Find Banking and Financial Services expertise in Rwanda
Rwandan banks are well equipped to cater to the corporate and personal financial needs of their clients. Banks registered with the country’s central bank, National Bank of Rwanda (BNR), include Banque de Kigali (BK), Rwanda Development Bank (BRD), Finabank, Cogebanque, Banque Commerciale du Rwanda (BCR), Ecobank, Banque de l’Habitat du Rwanda (BHR), Banque Populaire du Rwanda (BPR), Urwego Opportunity Microfinance Bank (UOMB), BANCOR SA and Banque Populaire du Rwanda. Smaller microfinance institutions also provide crucial services to a large percentage of the population by arranging small loans with relatively low interest rates. In 2012, there were over 150 foreign exchange bureaus operating in Rwanda.
Regulation of Financial Services
National Bank of Rwanda (BNR) is tasked with the regulation and supervision of the banking sector. Amongst its other supervisory and regulatory responsibilities, the National Bank of Rwanda licenses savings and credit co-operative, microfinance institutions, microfinance auditors and real estate property valuers. The World Economic Forum’s Global Competitiveness Report (2012- 2013) shows that Rwanda comes 84th out of 144 countries in terms of soundness of banks, a similar ranking to Mozambique.
Development of Financial Services
The World Bank’s Ease of Doing Business Index (2011) reports that Rwanda ranks very highly in overall ease of doing business in 3rd place out of 46 sub-Saharan nations. In terms of getting credit Rwanda is strong, again in 2nd place. This strength is continued with regards to protecting investors with Rwanda coming 3rd, equalling with Sierra Leone. The World Economic Forum’s Global Competitiveness Report (2012-2013) ranks Rwanda at 51 out of 144 countries in terms of availability of financial services. The affordability of financial services is moderate at 71st position. According to the World Bank, 33% of adults aged 15 and over held an account with a formal financial institution in 2011. The WEF’s report shows that Rwanda scores highly again when it comes to ease of access to loans, achieving 3.4 (out of a possible 7), considerably above the world mean. In 2011, 8% of adults aged 15 and over had taken out a loan from a financial institution in the last year. Financing through local equity market is good; Rwanda ranks 56th worldwide and scores above the world mean.