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Rwanda Reports Drop in Attempted Bank Thefts

Administrator — 2026-03-19T16:57:44Z

The Governor of the National Bank of Rwanda, Soraya Hakuziyaremye, said Thursday that attempted thefts targeting banks and financial institutions in Rwanda fell to 3,000 in 2025, down from 5,000 the previous year.

Speaking to journalists after presenting the March 19, 2026, Monetary Policy and Financial Stability Statement, Hakuziyaremye said the central bank is monitoring theft attempts at Equity Bank Rwanda, though she declined to disclose the amounts involved.

She noted that while digital technology has led to new forms of financial crime, overall attempted bank thefts decreased last year. “With technology, we see crimes targeting digital financial services, but the visible theft attempts have dropped over the past two years, from 5,000 in 2024 to 3,000,” she said.

Rwanda has 11 commercial banks, one development bank, one cooperative bank, multiple SACCOs, and several microfinance institutions. Hakuziyaremye stressed that no financial system is immune to crime, but preventive measures are key.

“Claiming financial services are completely safe would be misleading. The question is how we protect institutions and the nation so that, even if technology-based theft occurs, we prevent it and ensure culprits are held accountable,” she said.

She added that some stolen funds in the Equity Bank case have been recovered, and the National Bank ensures customers affected by theft are reimbursed within seven days.

Hakuziyaremye said robust security measures at Rwandan financial institutions have contributed to the decline in attempted thefts. Global data show that every 39 seconds a cyberattack occurs, with more than 2,200 potential digital attacks daily.

Atlantic Microfinance Wins Award for Advancing Inclusive Finance in Africa

Administrator — 2026-02-26T16:02:44Z

Atlantic Microfinance for Africa (AMIFA), a subsidiary of Morocco's Groupe Banque Centrale Populaire (Groupe BCP) operating in eight African countries including Rwanda, has won an excellence award in the category of “Building an Inclusive Financial Sector in Africa.”

The recognition was presented at the 7th Financial Afrik Awards (7FAA 2026), held Jan. 22–23 in Banjul. The awards honor financial institutions that advance inclusive finance across the continent.

AMIFA, with a capital of 897.4 million Moroccan dirhams (approximately 354.7 billion Rwandan francs), was established by Groupe BCP to lead and manage initiatives promoting small and medium-sized financial institutions in Africa. Its branches currently operate in Burkina Faso, Côte d'Ivoire, Gabon, Guinea, Madagascar, Mali, Rwanda, and Senegal.

The award underscores AMIFA's commitment to financial inclusion and its efforts to expand access to capital for small businesses and underserved populations across Africa.

After receiving the award, AMIFA Holding CEO Mouhssine Cherkaoui said, “This recognition highlights the dedication and impact of Groupe BCP's initiatives, implemented through AMIFA, to support financial partnerships. It reflects the tangible results of our work in improving access to finance for small businesses and individuals lacking sufficient capital.”

Cherkaoui added that AMIFA's work aims to reduce the financial gap for thousands of economic actors, while supporting sustainable development in regions including the West African Economic and Monetary Union (UEMOA), Central Africa (CEMAC), and the Indian Ocean area.

He dedicated the award to AMIFA's clients, partners, and its more than 1,100 employees who uphold the values of customer proximity, innovation, teamwork, and commitment.

Since its founding in 2018, the Financial Afrik Awards have become a major event for Africa's financial sector, bringing together leaders in finance, economics, and public policy to share insights, celebrate progress, and foster collaboration.

The awards ceremony, supported by Gambian President Adama Barrow, also provides a platform for dialogue among policymakers, investors, entrepreneurs, startups, and experts on Africa's economic and financial development.

Rwanda Central Bank Raises Key Rate to 7.25% as Inflation Climbs Above Target

Administrator — 2026-02-20T07:33:18Z

Rwanda's central bank has raised its key policy rate to 7.25% from 6.75% in a bid to curb rising inflation and bring price growth back within its target range of 2% to 8%.

The National Bank of Rwanda said the decision follows an acceleration in inflation, which reached 8.9% in January 2026, up from 8.0% in December 2025. The increase pushed inflation above the bank's target band.

Data from the National Institute of Statistics show consumer prices rose 8.9% year-on-year in January, compared with 8% in December.

Inflation also picked up in the final quarter of 2025, averaging 7.4%, compared with 7.2% in the third quarter. The rise was largely driven by higher core inflation, which excludes volatile items such as perishable food and energy. That outweighed a slowdown in price increases for perishable food products.

Central bank Gov. Soraya Hakuziyaremye said the Monetary Policy Committee acted in response to mounting inflationary pressures and a revised outlook that anticipates further price increases in the coming months.

“Based on continued inflationary pressures and the updated forecast, the committee decided to raise the key policy rate from 6.75% to 7.25%,” she said.

The bank expects inflation to remain above 8% in the near term before easing later in the year. It projects that price growth will gradually return to the 2% to 8% target range by the end of 2026.

The rate hike is intended to prevent price instability and safeguard purchasing power while sustaining economic growth, Hakuziyaremye said.

Despite global trade and geopolitical challenges, the world economy expanded by 3.3% in 2025 and is expected to maintain the same growth rate in 2026, the central bank said.

Rwanda's economy outperformed global trends, growing an average of 8.7% in the first three quarters of 2025, up from 7.2% in 2024.

The Rwandan franc depreciated 4.4% against the U.S. dollar in December 2025, a smaller decline than the 9.42% drop recorded a year earlier. The bank attributed the relative stability to higher foreign exchange earnings from tourism and remittances, as well as a weaker dollar globally.

Rwanda's rural communities left behind despite economic growth, advocates warn

Mugisha R. John — 2026-02-18T16:58:17Z

While Rwanda's economy continues to grow, rural residents are being left out of its benefits, consumer rights advocates said Tuesday, urging banks to expand services beyond urban centers.

Paul Mbonyi, executive director of the consumer rights group ADECOR, spoke during a parliamentary committee hearing on the 2024/2025 report of the National Bank of Rwanda. The report shows Rwanda's gross domestic product rose 6.3% last fiscal year, following a 9.3% increase in 2023/2024, and the financial sector's total assets grew 22.6% to 14.3 trillion Rwandan francs.

“Even though the economy is growing, some people are being left behind,” Mbonyi said. He called for targeted programs to help marginalized populations access banking services, including opening accounts, applying for loans, and using other financial tools.

Mbonyi said most commercial banks operate in cities or commercial hubs, leaving rural residents with few options. “Financial services have developed, but the goal is to make them accessible to everyone,” he said.

Theoneste Murangira, executive director of the Rwanda Civil Society Platform, said access alone is not enough. “It's not enough that services exist; people must be able to use them to improve their lives,” he said, stressing the importance of public awareness and support programs.

Advocates emphasized that bridging the gap in rural financial access could help more Rwandans participate in economic growth, ensuring that progress is shared beyond urban centers.

Lawmakers Advance Bill to Bolster Central Bank Independence

Mugisha R. John — 2026-02-13T13:49:36Z

Rwanda's Chamber of Deputies has approved the relevance of a draft law designed to strengthen the independence, governance and financial sustainability of the National Bank of Rwanda.

Finance and Economic Planning Minister Yusuf Murangwa told lawmakers the current law, enacted in 2017 and revised in 2021, requires further updates following recent reviews. A 2024 safeguards assessment by the International Monetary Fund identified legal gaps in the framework governing the central bank and recommended reforms to align it with international standards.

At the center of the proposed legislation is a clearer mechanism for recapitalizing the central bank if its capital declines. The draft law would require the government to cover any capital shortfall within six months of receiving a formal request from the bank. Murangwa said such recapitalization would be used only as a last resort to preserve the bank's financial autonomy and ensure sustainable operations.

The bill also strengthens protections against external interference. It affirms that the bank's leaders, staff and decision-making bodies must be able to exercise their powers independently. It limits the authority the board of directors can delegate to the governor, specifying that supervisory and oversight responsibilities cannot be transferred.

Lawmakers are considering expanding the board to at least 11 members with expertise in fields such as accounting, risk management, law and technology. To reinforce independence, no more than 30% of board members would be government employees, excluding the governor and deputy governor.

The draft legislation would also grant the central bank authority to impose administrative sanctions for regulatory violations, broaden its mandate in managing foreign exchange reserves and other eligible assets, and establish a formal internal audit function to strengthen oversight and risk management.

GTBank Rwanda Launches ‘Single Digit Smart Loan' With 8% Interest Rate

Mugisha R. John — 2026-02-12T07:53:44Z

GTBank (Rwanda) Plc has introduced a new loan product offering up to 2 billion Rwandan francs ($) to businesses and up to 500 million francs to individuals at an annual interest rate of 8%.

The loan, branded the “Single Digit Smart Loan,” is designed to provide fast access to financing, with applicants receiving feedback within 24 hours.

Emile Iraguha, head of credit at GTBank (Rwanda) Plc, said the facility targets existing customers with a strong banking relationship, aiming to support their continued growth.

“Everything we do is centered on our customers and their development,” Iraguha said. “We assess what best serves them and introduce programs like this one that offer loans at a low interest rate. It is rare to find a loan at an annual rate of 8%.”

Iraguha said eligibility will be based on a customer's income level, cash flow capacity and qualifying account balances. The bank will also review clients' credit history and repayment behavior.

“We will closely assess a customer's track record. How have they repaid previous loans? Do they have the capacity to repay the amount requested? What is their level of commitment to the project they are investing in?” he said. “All this will be evaluated within 24 hours to ensure a timely response.”

Collateral requirements will depend on the level of risk associated with the project being financed, though Iraguha emphasized that collateral will not be the primary consideration.

“The most important factor is not collateral but the customer's repayment capacity and the viability of the investment,” he said.

The Single Digit Smart Loan was launched in January 2026 to support entrepreneurs and individual clients.

AD Finance Rolls Out ERP Software to Streamline Business Operations

Administrator — 2026-02-10T16:43:24Z

AD Finance, a Kigali-based financial services firm, has launched an enterprise resource planning (ERP) software built on the open-source platform Odoo, aiming to help Rwandan businesses digitize operations ranging from inventory and manufacturing to payroll and financial reporting.

The system, marketed as AD Finance ERP (Odoo), is designed to integrate core business functions into a single platform, reducing reliance on paper-based processes and enabling real-time operational oversight.

Olivier Mugabonake, CEO of AD Finance, said the ERP platform was developed to help Rwandan businesses and financial institutions accelerate digital transformation and reduce paper-based operations. “Our goal is to enable companies to run entirely digital workflows, from procurement to payroll and reporting,” Mugabonake said.

Rwanda has been positioning itself as a regional technology hub, with government policies supporting digital transformation across the private sector. The launch of a locally developed ERP product aligns with broader East African trends, where businesses are increasingly adopting integrated software systems to improve efficiency and attract investment.

“Companies in Rwanda and the broader region are moving fast to modernize,” said Jean Bosco Nkurunziza, tech director of Inner Consult Inc. “ERP systems are no longer a luxury they are becoming essential for businesses seeking growth and compliance.”

AD Finance said the system is intended for companies across sectors, including manufacturing, retail, and services, as well as government-linked entities and NGOs. The software can manage procurement, production tracking, inventory, employee management, and financial reporting.

Mbabazi Helena client of AD Finance, said the system would reduce manual work by automating financial reports and inventory control and enabling online commerce. “Before, we relied heavily on paper,” the client said. “This solution will improve transparency and make operations easier to manage.”

The company also said it provides training to clients' staff to ensure full adoption and maximize the software's impact.

The ERP market in Africa is dominated by global providers such as SAP and Microsoft Dynamics, but regional firms are increasingly developing localized solutions that better fit small and medium-sized businesses. Nkurunziza says local products often offer faster implementation and lower costs, but must compete on support and security standards.

“Local ERP providers are gaining traction, but the challenge is building trust,” said Amina Mutesi, a Nairobi-based enterprise software consultant. “Companies want systems that are secure, scalable and compliant with international standards.”

For investors, the adoption of ERP systems is a sign of business maturity and improved corporate governance. Integrated software platforms can also help companies comply with tax and audit requirements, which is a growing priority in Rwanda's expanding economy.

“ERP adoption is a key indicator of a country's readiness for higher-value investment,” said Nicolas Dusabe, a regional financial expert. “When companies can generate accurate financial statements and track operations in real time, it reduces risk for lenders and foreign investors.”

AD Finance said more than 40 businesses have already adopted the software since its launch, signaling early demand among Rwandan companies seeking digital transformation.

Rwanda's eKash platform strengthens financial sector integration, boosts digital payments

Mugisha R. John — 2026-02-03T12:23:59Z

Rwanda's financial landscape took a significant step toward full digital integration with the nationwide launch of eKash, an interoperable payment platform that enables instant, low-cost transfers across banks, mobile money operators and financial institutions.

Unveiled last year in December at a high-level ceremony in Kigali, eKash is part of the Rwanda National Digital Payments System (RNDPS) and reflects years of policy planning and investment aimed at breaking down silos in the country's payment ecosystem.

The platform, developed and operated by RSwitch, now connects 22 institutions, including major banks and mobile money providers MTN and Airtel, facilitating seamless person-to-person and person-to-business transactions.

“Today marks a milestone in our journey toward a truly cashless, inclusive economy,” said Paula Ingabire, Rwanda's Minister of ICT and Innovation, at the launch. “Interoperability unlocks innovation, enabling fintechs and businesses to reach more customers and provide a richer set of services.”

Bridging fragmented payments

Before eKash, digital transactions in Rwanda were constrained by incompatible systems. Users often needed to withdraw cash from one service and deposit it into another or rely on separate mobile money and banking platforms that did not communicate. That fragmentation imposed costs and time burdens, particularly for small businesses and consumers in rural areas.

eKash eliminates these barriers, allowing users to send money instantly between accounts regardless of provider. Transactions typically settle in under 15 seconds and can be initiated through existing mobile USSD codes, bank apps or internet banking platforms.

According to RSwitch CEO Blaise Gasabira, more than 47 million transactions valued at over Rwf203 billion have already been processed on eKash, with more than 21 million registered users since its rollout. Gasabira described the platform as foundational infrastructure that “connects and simplifies digital payments in the country.”

Driving cost efficiency and inclusion

The cost of financial transactions is expected to decline sharply under eKash. Early data from financial sector participants show that transfer fees can be as low as Rwf250 a fraction of the combined fees previously incurred when moving funds between networks.

For individuals and small businesses, the savings can be significant. Merchants, in particular, benefit from a single payment interface that eliminates the need for multiple terminals or wallets. “As a shop owner, finally being able to accept payments from any wallet without multiple devices has helped improve my cash flow and reduce costs,” said Jean Claude Nkurunziza, a Kigali café owner who adopted eKash early in its deployment.

Economists say such efficiencies can deepen financial inclusion by lowering barriers for underserved populations. According to a report by Access to Finance Rwanda and central bank research, Rwanda's digital payments have surged in recent years, with mobile transactions accounting for a growing share of economic activity.

eKash is rooted in Rwanda's broader fintech strategy, which emphasizes digital transformation, financial inclusion and economic modernization. The platform draws on open-source technology and years of collaboration among government agencies, the private sector and development partners, including AfricaNenda, the Gates Foundation and GIZ.

“The National Payment System Strategy has guided us toward this moment,” said Prime Minister Dr. Nsengiyumva, at a recent financial conference. He noted that digital payments accounted for more than 300% of GDP in recent years, driven by rapid adoption of mobile and online banking.

Regional potential and future growth

Rwanda is positioning eKash as a model for East Africa, where interoperability remains a challenge. Technical talks with Tanzania aim to link national instant payment systems, enabling cross-border transfers that settle in real time a potential boon for trade and remittances across the East African Community.

In the short term, eKash plans to expand use cases to include government payments and bulk transactions, further embedding digital finance into public services and business operations.

Analysts say eKash's success could attract investment in Rwanda's fintech sector while demonstrating a scalable model for other emerging markets striving for interoperable, inclusive payment systems.

“Rwanda's approach shows that building robust digital infrastructure can stimulate economic participation, reduce costs and support broader development goals,” said an independent fintech consultant based in Nairobi.

With clear government support, expanding service offerings and growing transaction volumes, eKash's rollout signals a transformative shift in how money moves in Rwanda and potentially across the region.

BPR Bank Rwanda Plc has provided 4.3 million...

Mugisha R. John — 2026-01-23T08:29:21Z

BPR Bank Rwanda Plc has provided 4.3 million Rwandan francs to Kayonza District to support community-based health insurance for 1,456 vulnerable residents.

The donation, made Wednesday, Jan. 21, 2026, was presented in the form of a check funded by the bank's employees through the BPR Foundation initiative known as Ubumuntu. The funds will be used to pay Mutuelle de Santé premiums for low-income residents selected from various sectors of the district.

Gakara Jean de Dieu, head of business for the Eastern Province at BPR Bank Rwanda, said the district was chosen because it is where the bank was founded.

“BPR started in Ruramira Sector, Nkamba Cell, in Kayonza District,” Gakara said. “Our employees contributed this support to help citizens access health insurance. The amount exceeds 4 million Rwandan francs and will benefit more than 1,400 people.”

He said the bank values its partnership with Kayonza District and noted that the donation marks the beginning of continued involvement in initiatives aimed at improving the welfare of local residents.

Kayonza District Acting Mayor Fred Hategekimana thanked BPR Bank Rwanda and its employees for supporting vulnerable residents, saying the funds will help beneficiaries access medical care when they fall ill.

He said the district will continue to work closely with the bank to promote community development and support the expansion of its activities, particularly in the area where the bank originated.

In August 2025, BPR Bank Rwanda returned to its roots by donating sewing machines to the Ruramira tailors' cooperative and providing 3,000 roofing sheets to the Kayonza District administration to help vulnerable households obtain shelter.

Rwanda Finishes Digital Currency Trial, Eyes Global Use

Mugisha R. John — 2025-11-27T10:24:41Z

The National Bank of Rwanda (BNR) has completed trials of its digital currency, conducted with small groups of participants from the financial and technology sectors.

The trials, announced in August 2025, aimed to test the use of the currency and gather feedback from financial sector stakeholders on how it should be implemented.

“The trial has concluded,” said BNR Governor Soraya Hakuziyaremye. “We are now preparing a report on the results, while engaging other stakeholders, including the Ministry of Technology and Innovation and the private sector.”

The trial focused on understanding the structure of the digital currency, applicable regulations, cybersecurity measures, and integration with existing payment systems. BNR said the insights gained will inform refinements before final approval of the currency.

“This phase allows us to explore different ways the digital currency can be used, based on expert feedback, and to establish measures to ensure no one is left behind in this new digital financial landscape,” Hakuziyaremye said.

The central bank indicated that future phases may include testing the currency for cross-border transactions. “One benefit we have observed is that using digital currency can reduce the cost of international payments,” Hakuziyaremye said.

Rwanda is collaborating with countries experimenting with digital currencies, including European nations testing a digital euro, Arab League countries, and China, which has already launched similar trials.

BNR began exploring the feasibility of a central bank digital currency (CBDC) in 2023. The initial study evaluated the potential benefits for Rwandans, how the currency could complement existing financial services such as banks and mobile money, and whether its introduction was necessary.

The preliminary findings concluded that digital currency adoption is essential, citing its ability to address multiple financial challenges.

BNR's phased approach is designed to ensure the currency is secure, legally compliant, and practical for both domestic and international transactions. Officials say the process will help Rwanda navigate the transition to a digital economy while minimizing risks for consumers and businesses.

The central bank has not announced a launch date but emphasized that lessons from the trial will guide the rollout.