Banks in Rwanda

Rwanda’s banking system includes commercial banks, development banks, cooperative banks and mortgage banks. Commercial banks generally provide transaction and savings accounts, fixed or term deposits, loans, card services, foreign exchange and business payments. A development bank supports development financing and does not take public deposits; Rwanda Development Bank (BRD) is the local example. Cooperative banks focus on members, while mortgage banks combine housing finance with purpose-specific deposits. The minimum paid-up capital is FRW 20 billion for a commercial bank, FRW 50 billion for a development bank, and FRW 10 billion for both a cooperative bank and a mortgage bank. The NBR uses off-site and on-site supervision, risk-based supervision and supervisory review processes. A bank’s current entry on the NBR licence list is the relevant proof that it is authorized. The banking landscape also includes DTMFIs, meaning deposit-taking microfinance institutions, and SACCOs, which are cooperative savings and credit organizations. These can provide formal saving and credit services, especially outside Kigali, but they are not interchangeable with commercial banks. People and companies can normally reach banking services through branches, ATMs, agents, point-of-sale terminals, internet banking and mobile banking. Account opening requires customer identification and due diligence. A bank may request a national identity card or passport, an application form, a signature card, photographs and a reference, but the exact requirements depend on the bank, product and residence status. Foreign nationals and diaspora customers do not receive automatic access under one uniform rule. Common account products include current or transaction accounts, savings accounts and fixed or term deposits. Banks may offer accounts in Rwandan francs and foreign currencies. Cards and cheque services depend on the product. Rwanda’s payment system also includes the Rwanda Integrated Payments Processing System, the Automated Clearing House, card and ATM networks, internet and mobile banking, remittances, mobile money and electronic money. A payment service provider, or PSP, facilitates payments but is not necessarily a bank. Mobile Money and other electronic-money wallets are not bank accounts or bank deposits. The National Bank of Rwanda supervises the payment system under Law No. 061/2021 Governing Payment System. eKash connects participating wallets and bank accounts for interoperable transfers. In June 2025, eKash had about 2.1 million active users and transaction value of approximately FRW 37.7 billion; more than 99% of the value passed through electronic-money issuers. Mobile Money is therefore a major access channel, while banks remain especially relevant for formal deposits, salary and company payments, cards, foreign exchange and larger transfers. The Deposit Guarantee Fund, or DGF, is administered by the NBR under Law No. 039/2024. For each depositor at each participating bank or eligible institution, covered deposits are protected up to FRW 500,000. Deposits belonging to financial institutions, insurers, pension funds, collective investment schemes, certain state bodies and shareholders holding more than 5% are excluded. The DGF protection should not be assumed to cover Mobile Money or other non-deposit-taking financial service provider wallets as bank deposits. Bank customers have rights to clear and current product, contract and tariff information in a permitted official language. Banks may not charge an account-opening or account-closing fee, a fee for the customer’s own cash deposit, or a reactivation fee. A zero-balance dormant account receives no account-management fee after six months, and a closed account receives no management fee after twelve months; other charges depend on the bank and product. GERERANYA can help compare tariffs and products through its app, iOS version and USSD code *606#, but the NBR does not guarantee that its information is complete, so customers should confirm details with the institution. Phishing, stolen credentials and social engineering are common risks in digital banking and payment channels. Keep PINs, one-time passwords and passwords private, verify that the provider is licensed, and report fraud or an incorrect transaction to the financial service provider immediately. If the provider does not resolve a complaint, customers can contact the NBR through channels including SMS 6005, WhatsApp 0791700721 or telephone +250 788199000. Rwanda had financial-service access for about 92% of adults in the 2024 FinScope survey; June 2025 account data reported access through banks, microfinance institutions, SACCOs and Mobile Money, but those percentages are measured differently and should not be added together.