Rwanda's National Bank Governor Soraya Hakuzimana has signaled a bold push into open banking and virtual assets regulation, positioning the East African nation as a frontrunner in Africa's digital finance transformation. Speaking at the Inclusive Fintech Forum in Kigali, she emphasized Rwanda's readiness to harness customer data for tailored services while safeguarding privacy, alongside upcoming laws to govern digital currencies and ensure financial stability.

OPEN BANKING FOUNDATIONS LAID

Hakuzimana described open finance as a mechanism "to be able to give access to data in a protected manner to all financial players so that there's a level playing field for FinTechs for traditional banks to be able to use customer data upon their consent and it's very important to be able to be offered tailored services." This approach builds on Rwanda's robust groundwork, including a personal data protection law, the establishment of a National Cyber Security Authority as the regulatory authority on data protection, and sector-specific guidelines from the central bank.

Financial institutions, including the National Bank of Rwanda itself, have trained data officers and implemented protocols for secure data sharing. "Once that framework was there and once all the financial institutions including us the central bank had trained data officers had made sure that we understand what data sharing is the protocols around it and how you protect it, I think it's ripe for open finance to be there," Hakuzimana stated. This infrastructure promises greater innovations, interoperability, and expanded access to financial services, critical for closing Africa's inclusion gap.

Rwanda's digital public infrastructure underscores this commitment. The Rwanda National Digital Payment System, branded as eKash, leverages an open-source platform. It enables person-to-person (P2P) and person-to-merchant (P2M) payments with settlement in under 15 seconds, fully interoperable across banks and mobile wallets. This system marks a shift toward Rwanda owning its core payment infrastructure, backed by the National Bank of Rwanda and the Rwanda Utilities Regulatory Authority.

VIRTUAL ASSETS LEGISLATION LOOMS

On virtual assets, Hakuzimana revealed that a draft law is advancing toward parliamentary enactment, introducing clear licensing criteria for providers and central bank approval for assets used as payment instruments. "In the draft law of virtual assets for Rwanda there's a provision for the central bank to first give an authorization for any virtual asset provider who would want to use the virtual asset as payment instrument to the central bank so that we analyze all those risks and be sure that being mitigated before that virtual asset is," she explained. Post-enactment, regulations will specify acceptable virtual assets and provider standards, balancing innovation with risk management.

This measured approach aligns with global trends, where Virtual Asset Service Providers (VASPs)—a FATF designation from 2019—face stringent anti-money laundering (AML) and counter-terrorist financing (CTF) rules. VASPs must conduct customer due diligence (CDD), enhanced due diligence (EDD) for high-risk clients, sanctions screening, suspicious activity reporting, and transaction monitoring, mirroring requirements for traditional banks. In the EU, the Markets in Crypto-Assets (MiCA) regulation, fully effective since December 2024, mandates a unified Crypto-Asset Service Provider (CASP) licensing system, with a transition deadline of July 1, 2026. Rwanda's framework echoes this emphasis on regulatory certainty to attract investors while protecting consumers.

REGIONAL COLLABORATION EXPANDS

Hakuzimana highlighted cross-border initiatives to foster seamless operations. These pacts reduce barriers, enabling faster regional fintech growth.

This regional integration complements Rwanda's financial inclusion drive. eKash's interoperability has transformed transactions, with real-time settlements slashing costs and times. The National Bank's institutional discipline ensures execution-ready infrastructure, from data privacy to payment switches.

INCLUSION AND STABILITY BALANCED

Rwanda's strategy addresses financial stability amid digital expansion. Open banking will empower tailored products, while virtual assets rules mitigate systemic risks like money laundering. With growing mobile money penetration and fintech adoption, these reforms could propel Rwanda's financial sector. Hakuzimana's vision—rooted in consent-based data sharing and risk-assessed innovation—offers a blueprint for African central banks navigating the digital frontier.

As parliament considers the virtual assets bill, investors eye Rwanda for its pro-business clarity. The Inclusive Fintech Forum underscored this momentum, with Hakuzimana's remarks drawing praise for blending ambition with prudence. In a continent where financial exclusion costs billions annually, Rwanda's regulatory evolution promises equitable growth.