NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Kenya and Rwanda have the highest proportion of their adult populations accessing financial services, a newly-published report says, making them East Africa’s most financially inclusive economies.

The 2019 FinAccess Household survey, whose findings were released last week, shows that close to 90 per cent of adults in the two countries have access to both formal and informal financial services.

Uganda and Tanzania follow in third and fourth positions at 78 per cent and 72 per cent respectively.

The Alliance for Financial Inclusion (AFI) report says introduction of Umurenge Saccos, in conjunction with expansion of bank and microfinance institution (MFI) branches, the advent of agency banking, and modernization of financial services such as mobile banking, automated teller machines (ATMs) and mobile money, have been the key drivers of financial inclusion in Rwanda.

Photo courtesy of Scott Mainwaring.