First Lady Mrs. Jeannette Kagame addressing the event
Rwanda’s banks and financial institutions have made a major commitment: to finance women-led businesses on equal terms as men.
This promise was made official with the launch of the Women Entrepreneurs Finance Code (WE Finance Code) at the Alliance Summit 2025, held in Kigali.
The event was graced by Rwanda’s First Lady, Mrs. Jeannette Kagame, whose presence gave the initiative strong national visibility and momentum. Her participation showed that closing the gender gap in business financing is not only a financial priority—but a national one.
What is the WE Finance Code?
The WE Finance Code is a global initiative from the Financial Alliance for Women, designed to help banks, governments, and institutions take specific steps to remove barriers that stop women entrepreneurs from accessing finance.
Over 30 countries have adopted the Code, and Rwanda is now one of them—becoming a leader in Africa on this front.
By signing on, banks commit to: Appointing senior leaders to lead gender-inclusive finance strategies; Collecting and publishing gender-disaggregated data; and Designing financial services that work for women
Mrs. Jeannette Kagame said that investing in women entrepreneurs is one of the best decisions the country has made.
“Yes, for us, investing in entrepreneurs—especially women—is the right choice,” she said.
First Lady Mrs. Jeannette Kagame speaking to delegates at the event
The First Lady praised programs like the Alliance Summit 2025 conference, which help empower women and enable them to achieve development goals.
“This is a Blueprint for Systemic Reform”
“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.”
Although Rwanda leads in overall financial inclusion—92% of adults have a bank account or mobile wallet—there’s still a big gender gap when it comes to credit. Only 8% of women in Rwanda have access to formal credit, compared to 13% of men.
“For too many women entrepreneurs, access to capital is still a daily struggle. This is not just a Rwandan story—it is a global reality,” Governor Soraya added.
Soraya Hakuziyaremye, Governor of the National Bank of Rwanda, speaking at the event
“Banking Women is Good Business and Good Policy”
The idea to bring the WE Finance Code to Rwanda began in 2024, when Inez Murray, CEO of the Financial Alliance for Women, visited Kigali.
She met with policymakers, financial leaders, and regulators, urging them to act.
“When you bank a woman entrepreneur, you’re not just banking her business. You’re banking her children’s education, her family’s healthcare, and the roof over their heads,” said Murray.
Inez Murray, CEO of the Financial Alliance for Women
She explained that across their global network, business lending to women entrepreneurs has been growing at 12% annually, compared to only 4% in regular consumer lending.
“This is both smart business and smart policy. Rwanda’s speed in embracing this shows real leadership,” she said.
Her visit set off a chain of events: by 2025, Rwanda not only adopted the Code but also hosted the Alliance Summit, making it the first country in East Africa to do so.
Backed by a National Coalition
Implementing the Code in Rwanda is a coordinated effort involving: the Ministry of Trade and Industry – leading on policy; the National Bank of Rwanda – as the regulator; Commercial banks and financial institutions – driving implementation; and Access to Finance Rwanda – coordinating across stakeholders.
The Numbers Behind the Commitment
According to the 2023 National Establishment Census, small and medium enterprises (MSMEs) make up over 99% of all businesses in Rwanda. Yet they received only Rwf 4.6 trillion in total lending.
Of these businesses, 40% are led by women, but they received just Rwf 164 million in credit by the first quarter of 2025—a shockingly small share.
“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.”
First Lady Jeannette Kagame Adds National Support
The presence of First Lady Jeannette Kagame brought a strong national spotlight to the launch.
Her support sends a message that women’s financial inclusion is central to Rwanda’s development goals—not just a side issue.
Her involvement is expected to encourage deeper collaboration across government, banks, and the private sector.
A New Chapter for Inclusive Finance
“This is the beginning of a new chapter for inclusive finance in Rwanda,” Governor Soraya concluded. “We are proud to stand with global partners, but even prouder of the depth of collaboration at home to make this possible.”
With this bold step, Rwanda joins a growing global movement—and sets a powerful example for the continent: women in business deserve equal opportunities, equal credit, and equal trust.
