Rwanda - Banking System Rwanda - Banking System
Local banks operate in both local currency and dollar-based accounts. While most suppliers are paid through wire transfers to their domicile bank accounts, many investors eventually open a local account at one of the main local commercial banks.
Starting in 2008, the Rwandan Central bank fixed a capital requirement of five billion Rwanda Francs ($5.8 million) for commercial banks. All commercial banks have international correspondent banks operating in major cities of the world. ATMs are available, but limited with only 383 in all of Rwanda. Commercial banks are authorized to provide loans in foreign currency. The government has implemented a financial sector development plan that improves access to financial services and competition in the banking sector and in micro-finance. The IMF gives BNR, Rwanda's central bank, high marks for its effective monetary policy.
The private sector has limited access to credit instruments. Most Rwandan banks are conservative, risk-averse, and trade in a limited range of commercial products, though additional products are becoming available as the industry matures and competition increases. Credit cards are not used extensively, except in major hotels, grocery stores, and larger restaurants that cater to tourists. The number of domestically-issued credit cards in the country increased from 516 in 2011 to 3,638 in 2018. The number of debit cards issued in the country has grown more than six-fold since 2011, but remains relatively low at 883,755. In December 2011, Visa International opened an office in Rwanda and announced a partnership with the central bank through which the company is working to expand electronic payment services throughout Rwanda. While the use of credit cards is becoming more popular, Rwanda, especially outside of Kigali, remains primarily a cash-based or mobile cash money-based economy. In 2015, 49 percent of ATMs and 86 percent of point of sale machines were located in Kigali.
Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.