Expanding gender inclusive financing in Rwanda

Rwanda's Central Bank, under the leadership of Deputy Governor Soraya Hakuziyaremye, has been making significant strides in promoting gender inclusive financing in the country, particularly in rural areas. Despite progress, women still face barriers to accessing financial services and opportunities. The Central Bank's efforts have been focused on closing the gender gap in financial inclusion, with a particular emphasis on mobile money services. The FinScope 2020 results revealed that Rwanda still had a 7% gender gap in financial inclusion, prompting the Central Bank to take targeted action. While 84% of women in Rwanda had access to mobile phones, only 45% were utilizing mobile money services. This data challenged the assumption that access to devices was the primary barrier to using digital financial services. In response, the Central Bank launched the 'Not Alone' policy initiative in collaboration with various organizations to enhance access to mobile money services for rural women. The initiative began in Nyaruguru and Nyamashiki districts, where exclusion rates were highest. Through targeted training programs, over 8,500 women have been educated on the benefits of mobile money services, leading to nearly 2,700 women initiating the use of mobile money for the first time. This initiative also involved partnerships with grassroots women community leaders, local authorities, and mobile network operators to ensure the success of the program. Additionally, the Central Bank is addressing barriers faced by micro, small, and medium enterprises (MSMEs) in accessing finance. Many women expressed that lack of income was a major obstacle to utilizing financial services. To overcome this challenge, the Central Bank is providing support for women to establish micro-businesses and gain financial literacy to effectively manage their finances. By taking a holistic approach to women's economic empowerment, the Central Bank aims to boost financial inclusion and entrepreneurship among women in Rwanda. The recent FinScope survey for 2024 highlighted significant progress in financial inclusion, with 92% of adult Rwandans now having access to formal financial services, up from 77% four years ago. Mobile money services have played a crucial role in driving this progress, along with the expansion of insurance products. However, challenges remain, particularly in addressing mobile connectivity issues in rural areas. The Central Bank is committed to further enhancing mobile connectivity in underserved areas to ensure that all Rwandans, especially women, have equal opportunities to access and benefit from financial services.