Financial sector profile in Rwanda

Characteristics of the sector

  • The Rwandan Financial Sector is still quite young
  • The sector is made up of  seven commercial banks, one development bank, saving and credit schemes, microfinance institutions
  • There is a capital market and non financial services like insurance companies and pension funds.
  • The sector is narrow and shallow
  • Banks work in an austerely monitored environment, but there have been a series of monetary easing measures of late.
  • 14% of Rwanda’s adult population is banked which offers investment opportunities for investors keen on reaching untapped markets.
  • National financial sector penetration was 28.1% in 2012

Current situation financial sector

The banking sector has seen tremendous growth over the past 5 years and seen increased participation by multinational banks. The market capitalization of the banking sub sector is US$200 million supporting US$1 billion in assets

There is a Financial Sector Development Program that is aimed at deepening financial services and increasing the reach of financial services to the Rwandan population.

Key players in the banking sector are Access Bank, Banque Commerciale du Rwanda, Banque de Kigali, Banque Populaire du Rwanda, Ecobank, and KCB. Key players in the Insurance sub sector are AAR, COGEAR, CORAR, RAMA, MMI, SONARWA, and SORA

Current products offered by financial sector in Rwanda

  • Limited leasing
  • Limited venture capital
  • Trade finance
  • Point of Sales Terminal
  • Western Union Money Transfer
  • Mobile Banking
  • Online Banking
  • Internet Banking
  • ATM Services
  • E-Statement
  • Access online
  • Access Alert
  • Limited long term mortgage financing

Investment opportunities in the financial sector

  • Opportunities for investment into mortgage banks
  • Agricultural banks to offer agricultural credit to farmers
  • Introduction of new financial products including leasing
  • Venture capital to minimize hardships of opening business as well as its continued successful operation
  • Commercial bank products and services particularly in rural areas,
  • Competitive loan facilities
  • Agricultural products/services financing
  • Development banks especially to finance SMEs
  • Microfinance opportunities
  • Mortgage financing
  • Investment banking services
  • Training of financial sector professionals
  • Insurance services especially re
  • insurance
  • Equity and bonds purchases at Rwanda’s capital market
  • Housing banks
  • Special financing solutions i.e. private equity funds
  • Institutional and human capacity building in capital and financial markets


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