Rwanda Bank Governor Outlines Open Banking, Virtual Assets Rules

Rwanda's National Bank Governor Soraya Hakuziyaremye has set out the central bank's approach to open finance and the regulation of virtual assets. Speaking at the Inclusive Fintech Forum in Kigali, she emphasized Rwanda's readiness to harness customer data for tailored services while safeguarding privacy, alongside a forthcoming law to govern virtual assets.

OPEN BANKING FOUNDATIONS LAID

Hakuziyaremye described open finance as a way to give all financial players protected access to data, creating a level playing field in which fintechs and traditional banks can use customer data, with consent, to offer tailored services. This builds on groundwork that includes 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.

With that framework in place, and with financial institutions including the central bank having trained data officers and understood data-sharing protocols, she said Rwanda was ripe for open finance.

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. eKash was developed by RSwitch, Rwanda's national electronic payments processor, and is powered by the open-source Mojaloop platform; the National Bank of Rwanda was among the partners in its rollout.

VIRTUAL ASSETS LEGISLATION LOOMS

On virtual assets, Hakuziyaremye 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. She explained that the draft law requires any virtual asset provider wishing to use a virtual asset as a payment instrument to first obtain authorisation from the central bank, so that the associated risks can be analysed and mitigated. Once the law is enacted, the National Bank of Rwanda and the Capital Market Authority will issue detailed regulations on how virtual assets are issued, who can provide related services and how providers will be licensed and supervised.

The finance ministry said the draft law aligns with international standards set by the Financial Action Task Force (FATF), the global standard-setter on money laundering and terrorist financing. Prime Minister Justin Nsengiyumva told the forum that the forthcoming law aims to promote responsible growth and provide economic certainty for investors and consumers.

REGIONAL COLLABORATION EXPANDS

She also called for stronger regulatory alignment across African markets to support interoperable cross-border payments.

On 11 March, on the sidelines of the forum, she and Central Bank of Kenya Deputy Governor Gerald Nyaoma signed the Kigali Declaration on Fintech License Passporting, which lets licensed fintechs in one country expand into the other without a full new licensing process.

INCLUSION AND STABILITY BALANCED

Hakuziyaremye told the forum that access to financial services in Rwanda had risen from 21 per cent of adults in 2008 to about 92 per cent, and pointed to the newly launched National Financial Inclusion Strategy 2026–2030, which aims to deepen financial access and strengthen the resilience of households and businesses.

The draft virtual assets law, approved by Cabinet on 4 March, must still pass through Parliament before it can take effect. The Inclusive FinTech Forum was held at the Kigali Convention Centre from 10 to 12 March.