Rwanda: Governor of the National Bank signed Regulation No. 74/2023 Governing Payment Services Providers including local operations requirement

On 18 September 2023, the Governor of the National Bank of Rwanda signed Regulation No. 74/2023 Governing Payment Services Providers, including local operations requirements. The regulation mandates applicants to be legally incorporated in Rwanda, maintain a permanent place of business or registered office within the country, and appoint a chief executive officer or managing director who is a citizen or resident of Rwanda. Initial capital requirements vary based on the licence category, ranging from RWF 30 million to RWF 300 million. The regulation also requires applicants to demonstrate adequate organisational capabilities, establish robust internal controls, and manage risks effectively, including segregating client funds and complying with anti-money laundering and counter-terrorism financing measures.