Rwanda: fintech & payments regulation

Regulated

NBR regulates payments; CMA regulates VAs under Law 023/2026

Lead regulator: National Bank of Rwanda (NBR)
Also involved: CMA (Virtual Assets) · NFIU (AML/CFT)
Core law: Law No. 061/2021 Governing the Payment System
Entry capital: FRW 100m (Payment Service Provider)
Approval timeline: 3-6 months
Customer assets: Segregated trust account required
Data protection: Law No. 058/2021 · NDPC
Sandbox: Yes - NBR Regulatory Sandbox

The National Bank of Rwanda (NBR) is the primary supervisor for payment services, electronic money, and remittance under Law No. 061/2021 and associated regulations (e.g., Reg. 74/2023, Reg. 54/2022). The Capital Markets Authority (CMA) regulates virtual asset businesses under Law No. 023/2026. The regime is comprehensive, requiring specific licensing for distinct fintech activities.

Which licence do you need?

Your activity	Requirement	Capital	Timeline	Authority
Payment processing / gateway	LicencePayment Service Provider Reg. 74/2023 covers payment processing and gateway services	FRW 100m	3-6 months	National Bank of Rwanda
E-money & wallet issuance	LicenceElectronic Money Issuer Reg. 54/2022 mandates licensing and trust fund protection	FRW 100m	3-6 months	National Bank of Rwanda
Domestic money transfer	LicencePayment Service Provider Domestic transfers fall under Reg. 74/2023 licensing	FRW 100m	3-6 months	National Bank of Rwanda
Cross-border remittance	LicenceMoney Remittance Service Provider Reg. 64/2023 governs remittance; hub connection requires authorization	FRW 100m	3-6 months	National Bank of Rwanda
Agent network	LicencePayment Service Provider Agents must be appointed by licensed PSPs per Reg. 73/2023	FRW 100m	3-6 months	National Bank of Rwanda
Open banking / account information	LicencePayment Service Provider Reg. 77/2023 covers payment initiation and account information services	FRW 100m	3-6 months	National Bank of Rwanda
Foreign-exchange services	LicenceForeign Exchange Bureau Reg. 2310/2018 sets capital; Reg. 42/2022 governs operations	FRW 50m	3-6 months	National Bank of Rwanda

New — what changed recently

2026-05-28Law No. 023/2026 — Enacted comprehensive framework for virtual asset businesses under CMA supervision.^[1]
2023-12-04Regulation No. 77/2023 — Established licensing for payment initiation, aggregation, and account information services.
2023-09-18Regulation No. 74/2023 — Revised licensing framework for payment service providers with updated capital thresholds.

Market-entry checklist

1Secure NBR LicenseApply for PSP or EMI license with FRW 100m paid-up capital.
2Establish Trust AccountOpen segregated trust account for customer funds per Reg. 54/2022.
3Submit Fit & ProperProvide biographical and criminal checks for all directors and shareholders.
4Implement AML/CFTRegister with NFIU and establish KYC/AML systems compliant with Law 061/2021.
5Register with CMAIf offering virtual assets, apply for CMA license under Law 023/2026.

Sources

Law Regulating Virtual Asset Business · 2026-05-28

This guide is compiled automatically from 1 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.