The government faces a steep challenge in expanding access to credit, with 87.3% of adults still excluded from formal borrowing, according to the National Bank of Rwanda (NBR). The Rwanda National Financial Inclusion Roadmap 2026–2030, released last week, stresses the urgency of widening credit access while tackling persistent gender disparities. As of June 2025, about 1.1 million people had accessed credit across financial institutions—just 12.7% of the adult population aged 16 and above. This means nearly nine in ten adults remain locked out of formal credit. ALSO READ: What will shape Rwanda’s next phase of financial inclusion? Banks dominate the lending landscape, serving about 9% of borrowers. However, microfinance institutions (MFIs) play a pivotal role in reaching women, accounting for roughly three-fifths of their lending. Credit distribution is also heavily skewed. Five categories—digital loans, personal loans, working capital, and mortgages account for 98% of all lending, with digital and personal loans alone making up over 90%. The roadmap envisions a financially inclusive Rwanda where all adults and businesses can access and use affordable financial services to improve their livelihoods. Ambitious targets, stubborn barriers The plan sets out to raise formal financial inclusion from 87.7% to 95% while significantly increasing access for women and youth, particularly in credit and savings. Economist Straton Habyarimana argues that boosting domestic savings is essential to unlocking credit and reducing reliance on foreign investment. ALSO READ: Rwanda achieves 96% financial inclusion for women, driven by mobile banking growth “There is no investment without saving. When local savings increase, so does lending capacity, strengthening economic growth,” he said. Yet structural barriers continue to hold many back. Young people often lack collateral and credit histories, effectively shutting them out of formal lending. Women, on the other hand, face both financial and social constraints, forcing many to rely on informal savings groups such as ibimina. Access is not enough Despite strong progress, formal financial inclusion stands at 92%, with overall inclusion at 96%—NBR says the headline figures hide deeper structural issues. Much of the growth has been driven by mobile money, which remains concentrated in payments and remittances, with limited impact on savings, investment, or long-term financial resilience. Gaps also persist beneath the surface. While the overall gender gap in access has narrowed to about four percentage points, it widens significantly when it comes to savings, credit uptake, and financial health. Banking penetration has stagnated at 22%, even though banks control more than two-thirds of financial sector assets. “These realities show that financial inclusion can no longer be measured by access alone,” NBR notes. “The next phase must focus on meaningful usage and financial health.” Reforms to deepen inclusion The roadmap prioritises strengthening SACCOs and microfinance institutions, expanding services in rural areas, and increasing household savings and insurance uptake to help people manage risks. It also seeks to improve access to finance for MSMEs, support agricultural lending, and promote digital financial services through fintech innovation and improved infrastructure. ALSO READ: Access to finance in Rwanda reaches 96 per cent – report Financial literacy, consumer protection, and responsible finance are also central to the plan, ensuring that people not only access financial services but use them effectively. A smarter way to measure inclusion The Central Bank has introduced a new approach to measuring financial inclusion, using real-time data from regulated institutions and focusing on active users rather than dormant accounts. A financial inclusion dashboard now tracks trends by gender, age, and location, allowing for more targeted policymaking. Although nearly 80% of adults hold active transactional accounts, women, who make up 52% of the population account for just 45% of these accounts. Barriers such as limited digital literacy, low smartphone penetration, and weak connectivity continue to exclude many from advanced services like mobile and internet banking. The real test ahead Rwanda’s next phase of financial inclusion will depend on more than expanding access. The real test will be ensuring that people can actively use financial services to save, invest, and build resilience.
