finance and Economic Planning (MINECOFIN). ALSO READ: What to expect from automation of Umurenge SACCOs These innovations could expand access to credit for underserved populations, particularly in rural areas, by offering more accurate risk assessments and enhancing transparency in financial transactions. Credit scoring is the system used by lenders and financial institutions to evaluate an individual’s or business’s creditworthiness, essentially, how likely they are to repay a loan or meet financial obligations on time. It is a numerical score based on the borrower’s financial history, behaviour, and current credit situation. A blockchain technology enables systems, platforms or processes to enhance the way information is stored, shared, or verified by offering greater security, transparency, and efficiency. ALSO READ: Mobile loan uptake soars as digital financing picks up pace “Financial institutions are embracing AI-powered credit scoring, mobile banking, and blockchain-enabled solutions to reach more people,” said Godfrey Kabera, Minister of State for National Treasury at MINECOFIN, on Monday, August 18, during the 2025 Microfinance Winter School for CEOs of Microfinance Institutions in Zimbabwe and Rwanda. Mobile banking is also making financial services more convenient and accessible, particularly in underserved or remote areas where traditional banking infrastructure is limited. While the government is promoting the adoption of AI-driven credit scoring, Rwanda currently utilises established credit bureau services such as TransUnion Rwanda and the BNR Credit Registry to evaluate borrowers, drawing insights from formal financial data. Given that many Rwandans lack traditional credit histories, lenders are increasingly leveraging alternative sources of data, including mobile money transaction records, utility bill payments, telecom usage, and e-commerce behaviours to assess creditworthiness. ALSO READ: Rwandans to apply for loans on mobile phones Kabera reiterated the ministry's commitment to building a FinTech-enabling environment. The government targets to increase fintech adoption to 80 per cent, almost double the current rates. “We encourage partnerships that promote safe, affordable, and scalable innovations to deepen financial inclusion. I commend the unwavering commitment to building a financial ecosystem that is inclusive, digital, resilient, and future-ready,” he said. Several financial institutions in Rwanda are already exploring advanced technologies. Bank of Kigali is pushing AI towards hyper-personalised services, real-time fraud detection, predictive maintenance, and is evaluating blockchain and decentralised finance (DeFi) integration for enhanced security and automation. The bank sees potential in AI-enabled DeFi platforms, particularly for cross-border transactions and remittances. ALSO READ: Rwanda targets $200mn in new financial technology investments I&M Bank Rwanda uses Robotic Process Automation (RPA) for ATM transaction reconciliation, reducing the process from days to minutes, and employs AI for fraud detection and credit portfolio oversight. Equity Bank Rwanda is exploring deep learning models for credit scoring, micro-segmentation, financial forecasting, and automated loan underwriting. Bank of Africa Rwanda is also employing AI to improve credit assessments, provide personalised robo-advisory services, conduct customer segmentation, and manage operational risks. The bank is also exploring the integration of AI with blockchain to enhance transparency and efficiency. Emma Sylvine Ishimirwe, a data scientist, highlighted the value of digitalisation and AI in financial outreach. “Financial inclusion is expanding, but digital trust gaps still exist. Artificial Intelligence is being introduced but is often misunderstood, said Ishimirwe. These tools should not only be seen as ways to improve efficiency but also as instruments to build trust, inclusion, and outreach. Data-driven systems help automate and enhance decision-making in areas such as credit scoring, customer engagement, and fraud detection,” she explained. She added that digitalisation and AI in finance support faster transactions, reduced risk, improved operational efficiency, and greater accessibility. Zimbabwean MFIs in Rwanda for experience Charity Manyeruke, Zimbabwe's ambassador to Rwanda, praised the host country's efforts in digitising the financial sector. She also noted that Zimbabweans are exploring investment opportunities in Rwanda’s microfinance sector. The diplomat invited stakeholders to participate in the Zimbabwe-Rwanda Business Forum due in early 2026, where delegates will explore trade and investment opportunities. “We commend the strong and growing bilateral ties between Zimbabwe and Rwanda, which have flourished since Zimbabwe opened its embassy in Kigali in October 2019—an initiative driven by Presidents Emmerson Mnangagwa and Paul Kagame, said Manyeruke. We are also encouraged by the ongoing collaboration between the Reserve Bank of Zimbabwe and the National Bank of Rwanda, particularly in the areas of insurance, pensions, and regulatory cooperation,” she stated. Lorraine Thondhlana, Managing Director of Zambuko Microfinance in Zimbabwe, expressed keen interest in learning from Rwanda’s use of financial technology. “Rwanda has made significant strides in both technology and outreach to the bottom of the pyramid. We are here to learn from their experiences and to share ours in return,” she said. “We face high operational costs in Zimbabwe, largely due to difficult terrain. However, Rwanda has managed to overcome similar challenges through technology. That’s why I keep emphasising the importance of leveraging digital innovations, such as digital field assistance and AI tools, to serve more customers at the base of the pyramid.” Laurence Uwambaje, Director General of Umwalimu SACCO in Rwanda, said that services such as loan applications, deposits, and savings have now been digitised, enabling customers to access them remotely. “The Credit Reference Bureau is also assisting Rwanda in implementing credit scoring to assess creditworthiness,” she noted. Saul Chin’anga, Chairperson of the Zimbabwe Association of Microfinance Institutions (ZAMFI), stressed the need for Zimbabwe and Rwanda to share experience and learn from each other in the promotion of financial inclusion. “We believe achieving 96% financial inclusion is a significant milestone, and we are eager to learn how Rwanda managed to reach such a level, with the hope of applying those lessons in Zimbabwe,” he said.
