Key players urge action to close financial inclusion gaps for persons with disabilities

For Francine Ingabire Mukamurenzi, a visually impaired person, growing her small business should have been a story of ambition and opportunity. Instead, it exposed how far the country still has to go to ensure financial services truly work for everyone. “I used to run a small business, but when I wanted to expand it, I went to the bank I was already using [in which I had an account] to apply for a loan. They refused because I am visually impaired,” she said. Her experience reflects a broader challenge highlighted on February 19, when Access to Finance Rwanda (AFR), in partnership with Mastercard Foundation and the National Union of Disability Organizations of Rwanda (NUDOR), convened a High-Level Policy Dialogue to confront barriers keeping persons with disabilities on the margins of Rwanda’s financial system. The meeting brought together government officials, financial service providers, development partners and organisations of persons with disabilities to examine evidence and propose practical solutions. Stark disparities behind national progress Rwanda has made notable progress in expanding access to financial services. However, findings from the FinScope 2024 Thematic Report on Financial Inclusion for Persons with Disabilities in Rwanda show that significant gaps remain. Persons with disabilities continue to be less financially included than adults without disabilities. The report highlights structural barriers linked to education and literacy. About 34 per cent of persons with disabilities have never attended school, while 44 per cent are illiterate—more than double the 21 per cent illiteracy rate among adults without disabilities. ALSO READ: NUDOR roots for quality education for the disabled For John Rwirahira, Head of Research, Evidence and Policy at AFR, the statistics only tell part of the story. “Some of the key challenges that persons with disabilities face include financial literacy itself. The majority either do not have formal education or only reached primary level, which makes it difficult to access financial services,” he said. “Financial literacy efforts must therefore be tailored not only to their level of education but also to the specific disabilities they have.” He noted that exclusion goes beyond education, citing lack of collateral, among other challenges. “Lack of collateral is a general issue, but it is more specific for persons with disabilities because they also face stigma when they go to financial service providers,” he said. “There are communication gaps, and institutions are not always equipped with trained staff to engage with persons with different types of disabilities. Physical access to facilities is also a challenge, as some are not constructed in ways that allow easy access,” he added. ALSO READ: Experts urge stronger collaboration to expand access to financial services Rwirahira emphasised that addressing these challenges requires coordinated action, including targeted training for financial institutions to improve communication, customer handling and product design tailored to persons with disabilities. Participants also observed that gender and entrenched social norms—particularly in rural areas—continue to undermine perceptions of persons with disabilities as active contributors to socio-economic development. ‘Financial inclusion is about dignity’ Beth Nasiforo Mukarwego, Chairperson of NUDOR, acknowledged government efforts to promote inclusion but said gaps between policy and practice persist, especially in rural communities and among older persons and those with limited education. “I thank Access to Finance Rwanda, the MasterCard Foundation and all partners for organising this High – Level Policy Dialogue. Persons with disabilities make up a significant part of our population, yet they still face barriers to access essential services, including financial services, due to discrimination, limited accessibility and gaps between policies and practice,” she said. ALSO READ: Access to Finance Rwanda CEO on enhancing financial inclusion with data analytics Mukarwego underscored that inclusion goes beyond simply opening bank accounts. “Financial inclusion is not only about access to services, it is about dignity, independence and equal opportunity. It is about enabling persons with disabilities to participate fully in the economy and plan for their future,” she said. The FinScope 2024 report, she added, is expected to provide clearer evidence on how persons with disabilities access and use financial services, while highlighting persistent gaps in digital finance, service quality and usage. ALSO READ: Access to Finance Rwanda launches Finscope 2024 From rejection to resilience After being turned away by her bank, Mukamurenzi remained determined. “Later, I approached Urwego Finance, and they agreed to support me, but only if I was part of a cooperative. I had to create one, and after six months, we received the loan. We have been working with that bank since then, and we will finish paying our loan in May,” she added. Her journey underscores both resilience and the additional hurdles faced by entrepreneurs with disabilities. Beyond stigma and collateral requirements, some must form cooperatives to qualify for loans. Others face extra costs, such as hiring assistance for retail activities. Mukamurenzi also called for more inclusive banking practices, including respectful communication and improved access to financial tools such as Visa cards without unnecessary restrictions. A call to move from dialogue to action Emmanuel Ndayisaba, Executive Director of the National Council of Persons with Disabilities (NCPD), commended stakeholders for their engagement and reaffirmed the council’s commitment to advancing equitable access to financial services. “Today’s discussions have built a shared understanding of financial inclusion as empowerment, economic independence and full participation in national development,” he said. He underscored that equitable access to financial services supports entrepreneurship, employment, innovation and community resilience, but warned that key challenges remain. “When persons with disabilities access financial services equitably, they are better positioned to contribute to entrepreneurship, employment, innovation and community resilience. However, progress requires continued effort. Accessibility gaps, social attitudes and limitations in financial products and literacy remain challenges,” he observed. Ndayisaba urged stakeholders to move from dialogue to implementation by strengthening accessibility standards, expanding inclusive financial education and developing appropriate financial products.

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Key players urge action to close financial inclusion gaps for persons with disabilities