What is the current state of domestic savings in Rwanda?

Rwanda's domestic savings have increased from 14.7% of GDP in 2017 to 22.8% in 2025, though this is still below the target for 2029.

What is the government's main objective regarding the financial sector?

The government aims to ensure that the growing amount of money saved is channeled into productive investments that create businesses, services, and jobs.

Rwanda's Prime Minister Urges Increased Savings for Economic Growth

Despite rising domestic savings, Rwanda's Prime Minister emphasizes the need for greater financial mobilization to fuel investment, create businesses, and generate jobs.

Prime Minister Dr. Justin Nsengiyumva informed Parliament that Rwanda's domestic savings have increased significantly, rising from 14.7% of GDP in 2017 to 22.8% in 2025. However, this figure remains below the 2029 target of 25.9%. The Prime Minister stressed that while savings are growing, the nation requires substantially more to foster business creation, attract investment, and expand employment opportunities.

Nsengiyumva highlighted that insufficient domestic investment and savings contribute to a significant export-import gap and ongoing price pressures. This issue is particularly pertinent given Rwanda's rapid economic expansion, which saw growth rates of 8.2% in 2023, 7.2% in 2024, and reached 9.4% in the second quarter of 2026. This fast growth necessitates increased capital for financing businesses, industries, agriculture, and technological advancements.

The financial sector has experienced substantial growth, with assets expanding from Rwf4 trillion in 2017 to Rwf16 trillion in 2025, representing an increase from 53% to 68% of GDP. The number of borrowers has surged from approximately 243,000 to over one million, with total loans increasing from Rwf1.6 trillion to Rwf5.5 trillion. Concurrently, the non-performing loan ratio has decreased from 7.6% to 2.5%, indicating improved financial system health.

Access to formal financial services has also expanded, reaching 92% of the population in 2024, and 96% when including savings groups. Digital payments have seen a dramatic rise, with 73.7% of adults making digital payments in 2025 and transaction values jumping from Rwf2.9 trillion to Rwf85.5 trillion. The number of licensed fintech institutions has grown from three in 2017 to 36.

The Prime Minister's focus extends beyond facilitating savings and transactions; he advocates for directing these funds towards productive economic activities. He stated that the financial sector must mobilize savings, support entrepreneurs, enhance business productivity, assist households, and provide long-term investment to align with Vision 2050.

Efforts to encourage long-term savings are showing results, with pension contributors more than doubling between 2017 and 2025, and pension fund assets growing to Rwf2.2 trillion. The government's Ejo Heza savings scheme has attracted nearly four million members. Insurance penetration is also increasing, providing families with financial security and a buffer against unforeseen circumstances.

Rwanda's Prime Minister Urges Increased Savings for Economic Growth

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