{
 "jurisdiction_id": "RW",
 "jurisdiction": "Rwanda",
 "url": "https://payments.gi/jurisdictions/rwanda/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 60,
  "source_register": 103
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/rwanda/#w1a-licensing-authorisation-market-access",
   "standing_position": "Rwanda's payment-systems legal basis remains Law No. 061/2021 (BNR licensing) plus new instant-payment directives; a parallel Virtual Asset Law (No. 023/2026) now creates a CMA/BNR dual-track legal basis for virtual-asset-linked payment activity.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Regulation N° 74/2023 of 18/09/2023 Governing Payment Services Providers",
     "source": "https://digitalpolicyalert.org/event/26396 (Regulation No. 74/2023 Governing Payment Services Providers)",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Law N° 061/2021 of 14/10/2021 Governing the Payment System",
     "source": "https://digitalpolicyalert.org/event/26394 (Law No. 61/2021 Governing the Payment System)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Article 60 recategorisation transition",
     "source": "https://www.lexology.com/library/detail.aspx?g=56b12aa2-1a25-427f-a6a3-1ff31189f07b",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BNR PSP Licensing Requirements (Categories II/III/IV)",
     "source": "https://www.bnr.rw/documents/Licensing_requirements_for_PSPs_3.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "ecosystem licence count",
     "source": "https://rw.andersen.com/dist/rwanda-fintech-hub.html",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/rwanda/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "Customer-fund safeguarding via trust-account segregation at a licensed Rwandan commercial bank; Reg 54/2022 e-money safeguards; Reg 89/2025 (+ 17 Sept 2025 Directive) FX-promotion conduct enforcement.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "trust-account safeguarding requirement",
     "source": "https://rwandalii.org/akn/rw/act/reg/2018/5 (PSP Regulation, safeguarding article)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Regulation N° 54/2022 Governing Electronic Money Issuers",
     "source": "https://rwandalii.org/akn/rw/act/reg/2022/54/eng@2022-09-19/source.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "conduct/consumer-protection licensing conditions",
     "source": "https://rwandalii.org/akn/rw/act/reg/2018/5 (PSP application content)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Regulation N° 89/2025 (FX operations, pricing/promotion conduct)",
     "source": "https://www.pkfea.com/media/qlphrh5o/tightened-foreign-exchange-restrictions-in-rwanda-1.pdf",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/rwanda/#w2-stablecoins-digital-money",
   "standing_position": "No private-stablecoin framework; e-money regime (Reg 54/2022) + e-FRW CBDC. PoC complete (Oct 2025), 12-month pilot from Feb 2026, no issuance decision.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "BNR CBDC Proof-of-Concept Report (e-FRW)",
     "source": "https://www.bnr.rw/documents/Rwanda_CBDC_PoC_Report.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "e-Franc Rwandais (e-FRW) PoC window",
     "source": "https://fintechnews.ae/30434/fintech-africa/national-bank-of-rwanda-cbdc-poc-pilot/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BNR CBDC Feasibility Study",
     "source": "https://www.bnr.rw/financialinnovation",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "retail CBDC ideathon / National Fintech Strategy 2024-2029",
     "source": "https://bitcoinethereumnews.com/tech/rwanda-revives-cbdc-project-botswana-launches-feasibility-test/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W3",
   "name": "Operational Resilience & Critical Infrastructure",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/rwanda/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "Operational resilience for BNR-regulated institutions is governed by Regulation N° 50/2022 of 17/06/2022 on Cyber Security in Regulated Institutions, issued under the BNR, banking, MFI and payment-system laws, mandating protection-detection-response-recovery programmes, an IT Steering Committee, multi-factor authentication and business-continuity planning. This sits within the broader National Cybersecurity Strategy 2024–2029 ('cyber resilience, digital trust') led by the National Cyber Security Authority, which protects critical information infrastructure. Regulated institutions had a one-year compliance window from gazette publication.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Regulation N° 50/2022 on Cyber Security in Regulated Institutions",
     "source": "https://rwandalii.org/akn/rw/act/reg/2022/50/eng@2022-06-17",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "governance / incident-response obligations",
     "source": "https://rwandalii.org/akn/rw/act/reg/2022/50/eng@2022-06-17 (IT Steering Committee)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "National Cybersecurity Strategy 2024-2029",
     "source": "https://dig.watch/resource/national-cybersecurity-strategy-of-the-republic-of-rwanda-2024-2029",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "National Cyber Security Authority mandate",
     "source": "https://dig.watch/resource/rwandas-national-cyber-security-policy",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/rwanda/#w4-scheme-network-compliance",
   "standing_position": "Card-scheme acceptance in Rwanda runs on Visa, Mastercard and UPI alongside the domestic Smartcash card, with RSwitch operating the national gateway and being PCI DSS and PTS certified. PCI DSS compliance is mandated for entities handling cardholder data and enforced by the schemes via acquirers; merchant levels and chargeback/dispute windows follow Visa Core Rules and Mastercard Rules. There is no domestic interchange-cap regulation surfaced; scheme rules and PCI standards are the operative compliance layer, increasingly supplemented by QR-code (eKash P2M) and USSD rails.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "RSwitch PCI DSS / PTS certification; national gateway",
     "source": "https://rswitch.co.rw/about-switch/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "PCI DSS enforcement via schemes",
     "source": "https://www.decta.com/company/media/how-visa-and-mastercard-ensure-compliance-for-acquirers-and-issuers",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Visa Core Rules / Mastercard Rules",
     "source": "https://www.pxp.io/payments-glossary/card-scheme-rules",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/rwanda/#w5-payment-corridor-dynamics",
   "standing_position": "Rwanda has consolidated all domestic bank/mobile-money interoperability onto a single national instant-payment rail, eKash, operated via RSwitch under BNR supervision, replacing a patchwork of bilateral integrations.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "PAPSS go-live (Bank of Kigali)",
     "source": "https://papss.com/media/kcb-group-and-bank-of-kigali-launch-papss-enabling-seamless-and-affordable-cross-border-payments-across-africa/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "PAPSS corridor coverage / settlement speed",
     "source": "https://www.accessbankplc.com/personal/money-transfer/papss",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Rwanda Integrated Payments Processing System (RIPPS)",
     "source": "https://papss.com/about-us/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Ghana-Rwanda-Zambia local-currency corridor pilot",
     "source": "https://www.independent.co.ug/ghana-rwanda-and-zambia-test-interoperable-cross-border-payment-system/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/rwanda/#w6-industry-structure-commercial-dynamics",
   "standing_position": "Rwanda's retail-payments market is mobile-money-led and concentrated: MTN Mobile Money and Airtel Money together hold over 70% of the digital-payments market, with mobile-money accounts reaching ~9.8m users (~76% of adults) by March 2025. The telecom layer is effectively an MTN–Airtel duopoly (~88% of SIMs). On the bank side, ~76% of bank assets sit with five large commercial banks (Bank of Kigali, BPR, I&M, COGEBANQUE, Equity), with Bank of Kigali holding 30%+ of assets among 16 licensed banks. A growing fintech layer (20+ aggregators, 10 remittance providers, 7 e-money issuers) and Kigali International Financial Centre round out the structure.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "mobile-money market share",
     "source": "https://fosiarw.com/the-digital-payment-ecosystem-in-rwanda-2025-landscape/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "bank market structure",
     "source": "https://www.trade.gov/country-commercial-guides/rwanda-financial-services",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "bank concentration",
     "source": "https://www.trade.gov/country-commercial-guides/rwanda-trade-financing",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "MoMo scale (MTN)",
     "source": "https://www.telecomschamber.org/industry-news/mtn-rwanda-subscriber-base-hits-8-2-million-as-fintech-drives-growth/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "High",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/rwanda/#w7-legal-litigation",
   "standing_position": "The new Virtual Asset Law imposes full-reserve, audited, and priority-in-insolvency safeguards on stablecoin issuance, a novel settlement/redemption-plumbing regime for Rwanda.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "PSP licence suspension/withdrawal provisions",
     "source": "https://rwandalii.org/akn/rw/act/reg/2018/5 (licence withdrawal grounds)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Regulation N° 72/2023 (AML/CTF administrative sanctions)",
     "source": "https://www.linkedin.com/pulse/rwandas-new-regulation-administrative-sanctions-nshimiyimana",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Regulation N° 89/2025 FX penalties",
     "source": "https://www.pkfea.com/media/qlphrh5o/tightened-foreign-exchange-restrictions-in-rwanda-1.pdf",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "enforcement posture",
     "source": "https://payatlas.com/regulator/nb-rwanda-4781",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/rwanda/#w8-merchant-acquiring-risk",
   "standing_position": "Merchant acceptance in Rwanda is dominated by mobile-money merchant accounts (MTN MoMo Pay, Airtel Money Merchant) onboarded via registered phone number and QR/USSD, with card acquiring (Visa/Mastercard, 3D Secure) concentrated in urban/tourism/diaspora segments. Aggregators (Flutterwave, DPO Group, local gateways) provide multi-rail acceptance. Merchant risk controls centre on OTP, transaction monitoring and PCI DSS for card data, with prominent fraud vectors being SIM-swap and card-testing fraud; chargeback/dispute mechanics follow scheme rules passed through acquirers. MTN's merchant network reached ~578k by Q3 2025.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "merchant acceptance / risk profile",
     "source": "https://payatlas.com/countries/rwanda-rw",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "merchant onboarding / fees",
     "source": "https://fosiarw.com/the-digital-payment-ecosystem-in-rwanda-2025-landscape/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "merchant network scale",
     "source": "https://www.mtn.co.rw/newsabout/mtn-rwanda-surpasses-8-million-subscribers-and-accelerates-digital-inclusion-through-innovative-smartphone-initiatives/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W9",
   "name": "Product Innovation & Market Development",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/rwanda/#w9-product-innovation-market-development",
   "standing_position": "Active build-out: RNDPS 2.0 (Mojaloop-based) + eKash P2M (IFF2025); BNR sandbox (17 fintechs); Open Banking in consultation; GTBank full eKash interoperability (Apr 2026); Fintech Strategy 2024-2029.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "RNDPS 2.0 / eKash P2M",
     "source": "https://www.risa.gov.rw/news-detail/rwanda-unveils-three-transformative-innovations-to-advance-digital-finance-and-inclusion-at-iff2025",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RNDPS interoperability switch",
     "source": "https://www.x-infotech.com/x-infotech-has-successfully-implemented-an-interoperability-switch-solution-for-rwanda-national-digital-payment-system-rnpds/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BNR regulatory sandbox / Fintech Strategy 2024-2029",
     "source": "https://www.techinafrica.com/rwanda-fintech-funding-2026-key-deals-investor-list-kigali-winning/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "eKash full interoperability milestone",
     "source": "https://allafrica.com/stories/202604030679.html",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/rwanda/#w10-consumer-protection-app-fraud",
   "standing_position": "Financial consumer protection is anchored in Law N° 017/2021 of 03/03/2021 and BNR Regulation N° 55/2022 of 27/10/2022 (in force 7 November 2022), requiring FSPs to embed consumer-protection responsibilities at board level, run quarterly consumer-satisfaction surveys, monitor advertising and handle consumer data, with BNR empowered to impose administrative sanctions for non-compliance. Grievance redress is operationalised nationally via the BNR/Proto AI chatbot INTUMWA across 591+ institutions in Kinyarwanda/English/French. There is no dedicated UK-style mandatory APP-fraud reimbursement scheme surfaced; recourse runs through the BNR complaints framework.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Law N° 017/2021 + Regulation N° 55/2022 (financial consumer protection)",
     "source": "https://www.ensafrica.com/news/detail/6415/rwanda-tightens-its-hold-on-the-protection-of",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "INTUMWA grievance-redress system",
     "source": "https://www.proto.cx/case-study/national-bank-of-rwanda-automates-consumer-protection-across-600-financial-institutions",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "consumer-recourse channel coverage",
     "source": "https://www.proto.cx/case-study/financial-consumer-protection-automation-in-rwanda",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "consumer-protection enforcement focus",
     "source": "https://payatlas.com/regulator/nb-rwanda-4781",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W11",
   "name": "AML/CFT & Financial Crime",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/rwanda/#w11-aml-cft-financial-crime",
   "standing_position": "FIC (Law 045/2021, amended Jan 2025) as FIU; BNR financial supervisor; ESAAMLG 2nd-round MER (Sept 2023) flagged capacity-constrained enforcement and NBFI/DNFBP STR under-reporting; not on FATF grey/black list (mid-2025). Sentinel-fed.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "FIC Law amendment (Jan 2025)",
     "source": "sentinel:https://www.ensafrica.com/news/detail/10825",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "Rwanda's AML/CFT regime rests on a Financial Intelligence Centre (FIC), BNR/CMA supervision and a 2019 NRA updated by a limited 2023 desk review. ESAAMLG's July 2024 second-round MER found low-to-moderate effectiveness across most of the 11 Immediate Outcomes, no VASP regulation, early-stage BO understanding, and non-dissuasive sanctioning by non-bank supervisors, despite reforms since 2014 that produced a terrorism conviction and asset confiscations.",
     "instrument_type": "assessment",
     "source": "FIM (sentinel.gi) per-JID baseline profile — Rwanda",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: absent-field-provenance",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-006)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Sanctions: OFAC licence-change",
     "instrument_type": "sanctions_change",
     "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-003)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "Enforcement: OFAC (US Treasury) — Rwanda Defence Force (entity); Stanislas Gashugi, Ruki Karusisi, Mubarakh Muganga, Vincent Nyakarundi and others",
     "instrument_type": "enforcement_action",
     "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-003)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "Gap: political-constraint",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-005)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: regulatory-failure",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: legal-gap",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: enforcement-absence",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/rwanda/#w12-correspondent-banking-settlement-access",
   "standing_position": "All Rwandan commercial banks maintain international correspondent banking relationships in major financial centres, with cross-border retail remittance served by Western Union and MoneyGram partnering banks including Bank of Kigali, BPR/Atlas Mara, KCB, I&M and Ecobank. Domestic settlement access runs through RIPPS (RTGS) and the eKash/RNDPS switch, with BNR setting licensing criteria to operate payment and securities-settlement systems (Regulation N° 08/2015). PAPSS adds an Africa-owned settlement rail reducing correspondent-banking dependency. The sector is well-capitalised (industry CAR ~21% vs 12.5% minimum); no acute de-risking crisis surfaced, though banks remain conservative.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "correspondent banking relationships",
     "source": "https://www.trade.gov/country-commercial-guides/rwanda-trade-financing",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "BNR FMI oversight / settlement-system access",
     "source": "https://comesabusinesscouncil.org/wp-content/uploads/2020/04/9-OVERSIGHT_FRAMEWORK_FOR_FINANCIAL_MARKET_INFRASTRUCTURES_OF_RWANDA-1.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "settlement-system participant strength",
     "source": "https://www.trade.gov/country-commercial-guides/rwanda-trade-financing (capital/concentration)",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "PAPSS participant access",
     "source": "https://www.afreximbank.com/kcb-group-and-bank-of-kigali-launch-papss-enabling-seamless-and-affordable-cross-border-payments-across-africa/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/rwanda/#w13-commercial-intelligence-fintech",
   "standing_position": "Trailing-12-month commercial activity centres on regulatory and ecosystem milestones rather than headline M&A: the Feb 2025 Ghana–Rwanda fintech licence-passporting MoU (Africa's first), the Feb–Apr 2026 CBDC e-FRW PoC-to-pilot transition, RNDPS 2.0/eKash P2M rollout, and the launch of the Financial Sector Development Strategy 2025–2030 (Oct 2025) with a BNR–Mastercard–PwC market-infrastructure partnership. Funding flows are development-led: BRD backed 22 companies in 2025; Rwanda's startup funding rose ~six-fold to ~$38m in 2023. NALA secured a Rwanda PSP licence (late 2023). Specific deal values are largely undisclosed.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "commercial_event: regulatory MoU (license passporting)",
     "source": "https://financeinafrica.com/insights/fintech-passport-ghana-rwanda/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event: FSDS 2025-2030 + market-infra partnership",
     "source": "https://www.capmad.com/economy-en/kigali-launches-its-2025-2030-financial-strategy-fintech-smes-and-jobs-at-the-heart-of-the-plan/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event: development-finance backing",
     "source": "https://www.techinafrica.com/rwanda-fintech-funding-2026-key-deals-investor-list-kigali-winning/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event: market entry (PSP licence)",
     "source": "https://www.nala.com/blog/nala-receives-a-license-from-the-national-bank-of-rwanda",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  }
 ]
}