Rwandans are showing strong optimism about their financial futures despite ongoing economic challenges and increasing threats of fraud, according to TransUnion’s Q2 2025 Consumer Pulse Study.
The report reveals that 81% of consumers felt financially hopeful in the second quarter, buoyed by 7.8% GDP growth in Q1 and continued government efforts to strengthen industries and maintain macroeconomic stability.
Income growth played a role, with 38% of respondents reporting higher earnings compared to 33% a year ago, and 37% saying their finances were better than expected.
“Rwandan consumers are demonstrating remarkable resilience and optimism in the face of economic challenges,” said Thabo Molefe, head of Africa regions at TransUnion.
“As access to credit and digital trust become increasingly vital, empowering consumers with the right tools and protections will be key to sustaining this positive trajectory.”
Mixed Household Fortunes
The past three months brought both setbacks and opportunities for households.
Job losses affected 29% of respondents, while 20% saw wage reductions, 14% faced reduced work hours, and 12% reported that a household business had closed or lost orders.
On the positive side, 23% started a new job, 22% launched a household business, and 16% received salary increases.
Many consumers are taking proactive steps to strengthen their finances. In Q2, 28% saved more in emergency funds and paid down debt faster, while 24% boosted retirement savings.
Looking ahead to the next three months, 38% expect to increase discretionary spending, even as they anticipate higher costs for medical services (45%) and digital services (42%).
Debt Pressures and Credit Gaps
Despite their optimism, 51% of Rwandans expect to miss at least one bill or loan payment in the coming quarter. To manage, 39% plan to pay partial amounts, 39% will take on gig work, and another 39% intend to draw from savings.
Access to credit remains a concern. While 99% of respondents consider credit important, only 41% feel they have enough access.
More than half (55%) plan to apply for new or refinanced credit within the next year, with personal loans (46%) topping the list, followed by student loans (26%) and home loans (23%).
However, nearly half (49%) considered applying for credit but didn’t follow through, citing high borrowing costs (27%), fear of rejection due to income or employment status (22%), and lengthy approval processes (19%).
Fraud Attempts on the Rise
Fraud remains a major challenge. Over half (58%) of consumers were targeted in Q2, with high-income earners particularly affected (59%).
The most common scams included money and gift card schemes (49%), phishing (31%), and vishing (28%).
Concerns over privacy and identity theft remain high, with 72% reluctant to share personal information and 63% citing privacy invasion fears.
Cybersecurity concerns are also influencing digital adoption, with 37% identifying online threats as a barrier to embracing new technologies.
While 73% say they have proper access to their credit information, TransUnion says there is room for stronger safeguards, public education, and regulatory oversight.
“As Rwanda’s economy continues to recover and digital adoption accelerates, protecting consumers from fraud must remain a top priority,” Molefe emphasized. “This is about building trust in a digital future, not just improving financial health.”
