The figures were presented by Prime Minister Dr Justin Nsengiyumva during a joint sitting of both chambers of Parliament on October 2, 2026, as he outlined government efforts to strengthen the financial sector.

The growth has been accompanied by changes in the structure of the sector, including consolidation among banks and microfinance institutions.

The number of banks fell from 15 in 2017 to 11 in 2025, while microfinance institutions declined from 473 to 70.

The reduction was largely driven by mergers and consolidation aimed at creating stronger institutions and improving the sector’s capacity to provide a wider range of financial services.

In the microfinance sector, the consolidation of 416 Umurenge SACCOs resulted in the creation of 30 district-level SACCOs.

Meanwhile, the number of insurance companies increased from 16 to 18, while pension institutions rose from one, the Rwanda Social Security Board (RSSB), to 12.

Capital market intermediaries also increased from 21 to 35 during the period.

Other non-bank financial institutions reached 448 in 2025, while the number of financial technology companies (FinTechs) increased from three in 2017 to 36.

“These figures demonstrate the expansion and growth of the sector, enabling citizens and businesses to access financial services,” Nsengiyumva said.

The increase in assets has also strengthened the sector’s contribution to the wider economy. Financial sector assets rose from the equivalent of 53% of GDP in 2017 to 68% in 2025.

Commercial banks accounted for nearly 67% of total financial sector assets in 2025, while the remaining 33% was held by other institutions, including microfinance institutions, insurers and pension funds.

Banks strengthen profitability and asset quality

Nsengiyumva said the expansion of the financial sector had been accompanied by measures to strengthen its stability and resilience.

The Capital Adequacy Ratio, which measures banks’ ability to absorb losses and is required to remain above 15%, stood at 21.9% in 2025, well above the regulatory minimum.

Bank profitability also improved during the period.

Return on assets increased from 2.2% in 2017 to 4.8% in 2025, while return on equity rose from 6.8% to 19.1%.

At the same time, the ratio of non-performing loans declined sharply from 7.6% in 2017 to 2.5% in 2025, indicating an improvement in the quality of banks’ loan portfolios.

Access to credit also expanded, with the number of borrowers increasing from more than 243,000 in 2017 to more than one million in 2025.