What does it take to get a remittance licence in Rwanda?
To hold a remittance licence in Rwanda, you need the Remittance licence from National Bank of Rwanda. Published minimum capital: FRW 30,000,000 (Reg 74/2023 Category III). 16 entities currently hold a remittance licence in Rwanda. Full requirements — minimum capital, local presence, timeline, local ownership, fees and ongoing obligations — are set out below in each instrument's own words, with source and date; amounts are in the statute's own currency.
“Cross-border remittance” here is the normalized activity: Provide inbound/outbound cross-border money transfer / remittance services under a dedicated licence, approval or registration (IMTO/MRP/MTSP/ADLA-type).
Activity id (as used by the Afriset MCP): fintech:REMITTANCE_XBORDER
Remittance
National Bank of Rwanda| Requirement | As published | Source | Source date |
|---|---|---|---|
| Minimum capital | FRW 30,000,000 (Reg 74/2023 Category III) Verbatim“An applicant wishing to be licensed under payment services category III, must have a initial capital of not less FRW 30,000,000.” | Regulation N° 74/2023 of 18/09/2023 governing payment service providers (Official Gazette n° 38 Bis of 25/09/2023) | 2023-09-25 |
| Local presence / incorporation | Same — Rwandan incorporation + place of business + resident CEO/MD Verbatim“the applicant is a company incorporated under the Law governing companies in Rwanda; … has a permanent place of business, or a registered office in Rwanda; … the chief executive officer or managing director of the applicant is a citizen or resident of Rwanda” | Regulation N° 74/2023 of 18/09/2023 governing payment service providers (Official Gazette n° 38 Bis of 25/09/2023) | 2023-09-25 |
| Timeline | Decision within 90 days (processing time) Verbatim“The Central Bank, within 90 days after receipt of a complete application, investigates and prepares a response to the applicant.” | Regulation N° 74/2023 of 18/09/2023 governing payment service providers (Official Gazette n° 38 Bis of 25/09/2023) | 2023-09-25 |
| Local ownership | No such requirement: No local-shareholding % in official text | Regulation N° 74/2023 of 18/09/2023 governing payment service providers (Official Gazette n° 38 Bis of 25/09/2023) | 2023-09-25 |
| Fees | Application FRW 1,000,000 (Cat III). Annual: same oversight fee (≥0.5% prior-year gross income) Verbatim“…proof of payment of FRW 1,000,000” | Regulation N° 74/2023 of 18/09/2023 governing payment service providers (Official Gazette n° 38 Bis of 25/09/2023) | 2023-09-25 |
| Ongoing obligations | Perpetual licence; insurance policy covering ≥ FRW 100,000,000 risk as security of funds held in vaults; maintain capital; AML/CFT; reporting; annual oversight fee Verbatim“The institution wishing to be licensed under payment services category III, must have an insurance policy covering at least a risk of an amount of FRW 100,000,000 as security of funds held in vaults.” | Regulation N° 74/2023 of 18/09/2023 governing payment service providers (Official Gazette n° 38 Bis of 25/09/2023) | 2023-09-25 |
Requirements as published in the cited instruments — not legal or compliance advice. Capital and fees are shown in the currency the statute itself uses. Where a value is located but not yet verified, we show that it exists but don't publish the figure. Verify directly with the regulator.
Who already holds this licence?
16 entities are on the National Bank of Rwanda register under the Remittance category — view the register .
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