Rwanda: Law No. 61/2021 Governing the Payment System including licensing requirements entered into force

On 1 November 2021, Law No. 061/2021 Governing the Payment System, enters into force after being published in the official gazette. 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.