For many years, a number of Rwandans, particularly those in rural areas, hesitated to engage with financial institutions. It was common for people to save money in traditional ways, such as storing cash at home, which often led to loss and limited opportunities for economic progress.
Through nationwide financial education and inclusion campaigns, the Government of Rwanda has encouraged citizens to work closely with banks and microfinance institutions. Today, many residents of Muhanga District say these services have significantly improved their livelihoods and strengthened economic resilience.
One of them is Vincent Kanuma from Kabacuzi Sector, Butare Cell in Gihinga Village. He says that joining CPF Ineza transformed his life and gave him the confidence to invest in his future.
“Before I started working with CPF Ineza, I lived in poverty. They taught us and helped me gain confidence. When I received capital, I started my business, and now my family and I are living well,” Kanuma shared.
Pociene Muremangabo, a resident of Cyeza Sector in Muhanga
Similarly, Pociene Muremangabo from Cyeza Sector, Kigarama Cell, Kajeje Village, says financial services helped him improve his farming.
“I used to farm only for survival,” he said. “But after I started working with financial institutions, it helped me move toward modern agriculture.”
Another resident, Alice Niyodusaba, also living in Cyeza Sector, testified to the power of financial inclusion in personal development.
Alice Niyodusaba
“Working with a bank is truly unmatched! If you have the desire to progress, it will help you develop,” she said.
While satisfied with the progress they have made, beneficiaries highlight one major concern: the slow process of accessing loans. They say delays can hold back timely investments and request financial institutions to accelerate their services to better support development.
Rwanda nears universal financial inclusion
According to the National Institute of Statistics of Rwanda (NISR), the country has recorded major growth in financial inclusion. The statistics shows that 96% of adults were financially included in 2024, up from 93% in 2020.
The findings also showed that 92% of Rwandans use banking and microfinance services (equivalent to 7.6milion people); only 4% use other forms including savings groups, while Mobile Money users grew from 62% to 86%, savings and credit cooperatives (SACCO) reached ni 51% and insurance grew to 13%.
These figures surpass the national target of 90% formal inclusion by 2024, demonstrating Rwanda’s rapid progress in expanding access to financial services and promoting economic empowerment.
Author: Gabriel