Expanding mobile internet fueled a financial transition in Rwanda

The internet has profoundly transformed contemporary societies, influencing political engagement (Manacorda and Tesei 2020, Guriev et al. 2021), expanding employment opportunities (Bahia et al. 2023) and helping to lift people out of poverty. At the same time, digitalisation holds the potential to reshape financial markets and institutions by lowering the costs associated with securing and verifying property rights. This enables individuals to use their assets as collateral to access bank credit. Such transformations are particularly impactful in low- and middle-income countries characterised by weak institutional frameworks and severe financial frictions. [...]