Kigali, September 2025 – Rwanda’s banking sector has continued to demonstrate resilience, profitability, and innovation, according to the newly released State of the Banking Industry Report 2025 (SBIR) by the Rwanda Bankers’ Association (RBA) Research Centre. 

The report highlights that despite global economic instability, rising protectionism, and inflationary pressures across Sub-Saharan Africa, Rwanda’s financial system has remained robust and a key driver of economic activity. 

Strong Growth in Assets and Deposits 

The banking industry’s total assets expanded by 19.1%, reaching RWF 8,702.4 billion by the end of 2024. While loans and overdrafts remain the largest share of assets, their proportion fell slightly as banks diversified into government securities and foreign placements to manage risks more prudently. 

On the liabilities side, customer deposits remained the main funding source, rising to RWF 5,475.0 billion at the end of 2024. This reflects growing public confidence in the sector and reduced reliance on volatile interbank borrowing. 

Rising Profitability and Efficiency 

The sector’s net profit climbed to RWF 282.5 billion in 2024, a 29% increase compared to 2023. Interest income from loans and government securities remained the dominant revenue streams, complemented by commissions. Operational efficiency also improved, with the expense-to-income ratio falling to 63.7% in 2024 from 65.8% 2023. Return on equity stood at a strong 20.8%, while return on assets reached 4.9%, signaling sustainable profitability. 

Shifting Market Structure 

The three largest banks continue to dominate, collectively holding 63.6% of gross loans and 60.8% of total deposits in 2024. This signals a more competitive landscape, with opportunities for mid-sized and smaller banks to expand their market presence. 

Outlook: Digitalization, Inclusion, and Green Finance 

Looking ahead, the SBIR underscores the importance of channeling credit into productive sectors such as manufacturing, agribusiness, and renewable energy. It also highlights the growing role of digital finance in expanding access to underserved populations, while stressing the need for stronger consumer protection and oversight. 

Speaking at the release of the report, RBA Chief Executive Officer Tony Francis Ntore noted: “While the global economy shows signs of gradual stabilization, developing regions like ours still face structural constraints and high tariffs. Yet, Rwanda’s banking sector continues to demonstrate resilience, innovation, and prudent risk management. Our industry has seen growth in total assets, a strategic shift towards lower-risk, liquid investments, and rising customer deposits, reflecting strengthened public trust.” 

Carine Umutoni, the Second Vice Chairperson of Rwanda Bankers’ Association and Managing Director of Ecobank Rwanda, also reflected on the progress of Rwanda’s financial sector and the role of RBA member banks in shaping its growth. “Rwanda’s banking industry stands at a pivotal juncture. Our achievements, from asset growth and strengthened liquidity to enhanced profitability and improved asset quality, reflect the prudent management and adaptive strategies across our member banks.”

Read the full report here

For more information, visit www.rba.rw or follow RBA on LinkedIn and X (Twitter). 

Media Contact: 

Rwanda Bankers’ Association 

Email: info@rba.rw 

Phone: +250 252 577 426