The challenges include the following;
- Poor infrastructure more especially in rural areas has hindered the financial service penetration.
- Poor credit culture has been attributed to the influx of donations after the 1994 conflict and this has led to low financial penetration in the country.
- Limited institutional capacity is another challenge hindering the financial penetration in Rwanda.
- Poor loan quality and high non-performing loans remain a challenge for the Rwandan financial service institutions.
- Financial exclusion is a major limitation of financial service penetration within the country.
- A number of Rwandans borrow from an external source hence limiting the growth of the local financial sector.