Rwanda FinScope Survey 2024
30
FAS by livelihoods/target groups: There is a high uptake of formal financial products and
services, especially banking services among adults working in the formal sector and those
running their businesses. Mobile money played a significant role in pushing the boundaries
of formal financial access for adults in the of informal sector and those relying on farming.
Financial exclusion is high among dependents who are likely to be economically inactive.
Figure 11: Access Strand by main income generation activity (%)
Banked Other Formal (non-bank) Informal ONLY Excluded
17
14
15
43
69
77
76
71
56
31
4
6
4
1
1
3
11
Farming activities
Informal sector
Dependents
Self employed
Formal sector
Access strand through the provincial lenses shows that Kigali, the highly urban province,
has the most financially included adults (98%), similar to 2020. The uptake of banking prod-
ucts or services contributed significantly to formal financial inclusion.
In the other four provinces, the uptake of other formal non-banks (mobile money and
Umurenge SACCOs) has aided greatly in increasing formal financial inclusion. The Northern
and Western Provinces have a slightly higher number of adults (5%) who are financially ex -
cluded.
Figure 12: Access Strand by Provinces (%)
Banked Other Formal (non-bank) Informal ONLY Excluded
Kigali City
Southern
Province
Eastern
Province
Western
Province
Northern
Province
15
17
15
15
57
75
75
75
76
41
5
5
5
5
1
5
3
5
4
1
FAS by Districts: Financial inclusion is largely driven by non-bank formal products in most
of the districts except Kicukiro, Nyarugenge and Gasabo districts (from Kigali city) which are
bank led. Twelve districts have higher levels of financial exclusion than the national average
of 4%, especially Nyaruguru, Ngoma, Rulindo, Nyabihu and Gakenke. Reliance on exclusively
informal products is highest in Gicumbi district.
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Figure 13: Financia Access Strand by districts (%)
Banked
Other Formal (non-bank)
Informal ONLY
Excluded
11
87
2 1
59
40
1
11
84
4 1
23
73
3 1
24
71
5 1
51
46
2 1
23
71
5 2
62
35
2 2
17
76
5 2
27
68
3 2
17
77
4 3
22
70
5 3
16
76
4 3
7
86
5 3
8
83
6
3
22
71
4 3
10
77
9
4
17
74
4 4
11
76
8
5
15
73
6
6
13
78
3
6
22
68
5
6
9
78
6
6
8
75
11
7
10
78
5
7
18
69
5
8
13
74
5
8
13
74
4
8
9
77
6
8
6
78
5
10
Burera
Nyarugenge
Nyamagabe
Gatsibo
Musanze
Gasabo
Bugesera
Kicukiro
Muhanga
Rwamagana
Nyagatare
Ruhango
Kamonyi
Kirehe
Karongi
Rubavu
Gisagara
Nyanza
Kayonza
Huye
Nyamasheke
Rusizi
Rutsiro
Gicumbi
Ngororero
Gakenke
Nyabihu
Rulindo
Ngoma
Nyaruguru
Rwanda FinScope Survey 2024 32 FAS by country comparisons: A comparison of Rwanda’s level of financial inclusion with other selected countries where FinScope surveys have been conducted shows that: Rwanda ranks 2nd highest in terms of the proportion of financially included adults at 96%, similar to Ghana. Like Rwanda, several countries have expanded financial inclusion via non-bank (mostly driven by mobile money), reflected in the yellow highlighted sections. Ranking financial inclusion by banked population, Rwanda ranks fifth, with South Africa ranking first at 84%. Compared to other Africa countries where FinScope was conducted re- cently Rwanda has surpassed them all in the level of financial inclusion. Figure 14: Rwandan Access Strand vis-a-vis other countries Banked Other Formal (non-bank) Informal ONLY Excluded 84 30 22 44 22 14 52 18 10 14 65 70 40 54 54 12 22 39 1 1 4 5 6 13 10 21 15 2 4 4 11 19 19 26 29 36 Cameroon 2017 Burkina Faso 2016 Nigeria 2023 Uganda 2023 Tanzania 2022 Kenya 2021 Rwanda 2024 Ghana 2022 South Africa 2023
Rwanda FinScope Survey 2024
33
2.4 Summary - Financial inclusion journey
The below diagram shows how financial inclusion has been progressing since 2008 when
the first FinScope survey was carried out. Since 2008 there has been huge growth in in-
dividuals using financial products and services including commercial banks, MFIs, SACCOs,
mobile money, and informal mechanisms. As mentioned earlier, about 96% of Rwandans are
financially included and 92% are formally served leaving only 4% who relies only on informal
services in 2024. The gap between financial inclusion and formally served has greatly reduced
over the years showing the effects of financial innovation and formal non-bank products.
Figure 15: Financial inclusion journey
Driving access to finance:
Formally included 21%
FI 48%
Increased access to
formal institutions
Formally included 42%
FI 72%
Financial Inclusion
through usage lenses
Formally included 68%
FI 89%
Benefit of financial
inclusion
Formally included 77%
FI 93%
Benefits and resilience
from Financial Inclusion
Formally included 92%
FI 96%
2008 2012 2016 2020 2024
1.8 million 3.3 million 5.2 million 6.6 million 7.9 million
2.5 Drivers of increased levels of financial inclusion
This section explores the drivers behind increased financial inclusion and the extent of pen-
etration and use of financial products and services through Rwandan financial institutions,
including commercial banks, MFIs, SACCOs, mobile money, and informal mechanisms.
2.5.1 Drivers of the banking sector
The uptake of banking products has remained consistent in 2024 (22 % in 2020 versus 22%
in 2024). In absolute numbers, there has been an increase in people with bank accounts
from 1.6 million to 1.8 million. An additional 10% (815,000) of Rwandans have reported hav-
ing used banking services, either through over-the-counter transactions or using someone
else bank account, this is down from 14% (930,000) in 2020. Figure 5 shows that among the
banked, the growth in the banking sector was driven by the uptake of current transactional
accounts. There has been a decline in the uptake of savings accounts. The use of digital finan-
cial channels, such as bank USSD codes and mobile banking, has increased in recent years.
Rwanda FinScope Survey 2024
34
Figure 16: What drives banking? (%)
22
9
17
7
8
11
5
3
10
4
2
4
2
10
22
14
15
15
11
8
7
6
3
2
2
6
10
Own bank account
Uses bank services but no
account (Over The Counter)
Current account
Savings account at a bank
ATM/Debit card
Mobile banking
Internet banking
Credit from a bank
Bank USSD codes*
Fixed deposit account*
Overdraft facilities
Credit card
Mortgage
E-wallet
2024 2020
2.5.2 Drivers of other formal (non-bank) products and services
The uptake and usage of non-bank other formal channels/services increased from 75% (5.3
million) in 2020 to 92% (7.5 million) in 2024. The growth was driven by an uptake of products
offered by formal financial institutions (excluding banks), such as mobile money operators,
MFIs, and insurance companies.
The changes in non-bank other formal products were driven by:
Mobile money: The usage of mobile money has been the main driver of non-
bank formal financial inclusion. Approximately 6.9 million (86%) adults used mo-
bile money in 2024, up from 4.3 million (62%) in 2020. This includes adults using
someone else’s account.
Insurance: The number of adult Rwandans who are insured has doubled to
2.2 million (27%) from 1.1 million (17%) adults in 2020 driven largely by medical
insurance and micro-insurance products. This could be driven by government
initiatives such as the national agriculture insurance scheme that is subsidised
as well as, increased uptake of different products including medical insurance,
microinsurance, life insurance, and general insurance.
Pension: The uptake of pension products has more than doubled to 26% (2.1
million) from 7% (504,000) in 2020. The initiative to push old age savings (Ejo
Heza) has reaped positive results.
Rwanda FinScope Survey 2024
35
Figure 17: What drives other formal (non-bank) products/services? (%)
92
86
28
27
26
8
75
62
36
17
7
9
Other formal (non-bank)
Mobile money
Umurenge SACCO
Insurance
Pension
MFI
2024 2020
2.5.3 Drivers of informal products/services
Many Rwandans continue to use informal mechanisms to manage their finances and meet
some of their financial requirements, despite the increase in the uptake or usage of formal
financial products. Informal groups not only offer financial services but also serve as catalysts
for enhanced social capital, improved gender relations, and community/ economic devel-
opment. There has been a drop in the proportion of adults using informal mechanisms from
78% (5.5million) in 2020 to 72% (5.9million) in 2024 driven by the reduced utilisation of shop
credit. About 4.9 million (60%) adults in Rwanda reported that they use informal groups, such
as the Village Savings and Loan Associations, mainly to save. There has been a huge drop in
the uptake of credit from shops (meaning individuals who took goods in advance from the
shop and paid back later), down to 15% (1.3 million) in 2024 from 33% (2.3 million) in 2020.
Figure 18: What drives informal mechanism uptake? (%)
72
60
15
8
78
49
33
7
Informal
Savings group
Shop credit
VSLAs/Community Association
2024 2020
Rwanda FinScope Survey 2024
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2.6 Transactional accounts
Access to a transactional account is a first step towards broader financial inclusion as it allows
people to transact, store money, send and receive payments. In this report, transactional ac-
counts are defined as those accounts offered by a bank or mobile money service provider.
It enables the account holder to deposit and withdraw cash, make digital payments to third
parties, and store electronic value. In addition, an account often, but not always, supports a
money management objective by enabling users to keep track of money as it moves into and
out of the account.
Figure 19 shows that three-quarters (77%) or 6.3 million adults in Rwanda have a transaction
account through either mobile money or a bank account. About 21%, or 1.7 million adults, are
using both mobile money and bank accounts to manage their financial needs. This reflects
that for some, mobile money is an alternative used to meet specific needs, as it does not sub-
stitute bank account ownership. More than half (56% or 4.5 million) of the adults in Rwanda
use mobile wallet only, demonstrating the role of mobile money in terms of increasing formal
financial inclusion, especially in rural areas. Approximately 23% (1.8million) of the adult pop-
ulation does not have access to either a mobile wallet or a bank account. There is a gender
gap of 9%, where females with transactional accounts (either MM or bank account) sit at
73% compared to 82% of their male counterparts.
Figure 19: Transaction account strand (bank and mobile wallet)
Mobile money
account only
56%
21%
Bank account only
1%
Do not have either bank or mobile money accounts 23%
Those without a transactional account skew towards:
Rural residents
Youth aged between
16-24 years
Females
Dependents, adults in the
informal sector and engaged in
farming activities.
Figure 20: Proportion of adults with no transactional account by demographics (%)
17
83
39
62
49
18
15
18
1
2
32
26
39
Formal
Self employed
Farming
Dependents
Informal
Urban
Rural
Male
Female
16-30 31-45 46-60
61+
Rwanda FinScope Survey 2024
37
3
USAGE OF FINANCIAL PRODUCTS
AND SERVICES
Rwanda FinScope Survey 2024
38
3.1 Banking
One in three adults (31%) or 2.5 million adults, in Rwanda are using banking channels or ser -
vices to manage their finances. Of the 2.5 million adults, 1.8 million (22%) have a bank account
in their name or a joint account. A further 774,000 (9%) Rwandans do not have a bank account
in their name but perform Over The Counter (OTC) transactions or use someone else’s bank
account. Compared to 2020, there has been a decline in bank users driven by those using
someone else bank account or performing OTC transactions. This decline is not surprising
given the increase in the number of adults who use mobile money services, essentially ca-
pable of giving users benefits like those of a bank account.
Figure 21: Banking status (%)
Banked Use banks (no account) Not using banking services
14
92024
2020 22
22
64
69
Uptake of banking products is driven by transaction products or channels (current or savings
accounts). Table 1 shows that compared to 2020, savings via banking channels have dropped
but credit and remittances have increased.
Table 1: Drivers of bank usage (%)
2024 2020
Bank account holder (transactional account) 22% 22%
Savings with a bank 18% 21%
Credit from a bank 10% 8%
Remittances via bank 4% 2%
Receive income 11% 12%
3.1.1 Bank product usage
Bank account use not only reflects the value of clients but also significantly, the value of the
financial institution. If adults do not use the accounts they own, providers are unable to re-
coup the cost of opening and maintaining these accounts. Figure 22 shows that around 54%
of banked adults use their account at least monthly. There is a huge drop in adults using their
bank accounts weekly (30% in 2020 vs 7% in 2024). An additional 10% used their account
quarterly or at least once in three months. Compared to 2020, there has been a reduction in
adults frequently using their accounts (33% use less often in 2024 versus 5% in 2020). Fur -
ther analysis shows that 37% of bank users normally withdraw their money as soon as it is
deposited. The reduced frequency of bank account usage and the tendency for immediate
withdrawals reflect challenges for financial institutions in maintaining profitability and en-
couraging deeper financial engagement among clients.
Rwanda FinScope Survey 2024
39
Figure 22: Bank product use (%)
Daily
Weekly
Monthly
Quarterly
Less often
Do not know
2024
2020
8
39
50
7
10
33
2
15
5
30
1
Banked adults (54%)
Figure 23 provides an overview of the distribution of the banked:
Bank account holders skew towards:
Urban residents
Males
Formally employed adults and
self-employed adults.
Aged between
25-60 years
Figure 23: Distribution of the banked population – own account
40
14
27
17
18
24
69
43
14
17
15
Self
employed
Urban
Rural
Male
Female
Youth
Seniors
31+
Formal
Informal Farming Dependents
3.1.2 Barriers to banking
Figure 24 reveals that lower levels of income remain the major deterrent to opening a bank
account. About 83% of the unbanked population indicates that they do not need banking ser-
vices due to a lack of sufficient income to justify having an account. To counter affordability
barriers financial service providers could explore low-cost, no-fee accounts with flexible de-
posit requirements and micro-savings and micro-loan options.
Figure 24: Barriers to opening a bank account (%)
83
4.2
3
1
1.9
Insufficient income
to justify it
Affordability
Access
(banks are too far)
No identification
documents
No product
knowledge