Access to Finance Rwanda (AFR) on Thursday December 3 received a grant worth USD 6.7 million (approximately Rwf6.6 billion) from the Swedish International Cooperation Agency (SIDA), to deepen financial inclusion and support economic transformation in Rwanda.

The funding will assist in the implementation of AFR’s Phase III Strategy from 2021 to 2025 which focuses increasing financial inclusion and resilience of unserved and underserved groups such as women, young girls and boys, people with disabilities, smallholder farmers and refugees.

The programme will also support businesses to access finance for growth and meaningful job creation; as AFR will continue to play its catalytic role to influence the financial sector to innovate and adopt technologies for accelerating financial inclusion, economic growth and the cashless agenda.

Speaking at the signing ceremony at the AFR Offices in Kigali, Christina Wedekull, the Deputy Head of Mission and Head of Development Cooperation at the Embassy of Sweden in Rwanda said the agreement is well aligned with the Swedish Development Cooperation commitment to support inclusive and sustainable development.

"Inclusive economic growth and job creation is fundamental to reduce poverty here in the country. It is also of great importance for marginalized and vulnerable groups especially now when we see the effects of Covid-19 and are trying to mitigate that in the coming years,” she said.

She expressed pleasure for AFR’s increased efforts in supporting meaningful financial inclusion among underserved groups, with focus towards not only assisting them to access financial products and services, but also using them.

"We have expectations of course, that this will increase the access to resources, opportunities, and also increase resilience among households. I would also say that digitalization and a thriving financial sector is key in moving forward in the country, and the private sector really is an engine that needs to be fueled,” she said.

Jean Bosco Iyacu, the Acting Country Director of AFR expressed gratitude for the funding, saying  it demonstrates the increased confidence towards the institution’s collective efforts of supporting the financial sector to be robust, innovate and inclusive.

"We, The AFR Board of Directors, Staff and the Rwanda’s financial sector Stakeholders, are very pleased to welcome this new and continued investment which demonstrates the increased confidence towards our 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, catalyze economic transformation through efficient capital allocation and support meaningful financial inclusion and resilience of the underserved segments of the population,” he said.

About Access to Finance Rwanda

AFR is a Rwandan not-for-profit organisation with a mission to facilitate a diverse and inclusive financial sector that delivers real value to the economy and people, in particular unserved and underserved populations.

The strategic goal of AFR is to contribute to a diverse and inclusive financial sector that supports increased resilience and sustainable livelihoods for all and contributes to the Rwanda’s economic transformation.

Ms. Christina Wedekull, Deputy Head of Mission and Head of Development Cooperation at the Embassy of Sweden in Rwanda.

Mr. Jean Bosco Iyacu, Acting Country Director of Access to Finance Rwanda.