Rwanda’s Financial Sector Grows by Over Rwf 1 Trillion in Six Months

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The National Bank of Rwanda (BNR) has reported a 10.81% growth in the country’s financial sector during the first half of 2025, with its total value rising from Rwf 12.9 trillion in December 2024 to Rwf 14.3 trillion in June 2025 — an increase of about Rwf 1.39 trillion.

According to BNR’s Monetary Policy and Financial Stability Statement (MPFSS), this growth was mainly driven by an increase in bank deposits, lending activities, emergency reserves held by financial institutions, and contributions to mandatory pension schemes.

By June 2025, Rwanda had 675 financial institutions, down from 687 a year earlier, mainly due to the merger of several Umurenge SACCOs into district-level cooperatives. However, the number of banks (11), insurance companies (18), and pension funds (12) remained unchanged.

Banks continued to dominate the financial sector, holding 67.4% of its total assets, valued at Rwf 9.6 trillion, up from Rwf 8.7 trillion six months earlier. Pension funds followed with assets worth Rwf 2.3 trillion (16.1%), while insurance firms held Rwf 1.2 trillion (8.5%).

Microfinance institutions accounted for Rwf 996 billion (7%), and other credit providers held Rwf 127 billion (0.9%). Foreign exchange bureaus and payment service providers also saw slight increases in value.

The Ministry of Finance and Economic Planning aims to further strengthen the sector, targeting a contribution of 3% to Rwanda’s GDP by 2030, 5% by 2035, and 12% by 2050 — up from the current 2%. The sector currently employs around 42,000 people, representing 0.9% of the national workforce.