Regulation N° 74/2023 of 18/09/2023 governing Payment Services Providers

Regulation N° 74/2023 of 18/09/2023 governing Payment Services Providers, issued by the National Bank of Rwanda (BNR) under the Law governing the Payment System, is the current licensing and conduct framework for payment service providers (PSPs) in Rwanda. It entered into force on 25 September 2023 on publication in the Official Gazette and supersedes the earlier 2018 regulation (N° 05/2018), reorganising the PSP licensing regime and requiring all existing PSPs to apply for re-categorisation of their licences within one year (by 18 September 2024) or risk revocation. The Regulation applies to entities providing payment services in Rwanda and reframes the licensing structure around defined categories of payment activity (such as payment processing and aggregation, payment initiation, money remittance, and e-money-related services). It sets entry requirements including legal incorporation in Rwanda, maintenance of a registered office or permanent place of business in the country, appointment of a chief executive who is a citizen or resident of Rwanda, and tiered minimum capital thresholds calibrated to the licence category (broadly ranging from RWF 30 million to RWF 300 million). Licensed PSPs must hold client funds in segregated trust accounts kept separate from the provider's own funds, maintain professional indemnity insurance where required, and comply with governance, risk-management, technology and cybersecurity standards, AML/CFT obligations and consumer-protection and disclosure duties. The Regulation provides for ongoing BNR supervision, reporting, inspection and enforcement, including conditions, penalties and the suspension or revocation of licences. As the operative rulebook for payment-business market entry and conduct in Rwanda, it is the instrument most directly relevant to fintechs seeking to provide payment services in the country.

1. 1Current PSP licensing framework; supersedes the 2018 (N° 05/2018) regulation, with mandatory licence re-categorisation by 18 September 2024
2. 2Activity-based licence categories (processing/aggregation, payment initiation, remittance, e-money-related services)
3. 3Entry requirements: Rwandan incorporation, local registered office, resident/citizen CEO
4. 4Tiered minimum capital (broadly RWF 30m - RWF 300m by category) and professional indemnity insurance where required
5. 5Client funds in segregated trust accounts; governance, cybersecurity, AML/CFT and consumer-protection obligations
6. 6BNR supervision, reporting, inspection and enforcement (conditions, penalties, suspension/revocation)