With structure, data, and political will, Rwanda is proving that gender-inclusive finance doesn’t need to be aspirational – it can be operational. East Africa should take note.
By Ethical Business Team | Solutions Analysis | May 2025
Rwanda has taken a decisive step toward bridging the gender financing gap with the launch of the Women Entrepreneurs Finance Code (WE Finance Code), a global initiative aimed at ensuring financial institutions offer equal access to capital for women-led businesses, as reported by KT Press.
This move, formalised at the Alliance Summit 2025 in Kigali, marks Rwanda as the first East African country to adopt the WE Finance Code, positioning it as a leader in inclusive finance reform on the continent. Subsequently, Rwanda joins over 30 countries already implementing the Code, expanding a global movement to unlock the untapped economic potential of women entrepreneurs. But how does this approach compare to efforts in neighboring countries, and what does the data say about the state of financing for women entrepreneurs in the region?
The WE Finance Code: A structural solution
The WE Finance Code, developed by the Financial Alliance for Women, is designed to help financial institutions dismantle systemic barriers that keep women entrepreneurs from accessing credit. By signing the Code, banks commit to:
- Appointing senior leaders to oversee gender-inclusive finance strategies,
- Publishing gender-disaggregated lending data,
- Designing financial products that meet the needs of women-owned businesses.
“This is more than a symbolic gesture. It is a blueprint for systemic reform,” said Soraya Hakuziyaremye, Governor of the National Bank of Rwanda.
“It brings together leadership, data, and action to transform how financial institutions serve women entrepreneurs.”
The initiative is backed by a coalition of institutions, including Rwanda’s Ministry of Trade and Industry, National Bank of Rwanda, commercial banks, and Access to Finance Rwanda, each committed to its implementation.
Gender inequality in access to credit
Rwanda is already a standout in financial inclusion, with 92% of adults having access to a bank account or mobile wallet (FinScope Rwanda 2020). Yet, access to credit remains unequal. As of 2025: Only 8% of Rwandan women have access to formal credit, compared to 13% of men.
This pattern mirrors trends across East Africa:
- Kenya (World Bank Findex 2021): 17% of women borrowed from a formal institution, compared to 24% of men.
- Uganda: 10% of women accessed formal credit vs. 17% of men.
- Tanzania: 9% of women vs. 14% of men.
- Burundi: Formal borrowing stands at below 10% for both genders, with women less likely to access credit.
While some countries have developed women-focused lending schemes, none have yet integrated a cross-sector, systemic solution like the WE Finance Code.
The Numbers: Where Rwanda stands
According to the 2023 National Establishment Census, over 99% of businesses in Rwanda are MSMEs, with 40% led by women. Yet, in the first quarter of 2025, these women-led businesses received only Rwf 164 million in credit, out of Rwf 4.6 trillion total business lending.
“That gap is not because women entrepreneurs lack potential,” said Governor Soraya.
“It’s because products are not tailored to them, data is missing, and historical biases persist.”
A national commitment, led from the top
The WE Finance Code was launched at the Alliance Summit 2025, with First Lady Jeannette Kagame presiding. Her presence elevated the initiative’s visibility and signaled government-wide support.
“Yes, for us, investing in entrepreneurs, especially women, is the right choice,” she said, adding that the Summit was helping empower women and advance development goals.
“This is a blueprint for systemic reform,” Governor Soraya emphasized. “We are proud to stand with global partners, but even prouder of the depth of collaboration at home to make this possible.”
Rwanda vs. the Region: What sets it apart?
Unlike Rwanda’s coordinated ecosystem approach, neighbouring countries rely on a mix of government grants, donor-funded initiatives, and community savings groups.
Kenya’s Women Enterprise Fund offers subsidised loans to women, but uptake has plateaued, and banking institutions are not required to change their systems. Uganda’s Women Entrepreneurship Programme funds women’s groups, but it is not embedded in financial regulatory frameworks. Meanwhile, Tanzania has municipal-level mandates for women’s credit access, but lacks centralised coordination and monitoring mechanisms.
What sets Rwanda apart is its institutional alignment, data-driven approach, and explicit accountability from banks, regulators, and ministries. By embedding the WE Finance Code into national financial governance, Rwanda is attempting to shift the entire system, not just improve outcomes at the margins.
A model for the continent?
Rwanda’s adoption of the WE Finance Code is already sending signals across the region. As of mid-2025, it remains the only country in East Africa formally committed to this international framework. The move aligns with global data from the Financial Alliance for Women, which shows that business lending to women is growing at 12% annually, compared to just 4% in consumer lending, suggesting both financial and developmental upside.
The real test will be in implementation. Gender-disaggregated reporting, loan product redesign, and leadership accountability must translate into actual capital flowing into women-owned enterprises. But with high-level political backing, cross-sector coordination, and a framework rooted in best practices, Rwanda may be laying the groundwork for a model that others can follow.
By anchoring this shift in both national policy and global standards, Rwanda is not just participating in the gender finance conversation—it is shaping it.
Sources: KT Press; National Institute of Statistics of Rwanda, National Establishment Census (2023); FinScope Rwanda Survey, Access to Finance Rwanda (2020); World Bank Global Findex (2021); Financial Alliance for Women (2024–2025 reports); Kenya Women Enterprise Fund Annual Reports; Uganda Ministry of Gender, Labour and Social Development; Tanzania Local Government Authority Women Lending Reports
