89% of Rwandans work closely with banks and financial institutions

Recently published research has shown that the 89% of Rwandans are currently using the services provided by the banks and other financial institutions. The only challenge is the removal of loan related barriers.

The research sampled 12 480 who use banks, Mobile Money, among other services and 86% of them are farmers and animal breeders from different areas of Rwanda.

Its temporal scope was between 2nd October, 2015 up to January, 2016.
The results support the government projections that in 2017 users of this kind of services will reach 80%.
In the same angle, the government plans that Rwandans who will work with financial institutions will reach 90% in 2020.

However there still wide pit separating urban and rural areas in terms of financial inclusion, the same between men and women.

According to the Finscope bwa 2016 Rwandans who use the financial institutions are estimated to four millions and in Nyarugenge district that over dominates over districts occupies 94% while Rutsiro is the last one with 48%.

This very research shows that since 2012 Rwandan adult users of other financial services (mobile money etc,…)increased at 47% while the one of those using bank related financial services increased slowly at the pace of 0.4% both in urban and in rural areas.

The identified reason why the mobile money sending and receiving services have been more attractive is that they are ease and quick because the research has shown that they can’t last over 35 minutes in normal circumstances.

The research revealed that Rwandans save money more in Umurenge SACCO (57%) , 27% trusting and saving their money in other banks, 9% attend different cooperatives while 4% participate into the community based Ibimina.

Regarding loan contracting, 57% trust the Middle Financial institutions, 26% approach banks while 11% trust the cooperatives and Ibimina.

Many Rwandans trust the Mobile Money as regard to money transfer and receiving (84%).

Despite this reality that more Rwandans are embracing these new financial services that the national bank monitors, 72% of Rwandans keep using traditional means of keeping money to themselves.

Prime Minister Anastase Murekezi who chaired the publication of this research results thanked Rwandans who embraced these services as it contributed to the attainment of Rwandan government policies of financial inclusion.

He thereafter encouraged Rwandans to keep saving and working with financial institutions as they help people’s money safe and sustainable.

UM– USEKE.RW