In Kagame’s Singapore Of Africa Only 2% Of The Population Can Borrow Money From A Formal Financial Institution.
Source: National Bank of Rwanda, Annual Report, 2017/2018
Financial services availability in a given population is a key indicator of socioeconomic development and improved income distribution. Put in another way, levels of access to formal financial services attest to how a particular country is transforming itself and alleviating poverty.
In its 2017/2018 Annual Report, the National Bank of Rwanda (NBR) provides data on two key indicators of access to formal financial services — namely, the percentage of Rwandans who deposit money and those that borrow money.
The number of depositors in the banking sector as of June 2018 is 1,940,266 — which is 13% of the Rwandan population. The number of borrowers in the banking sector as of June 2018 is 247,253 — which is 2% of the Rwandan population.
Kagame’s Singapore of Africa remains a banana republic, less than a year from 2020 when Rwanda is supposed to become middle-income.
By David Himbara