E-Money Issuer — Rwanda

The Rwanda category mapped to e-money issuance.

The BNR 'Licensed Institutions' register (under Law N° 061/2021 of 14/10/2021 governing payment systems) publishes per-entity SERVICE authorizations as table columns rather than Regulation 74/2023 Category I-IV tier labels; this row mirrors the register's own column (report-the-record). Single-service column, single-mapped.

Maintained: this official source is re-checked on a weekly schedule — last checked 2026-08-24 · unchanged since the previous check.

Source recency: National Bank of Rwanda's official list is dated 2025-11 — the most recent official publication; verify current status directly with National Bank of Rwanda. Entries below are as reported by that list — not a statement of current status.

Licensed providers

7 entities

#	Provider	Status (as reported)	Source	Source date
1	Airtel Mobile Commerce Limited	licensed	National Bank of Rwanda	2025-11
2	Centrika Limited	licensed	National Bank of Rwanda	2025-11
3	Chipper Technologies Rwanda Limited	licensed	National Bank of Rwanda	2025-11
4	Flutterwave Rwanda Limited	licensed	National Bank of Rwanda	2025-11
5	Mobicash Limited	licensed	National Bank of Rwanda	2025-11
6	Mobile Money Rwanda Limited	licensed	National Bank of Rwanda	2025-11
7	MVEND Rwanda Limited	licensed	National Bank of Rwanda	2025-11

Licence requirements

What it takes to hold this licence, as stated in the cited official instruments. Capital and fees are shown in the currency the statute itself uses.

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. 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.

The equivalent in other markets

Categories mapped to the same normalized activity — fintech:EMONEY_ISSUE:

Cross-border rules for Rwanda →