Empowering Rwandan women through access to finance

Rwanda has made significant progress in promoting gender equality, yet women in rural areas still encounter challenges accessing financial services. With 69 per cent of women residing in rural regions and depending on farming and piece-work for income, the need for tailored financial services is crucial. CNBC Africa's Derrick Muhangi spoke with Jean Bosco Iyacu, CEO of Access to Finance Rwanda, shedding light on strategies to enhance financial inclusion and empower women. Iyacu emphasized the importance of providing a conducive environment for financial service providers to cater to the unique needs of rural women. While there has been progress in formal financial inclusion, with the gender gap narrowing from 7 per cent to 4 per cent, uptake of financial services remains a concern. To address this, Access to Finance Rwanda is working with partners to develop products that resonate with rural women's needs. Financial literacy is another key focus area, especially among young women aged 18 to 30. Recognizing the significance of financial capabilities in utilizing financial services, the organization has collaborated with the National Bank of Rwanda to design a national financial education strategy. By leveraging tools like community radios and mobile phones, Access to Finance Rwanda aims to enhance financial literacy among rural women. The organization's overarching goal is to bridge the financial inclusion gap between young women and men in rural areas. While Rwanda boasts favorable policies and laws supporting gender equality, deep-rooted social and cultural norms pose challenges. Access to Finance Rwanda is committed to changing mindsets through a transformational journey, fostering a culture that empowers women economically and financially. By unlocking these barriers, the organization believes the gender gap will continue to narrow over time. In line with its mission to support women's empowerment, particularly in agriculture and piecework income sectors, Access to Finance Rwanda has unveiled innovative initiatives. A digital public infrastructure program, launched in collaboration with key stakeholders, aims to create digital footprints and centralized data profiles of young women farmers. This data will be shared with financial service providers, facilitating targeted support and amplifying women's economic participation in rural Rwanda.