Murekezi hails financial sector reforms as inclusion hits 89 percent

The prime minister of Rwanda Anastase Murekezi has hailed different reforms undertaken in the country’s financial sector which has increased numbers of people finical included.

Murekezi also noted that the good results from financial inclusion survey were as a result of innovative products, promotion of financial   literacy, savings and credit cooperatives, saving schemes.

“This is a very great achievement. It is a sustainable stepping stone in our journey towards development,” the prime minister remarked while launching the Finscope survey 2016 on Thursday in Kigali.
He added, ‘We believe that financial inclusion is critical to achieve inclusive and sustainable growth and development.”

According to the survey, 89 percent  of adults in the country are financially included using both  formal and informal products and services which is about 5.2 million  people increasing from 72 percent  since 2012.

The survey also indicates that about 68 percent are accessing formal financial services which is about 4 million which includes banked and non banked financial services while banked are 26 percent ( 0.4 million people) and non banked 65 percent.

On the other hand, individuals who are accessing informal financial services are 72 percent around 4.2 million individuals with most found   in rural areas where financial institutions such as commercial banks cannot reach.

The survey which is done every after  four years highlights the level of  financial inclusion as as individual financial behaviors in the country which is a yard stick to policy makers towards fostering development.

“The survey is a credible source of information that guides policy intervention and financial service providers to reach more Rwandans and deepen our financial sector,”   Murekezi noted.

He also explained that it’s  is now very clear that Rwanda has a sound platform on which to lay the next building blocks required for financial deepening and become a regional financial hub.

The minister of Finance and economic planning Amb Claver  Gatete says that the survey portrays the positive performance of the country’s economy that is expected to leapfrog to middle income by 2020.

“This survey is a tool that helps to access the progress made in the development of the financial sector as a whole.

Minister Gatete said that the   government took the initiative to carry out the Finscope survey since 2008 to ensure there is credible information that would to enable the sector to grow its performance outlook.