What does it take to get an e-money licence in Rwanda?
To hold an e-money licence in Rwanda, you need the E-Money Issuer licence from National Bank of Rwanda. Published minimum capital: FRW 300,000,000 (Reg 74/2023 Category I). 7 entities currently hold an e-money 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.
“E-money issuance” here is the normalized activity: Issue stored-value / electronic money redeemable at par and hold the customer float. The category of licence that lets a provider keep customers' money.
Activity id (as used by the Afriset MCP): fintech:EMONEY_ISSUE
E-Money Issuer
National Bank of Rwanda| Requirement | As published | Source | Source date |
|---|---|---|---|
| Minimum capital | FRW 300,000,000 (Reg 74/2023 Category I) Verbatim“An applicant wishing to be licensed under payment services category I, must have a minimum initial capital of not less FRW 300,000,000.” | 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 | Rwandan-incorporated company; permanent place of business / registered office in Rwanda; CEO/MD a Rwandan citizen or resident 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 of a complete application (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 % (requirements are incorporation + resident CEO/director, not equity nationality) | 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: non-refundable licence fee FRW 5,000,000 (Cat I). Annual: oversight fee ≥0.5% of prior-year gross income (0.05% above FRW 20bn) Verbatim“…submits … the proof of payment of FRW 5,000,000 … an annual oversight fees of not less 0.5% of the gross income … generated in the previous financial year” | 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 (no renewal); trusteeship arrangement required; maintain capital at all times; AML/CFT; periodic reporting; annual oversight fee Verbatim“The license … is perpetual unless revoked or suspended … The institution wishing to be licensed under payment services category I … must establish a trusteeship arrangement.” | 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?
7 entities are on the National Bank of Rwanda register under the E-Money Issuer category — view the register .
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