Access to Finance Rwanda receives Rwf 6.7 billion to deepen financial inclusion and support economic transformation

On 4 December 2020 at 10:50

Access to Finance Rwanda (AFR) yesterday signed USD 6.7 million (Rwf6.7 billion) grant from Sweden through the Swedish International Development Cooperation Agency (Sida) to support the implementation of AFR’s Phase III Strategy from 2021 to 2025.

With this funding received from Sweden , AFR Phase III Strategy will focus on deepening financial inclusion and resilience of unserved and underserved groups such as women, young girls and boys, people with disabilities, smallholder farmers and refugees.

The strategy will also support businesses to access finance for their growth and meaningful jobs creation.

It will also help AFR to continue playing its catalytic role to influence the financial sector to innovate and adopt technology to accelerate financial inclusion, economic growth and the cashless agenda as well as playing a significant role as knowledge broker for the financial sector while at the same time developing the capacity of market actors to take this on in the future.

Ms. Christina Wedekull, the Deputy Head of Mission and Head of Development Cooperation at the Embassy of Sweden in Kigali, Rwanda, disclosed that this funding commitment to AFR is well aligned with the Swedish Development Cooperation commitment to support an inclusive and sustainable development.

Inclusive economic growth and job creation is fundamental for marginalized groups especially when mitigating the effects of covid-19. Further digitalization and a thriving financial sector is key moving forward and the private sector is an engine that needs to be fueled.

Mr. Jean Bosco Iyacu, the Acting Country Director of Access to Finance Rwanda, highlighted that the funding demonstrates the increased confidence towards the institution’s collective efforts of supporting the financial sector to be robust, innovate and inclusive.

“The funding will support AFR to strengthen the depth and breadth of the financial system, catalyse economic transformation through efficient capital allocation and support meaningful financial inclusion and resilience of the underserved segments of the population,” he said.

Representatives from concerned institutions after signing Rwf 6.7 billion grant agreement.