Africa: economic advancement Rwanda PM calls for a robust financial ecosystem
Rwanda’s Prime Minister, Edouard Ngirente, shares the view that building a strong financial ecosystem will highly contribute to beefing economic resilience. He made the remarks during the launch of the Finscope Survey 2024.
According to Rwanda’s Prime Minister Edouard Ngirente, building a strong financial ecosystem is critical to contributing to overall economic resilience. Subsequently, he urged members of the financial sector to play a proactive role in Rwanda’s economic transformation journey.
He made the remark while presiding over the launch of the Finscope Survey 2024, a study that assesses how financially Rwandans are included.
As per the study, conducted by Access to Finance Rwanda (AFR), it revealed that more Rwandans, 96 per cent, or 7.9 million, now have access to any form of financial products or services, 3 percentage points increase over 2020-2024.
Ngirente indicated that financial inclusion is globally positioned as an enabler of other developmental goals. Global efforts to promote financial inclusion, he added, have resulted in significant progress, highlighting World Bank financial inclusion statistics which indicated that 76 per cent of adults globally had access to financial services by 2021.
The premier highlighted that this represents a very good increase of 25 percentage points from 2011 when only 51% had access to financial services.
Ngirente recognised the role of the Government in implementing what he called “a series of measures to ensure that the dividends of economic growth reach even the most vulnerable members of our society.
To achieve this, he noted, Rwanda has expanded the bank branch network, introduced priority sector lending schemes, promoted self-help groups and savings culture, as well as advanced mobile money services.
