The latest TransUnion Rwanda Consumer Pulse Survey shows that while consumers remain confident about their financial futures, many still face barriers accessing the financial products needed to invest, build assets and grow businesses.

According to the survey, 98 per cent of respondents said credit is important to achieving their financial goals, while 56 per cent said they intended to apply for a loan.

However, only 42 per cent believe they currently have sufficient access to the credit products they need, showing a gap between consumer demand and available financing options.

Almost half of consumers who considered applying for credit eventually abandoned the process, citing challenges including affordability, eligibility requirements and limited credit history.

The survey, conducted among 259 adults aged 18 years and above between February and March, suggests that Rwanda’s financial inclusion journey should focus not only on expanding access but also on ensuring consumers can use financial services to improve their economic opportunities.

ALSO READ: What will shape Rwanda’s next phase of financial inclusion?

"The next step is helping more consumers move from basic financial access to the products and opportunities that support entrepreneurship, asset ownership and long-term financial resilience,” said Didier Mutabazi, Chief Executive Officer of TransUnion Rwanda.

Mutabazi maintained that consumers understand the value of credit and are actively looking for ways to improve their financial futures, but affordability and access remains out of reach.

"The demand is there, but as an industry we need to come together and solve affordability and access,” he said.

ALSO READ: Beyond fintech: Why Rwanda is building digital public infrastructure

Lack of financial records

TransUnion estimates that only about 40 per cent of consumers are currently visible within the formal credit system, meaning many lack the financial records required by traditional lenders when assessing loan applications.

To bridge this gap, TransUnion said it plans to work with financial institutions to expand the use of alternative data, including mobile money transactions, payment histories and other financial behaviour, in credit assessments.

The approach could allow lenders to assess consumers who may have limited borrowing histories but demonstrate consistent financial activity through other channels.

According to Lee Naik, Regional President of TransUnion Africa, broader use of financial data could help create credit profiles for consumers currently excluded from formal lending.

"Expanding access to suitable credit products could help consumers move from simply participating in the financial system to building assets, investing in education, and growing businesses,” he noted.

However, he added, traditional lending models, which often depend on established credit histories, continue to exclude many consumers who have demonstrated financial activity but lack formal borrowing records.

The survey found that demand for credit is mainly driven by personal needs and future advancement. Among respondents planning to borrow, 47 per cent said they would seek personal loans, while 37 per cent would apply for education financing.

Another 27 per cent expressed interest in ‘buy now, pay later’ products.

Jeannine Naudé, Vice President at TransUnion, said improved credit visibility could particularly benefit groups that often participate actively in the economy but face challenges accessing formal financing, including micro, small and medium-sized enterprises (MSMEs), young people, and women entrepreneurs.

"Many women are already active in sectors such as agriculture and MSMEs, but traditional systems do not always capture the full picture of their financial behaviour,” she said.

"By using alternative data, such as mobile wallet activity, we can build a better understanding of their financial profiles and work with lenders to create more opportunities for women to access credit and grow their businesses,” she added.

According to TransUnion, maintaining consumer confidence will be critical to ensuring wider participation.