MINECOFIN

MINISTRY OF FINANCE AND ECONOMIC PLANNING

REPUBLIC OF RWANDA

Financial Sector Development Program II (FSDP II)

The second Financial Sector Development Program (FSDP II) follows from the highly successful FSDP I, adopted in 2008, which helped catalyze a dramatic increase from 47 to 72 percent of the population with access to financial services, placing Rwanda well on track to reach 80 percent by 2017. Two main drivers underlying FSDP II are a focus on soundness and stability, and positioning Rwanda within the prospective common market for financial services in the East African Community (EAC). The overarching vision of FSDP II is to develop a stable and sound financial sector that is sufficiently deep and broad, capable of efficiently mobilizing and allocating resources to address the development needs of the economy and reduce poverty. FSDP II comprises four main programs: a) Financial inclusion b) Developing financial institutions, markets and the supporting infrastructure c) Investment and savings to transform the economy d) Protecting consumers and maintaining financial stability.

Reflecting prior accomplishments, FSDP II is less about the creation of institutions and markets, and more about building from a sound base to expand outreach, efficiency and innovation, and integration in the EAC.

 

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A Strategy for Making Rwanda a Financial Service Centre in the Region (Maxwell Stamp Report)

As elaborated in Vision 2020, Rwanda’s long-term development goal aspires to transform Rwanda into a financial services centre by the year 2020. This report sets out a strategy and road map to achieve that goal. It is essentially outward looking.  It discusses measures to strengthen the domestic financial system, particularly in areas which will help the development of Rwanda as a regional and international financial centre.

 

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