The governor says that gross domestic product is achieving the growth projection after keeping its projected growth in the first and second quarter.
The National Bank of Rwanda Governor John Rwangombwa noted that the third quarter 6% GDP growth for this year is expected to be attained.
The first quarter GDP for the same year was achieved at 7.3% but the second quarter was slightly low at 5.4%.
Rwanda’s GDP has been growing between the 5 and 7% bracket for the last fifteen years and the trend is projected to achieve the 8% in 2016/17 fiscal year.
Speaking at the ongoing Brookings Africa Growth Initiative, the Global Development Network, and the African Economic Research Consortium- Africa Voice on Research meeting, Rwangobwa said that financial inclusion has for the last two years played a crucial role in reducing income inequality, poverty and accelerating economic growth.
“Uptake and use of financial instruments remain one of the main under-researched areas,” he said at the meeting USA.
He called on researchers to analyze why there are more women financially excluded as opposed to men.
At the meeting it was disclosed that only 34% of Sub Sahara Africans have accounts in a formal financial institution.
The BNR governor adds that only financial inclusion in the Sub Sahara Africa at the local, national and continental level is the way forward.
It was noted at the meeting that researchers do not disseminate enough information that can feed policy makers reliable data that is helpful in policy-decision making.
Policy makers so far are working together at the continental level to put in place an Incubator center for Fintech innovations which will concert on deriving means that include all people in financial institutions with the help of technology that does not disrupt innovation.
Much potential for growth, implementation of innovation, and opportunities for fresh interventions are being missed because the policy and decision making is not coherent at the continental level among all including international actors.
Rwangombwa called for the modernization of agriculture to grow its financial product at all levels, local, national and continental.
The event is part of a USAID-funded program through which GDN and AERC specifically support the emergence of African voices in academic and policy debates on aid to sub-Saharan Africa.