From Cash to Cashless: Leveraging the Potential of Digital Financial services in Rwanda
| dc.contributor.author | Munyengera, Ggombe Kasim | |
| dc.contributor.author | Agnes, Mutuyimana | |
| dc.contributor.author | Seth, Kwizera | |
| dc.contributor.author | Precious, Akampumuza | |
| dc.date.accessioned | 2025-02-11T08:59:01Z | |
| dc.date.available | 2025-02-11T08:59:01Z | |
| dc.date.issued | 2025 | |
| dc.description.abstract | Digital financial inclusion in Rwanda has grown from 46% of adults in 2016 to 66% in 2020. The nature of payments has also evolved, shifting from peer-to-peer transactions to more sophisticated ones, such as tax payments. According to the 2020 Finscope survey, 94% of commercial banks now offer some form of electronic payment. This progress notwithstanding, cash remains the preferred method of payment for groceries (98% of respondents), electricity (52%), medical fees (60%), education (44%), and personal spending (60%). Critical impediments to further DFS development and adoption include limited interoperability among platforms and services of different service providers and low levels of digital literacy. The mid-term evaluation of the National Strategy for Transformation revealed that only 24% of adults were digitally literate in 2021, less than halfway to the target of 60% by 2024. Low levels of awareness of DFS products, unreliable networks, especially in rural areas, and low levels of trust partially motivated by cyber insecurity are additional impediments to being addressed. | |
| dc.identifier.uri | https://publication.aercafricalibrary.org/handle/123456789/3955 | |
| dc.language.iso | en_US | |
| dc.publisher | AERC | |
| dc.relation.ispartofseries | DFSP-TT-PB-006 | |
| dc.title | From Cash to Cashless: Leveraging the Potential of Digital Financial services in Rwanda |