Obtain a lending license to lend in Rwanda
Rwanda, a resilient nation in East Africa with a population of approximately 13.4 million people, displays cultural diversity and economic progress. Around 76% (5.4 million) of adults in Rwanda borrow money, covering various borrowing methods.?
Interestingly, slightly more females (77%) have borrowed in the past 12 months compared to males (76%). Despite this, formal credit consumption remains relatively low at 22%, indicating a significant room for growth.?
Borrowing in Rwanda is mainly through mobile money and Savings and Credit Cooperative (SACCO), each with a 9% penetration rate. With its growing economy and expanding middle class, Rwanda offers significant opportunities for credit and financial inclusion. Therefore, we see that there is a promising market for lenders aiming to empower individuals and small businesses with credit.
As a digital lender getting the hang of the lending industry in Rwanda today, a thorough understanding of the legal frameworks that underpin the financial sector is required. So, this article will delve into the regulatory procedure you need to lend in Rwanda.
In this article, you will learn about: