Murekezi hails financial sector reforms as inclusion hits 89 percent
The prime minister of Rwanda Anastase Murekezi has hailed different reforms undertaken in the countryâ€™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 financialÂ Â literacy, savings and credit cooperatives, saving schemes.
â€œThis is a very great achievement. It is a sustainable stepping stone in our journey towards development,â€ the prime minister remarked while launching the Finscope survey 2016 on Thursday in Kigali.
He added, â€˜We believe that financial inclusion is critical to achieve inclusive and sustainable growth and development.â€
According to the survey, 89 percentÂ of adults in the country are financially included using bothÂ formal and informal products and services which is about 5.2 millionÂ people increasing from 72 percentÂ 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 foundÂ Â in rural areas where financial institutions such as commercial banks cannot reach.
The survey which is done every afterÂ four years highlights the level ofÂ financial inclusion as as individual financial behaviors in the country which is a yard stick to policy makers towards fostering development.
â€œThe survey is a credible source of information that guides policy intervention and financial service providers to reach more Rwandans and deepen our financial sector,â€Â Â Murekezi noted.
He also explained that it’sÂ 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 ClaverÂ Gatete says that the survey portrays the positive performance of the countryâ€™s economy that is expected to leapfrog to middle income by 2020.
â€œThis 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 theÂ Â 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.