Rwanda: President signed Law No. 61/2021 Governing the Payment System including licensing requirements

On 14 October 2021, the President signed Law No. 061/2021 Governing the Payment System, which establishes a regulatory framework for payment systems and services in Rwanda. The law outlines licensing requirements for payment service providers, mandating the National Bank of Rwanda (BNR) to determine licence categories and set licensing requirements. Exemptions are granted to banks licensed by the BNR and authorised microfinance institutions, while other providers must comply with strict criteria, including continuous service provision and regulatory adherence. The BNR may withdraw or suspend licences if conditions are not met. The law also mandates consumer protection, the use of BNR-approved agents, and notification of significant operational events.