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Rwanda: fintech & payments regulation

Regulated

Rwanda fintech & payments: NBR oversight under Law 061/2021; VASP licensing under Law 023/2026

Lead regulator:
National Bank of Rwanda
Key law:
Law No. 061/2021 Governing the Payment System
Last updated:
2026-07-12

The National Bank of Rwanda (NBR) serves as the primary supervisor for payment systems and services under Law No. 061/2021, enforcing licensing and prudential standards for payment service providers and system operators. The regulatory scope is expanding to include virtual assets, with Law No. 023/2026 establishing a dedicated licensing framework for virtual asset businesses to ensure financial stability and prevent money laundering. The Capital Markets Authority (CMA) retains jurisdiction over securities, collective investment schemes, and specific leveraged trading activities.

Payment activities are strictly regulated through a categorized licensing regime, requiring entities to meet minimum capital thresholds and fit-and-proper criteria. Recent directives have standardized operations for electronic money issuers, payment initiation services, and cross-border remittance hubs, while also introducing comprehensive rules for the acquisition and amalgamation of payment providers. The legal environment is characterized by proactive central bank intervention to modernize infrastructure and integrate digital finance into the formal economy.

Who regulates

  • National Bank of Rwanda

    Primary supervisor for payment systems, electronic money issuers, payment service providers, and virtual asset businesses.

    [1][2][3]

  • Capital Markets Authority Rwanda

    Supervisor for capital market activities, securities trading, collective investment schemes, and leveraged foreign exchange trading.

    [4]

Core laws & rules

  • Law No. 061/2021 Governing the Payment System (2021)

    Establishes the comprehensive legal framework for the oversight, supervision, and operation of payment systems and services, empowering the NBR to grant or revoke licenses.

    [1]

  • Law No. 023/2026 Regulating Virtual Asset Business (2026)

    Creates a regulatory framework for virtual asset businesses, mandating licensing for service providers and defining activities such as tokenization and stablecoin issuance.

    [2][3]

  • Law No. 01/2011 Regulating Capital Market in Rwanda (2011)

    Establishes the foundational regulatory framework for capital market activities, defining key instruments, participants, and operational standards.

    [5]

Licensing & registration

  • Payment Service Providers

    Entities providing payment services must obtain NBR authorization, adhering to four operational categories and strict capital and governance requirements.

    [6]

  • Virtual Asset Businesses

    Service providers engaged in virtual asset activities, including tokenization and stablecoin issuance, are required to be licensed under the new 2026 framework.

    [2]

  • Electronic Money Issuers

    Issuers of electronic money must comply with comprehensive licensing, corporate governance, and operational frameworks, including dedicated trust fund protection.

    [7]

Restrictions & warnings

  • Prior Central Bank authorization is mandatory for any acquisition or amalgamation involving Payment Service Providers and Payment System Operators.

    [8]

  • Money remittance service providers must obtain prior authorization before connecting to a cross-border remittance hub.

    [9]

Direction of travel

  • The regulatory landscape is actively evolving with the introduction of the 2026 Virtual Asset Law, signaling a shift towards formalizing digital asset services while maintaining strict prudential oversight.

    [2]

Sources

  1. Law No. 061/2021 of 14/10/2021 Governing the Payment System · 2021-10-14
  2. Law Regulating Virtual Asset Business · 2026-05-28
  3. Law No. 023/2026 Regulating Virtual Asset Business · 2026-05-25
  4. Regulations Governing Leveraged Foreign Exchange Trading in Rwanda (February 2024) · 2024-02-29
  5. Law Regulating Capital Market in Rwanda · 2019-06-18
  6. Regulation No. 74/2023 Governing Payment Services Providers · 2023-09-18
  7. Regulation No. 54/2022 Governing Electronic Money Issuers · 2022-09-01
  8. Regulations No 94/2026 Governing Acquisition and Amalgamation for Payment Service Providers and Payment System Operators · 2026-05-11
  9. National Bank of Rwanda Directive on Requirements for Money Remittance Service Providers Connecting to a Cross-Border Hub · 2023-07-03

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This guide is compiled automatically from 9 primary-source documents published by Rwanda's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.