Rwandan Consumers Signal Confidence Amid Economic Headwinds
- TransUnion’s Q2 2025 Consumer Pulse Study shows that 81% of Rwandans felt financially hopeful, but 51% expected to miss a bill or loan payment
- To pay their current bills and loans, nearly half (39%) of Rwandans say they’ll pay a partial amount that they can afford, 39% say that they’ll take on gig work, and 39% say they’ll use money from their savings
- More than half (58%) of consumers were targeted by fraud in Q2
In a context of GDP growth of 7.8% during the first quarter, ongoing economic recovery and the government’s ongoing efforts to strengthen key industries and maintain macroeconomic stability, Rwandan consumers were notably more optimistic about their financial futures in Q2 2025 compared to a year ago.
According to the TransUnion Consumer Pulse Study for Q2 2025, 81% of Rwandans felt financially hopeful, with 38% having seen a growth in income – up five percentage points from those who said the same a year ago – and 37% saying that their finances were better than expected.
“Rwandan consumers are demonstrating remarkable resilience and optimism in the face of economic challenges. The strong sense of financial hope reflects a broader national momentum toward inclusive growth. As access to credit and digital trust become increasingly vital, it’s clear that empowering consumers with the right tools and protections will be key to sustaining this positive trajectory,” said Thabo Molefe, head of Africa regions, TransUnion.
In the past three months, Rwandan households faced some financial setbacks, with job losses emerging as the most significant challenge. Specifically, 29% of respondents reported job losses. Additionally, 20% experienced wage or salary reductions, 14% had their work hours reduced, and 12% said a household business had closed or lost orders.
On the upside, 23% indicated that they started a new job, 22% said that someone in their household started a new business, and 16% had salary increases. In terms of financial behavior, 28% saved more in an emergency fund and paid down their debt faster while 24% saved more for retirement.
In the next three months, 38% of the surveyed consumers expect to increase discretionary spending. This percentage is higher than that of respondents who expected discretionary spending to remain the same (21%) or decrease (30%). At the same time, respondents are expecting an increase in both medical services (45%) and digital services (42%) costs.
More than half (51%) of Rwandan consumers expected to miss at least one bill or loan payment in the coming quarter. Rwandans are determined to pay their bills and loans, however, with 39% saying that they’ll pay a partial amount that they can afford, 39% saying that they’ll take on gig work, and 39% saying that they’ll use money from their savings.
Rwandans Believe Access to Credit is Important
In Q2 2025, a significant 99% of respondents considered access to credit important, yet only 41% felt they had sufficient access. This indicates a noteworthy gap between credit access and consumer confidence, pointing to a need for more inclusive lending. Looking ahead, 55% planned to apply for new or refinanced credit within the next year. Among these, 46% were planning to apply for a new personal loan, 26% intended to apply for a new student loan, and 23% were planning to apply for a new home loan.
Nearly half (49%) of respondents considered applying for credit or refinancing but ultimately chose not to proceed. The main reasons were high borrowing costs (27%) and concerns about being rejected due to income or employment status (22%). Moreover, 20% found an alternative funding source, 19% said that getting a decision takes too long, and 17% said that applying was too much work.
Rwandans Affected by Fraud Attempts
Following a study which found that nearly seven in 10 Rwandans were targeted with fraud in the last five months of 2024, more than one third (37%) of consumers identified cybersecurity threats as a major obstacle to adopting new digital technologies, while 30% expressed concerns about identity theft. These concerns highlight the need for stronger digital safeguards and greater public awareness to foster trust in online platforms and services.
High-income consumers were particularly affected by fraud attempts during Q2 2025, with 59% reporting attempts. The most common types of scams included money/gift card scams (49%), phishing (fraudulent emails, websites, social posts, QR codes, etc. meant to steal data) at 31% and vishing (fraudulent phone calls meant to trick users into revealing data) at 28%. Among high-income consumers, money or gift card scams (47%) and phishing (31%) were the most frequently encountered scams.
Sharing personal information was a concern for 72% of consumers, due to fears of privacy invasion (63%) and identity theft (59%). Additionally, 73% said they have proper access to their credit information. There is still an opportunity to implement stronger cybersecurity measures, consumer education, and regulatory oversight to build trust in Rwanda’s digital economy.
“As Rwanda’s economy continues to recover and digital adoption accelerates, protecting consumers from fraud must remain a top priority. Empowering individuals with access to their credit information and the tools to monitor it is about more than improving their financial health, it’s about building trust in a digital future,” said Molefe.
Consumers can find out more about their credit report from TransUnion here.
ENDS
Note to editors:
* This online survey of 345 adults was conducted May 5–25, 2025
