Rwanda’sVision 2020 outlines an ambitious development plan, which aims to transform the country into a knowledge-based, middle-income country, and a tech and financial hub for the region. A strategy to develop an inclusive and interoperable payments system is seen as core to meeting financial inclusion targets and supporting higher levels of economic activity. The Central Bank of Rwanda (BNR) is pushing the industry to learn and grow through experimentation, even encouraging failure as part of the learning cyc
The Umurenge SACCO (U-SACCO) initiative, introduced by the government in 2009 to increase financial inclusion in the country, has had notable success. The initiative has brought 1.6 million new customers into the financial sector through the establishment of district-level SACCOs (one for every district in Rwanda). The government notes that because of this initiative, 90 percent of Rwandans are now within 5 kilometers of a financial access point.
Rwanda’s financial sector has made great strides towards becoming modern. The sector is stable, well capitalized, profitable and liquid. The sector consists of a wide and growing array of institutions, Banks, microfinance institutions, savings and credit cooperatives (SACCOs), insurance companies, and pension funds and is becoming increasingly diversified.
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