Rwanda: Governor of the National Bank signed Regulation No. 74/2023 Governing Payment Services Providers including licensing requirements

On 18 September 2023, the Governor of the National Bank of Rwanda signed Regulation No. 74/2023 Governing Payment Services Providers, including licensing requirements. Article 5 of this regulation states that no person is permitted to carry on a payment service by way of business unless they are a licensed payment service provider. To obtain a licence, applicants must be legally incorporated in Rwanda and maintain a registered office or permanent place of business within the country. They are required to appoint a chief executive officer or managing director who is a citizen or resident of Rwanda. Applicants must also meet initial capital thresholds, ranging from RWF 30 million to RWF 300 million, depending on the licence category. In addition, they are required to demonstrate robust internal controls, effective risk management procedures, and compliance with anti-money laundering and counter-terrorism financing regulations.