MTN Rwandacell Company Overview
Rwanda | Impact of COVID-19
GDP growth
2019-2022 (Projected)
9.4%
9.4%
8.0%
8.0%
8.0%
6.8%
379
5.7%
2019 Act.
2020 Act.
2021 Proj.
2022 Proj.
-3.4%
■GDP growth
GDP growth without covid 19
Commentary
2019
# of Mobile Money Transactions
2019-2020
701
2020
Value of Mobile Money Transactions (Frw billion)
2 349
2019
2019-2020
7 177
2020
In 2020, Rwanda recorded a negative GDP growth for the first time in the last two decades due to the effects of the covid-19 pandemic on Rwanda's economic activity. These effects included the
implementation of lockdown restrictions critical to slowing the spread of the virus, which curtailed economic activity.
The Government of Rwanda initiated a swift and robust response to the pandemic, with the adoption of the Economic Recovery Plan (ERP) estimated to grow to FRw 350Billion over the two fiscal years 2019/20
and 2020/21. The recovery plan aims to scale up social safety net programs for the most vulnerable, build key infrastructure and support strategic enterprises, including small- and medium-size enterprises.
The Government's swift and efficient response to the pandemic has largely mitigated the potentially significant negative impact on essential health and nutrition services with mass testing of the population and
distribution of vaccines across most vulnerable groups and society in general. Current vaccinations stand at 389K.
The Mobile financial services sector benefited from various policies as cash based transactions as a percentage of overall transactions significantly reduced in 2020 as a consequence of various policies taken to
encourage digital payments and slow down progression of the covid-19 pandemic.
Source: BNR, NISR, World Bank
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