Regulation N° 54/2022 of 19/09/2022 governing Electronic Money Issuers

Regulation N° 54/2022 of 19/09/2022 governing the Electronic Money Issuers, made by the National Bank of Rwanda (BNR), is the current framework for the issuance of electronic money in Rwanda and the licensing and supervision of electronic money issuers (EMIs). It supersedes the earlier 2016 regulation (N° 08/2016) and updates the rules to reflect the maturing of Rwanda's mobile money market and the country's drive toward a cashless economy. Electronic money is defined as monetary value that is electronically stored, issued on receipt of an equivalent amount of Rwandan francs (or other authorised currency) and accepted as a means of payment by persons other than the issuer. The Regulation applies to both non-bank and bank issuers authorised by the BNR and to the banks that hold the related trust funds. It requires EMIs to be licensed by the BNR and sets out the prudential and safeguarding regime: the full value of e-money in circulation must be backed at all times by equivalent funds held in trust accounts with banks, those funds must be segregated from the issuer's own assets and protected for the benefit of e-money holders, and e-money must be redeemable at par on demand. The Regulation prescribes tiered customer due diligence and transaction and balance limits aligned to KYC levels, rules on the appointment and oversight of agents, interoperability expectations, technology and security standards, AML/CFT compliance, and consumer-protection and disclosure obligations. The BNR supervises EMIs through reporting, inspection and enforcement, including conditions, penalties and the suspension or revocation of licences. As the operative e-money rulebook, it is central to the regulation of mobile money and digital wallets in Rwanda.

1. 1Current e-money framework; supersedes the 2016 (N° 08/2016) electronic money issuers regulation
2. 2Mandatory BNR licensing of e-money issuers (bank and non-bank)
3. 3Full e-money value backed by segregated trust funds protected for e-money holders; redemption at par on demand
4. 4Tiered KYC-based customer due diligence and transaction/balance limits
5. 5Agent oversight, interoperability, technology/security standards and AML/CFT compliance
6. 6BNR supervision, reporting, inspection and enforcement (conditions, penalties, suspension/revocation)