Overview
Rwanda’s digital transformation is rewriting the future of finance.
With 96% of its adults now financially included, up from 93% in 2020, Rwanda has become one of Africa’s most remarkable financial inclusion success stories. Yet the country isn’t stopping at access. It is laying the groundwork for a broader vision: Inclusive Finance, powered by Open Finance principles.
While Rwanda does not yet have formal Open Banking regulations in place, recent developments, including the National Bank of Rwanda’s (BNR) Open Finance Feasibility Study, suggest the nation is preparing carefully and strategically for the next phase of innovation.
The BNR continues to monitor digital finance developments and may formalize open banking regulations as the financial sector matures.
Mobile Money Expansion: Mobile money has driven Rwanda’s financial inclusion leap, with usage rising from 62% in 2020 to 86% in 2024, according to the latest FinScope survey.
Shift from Financial Inclusion to Inclusive Finance: The focus is evolving from simply connecting people to financial services to ensuring that services meet the specific needs of households, MSMEs, and young entrepreneurs.
Open Finance Feasibility Study: BNR’s 2024 study found that Rwanda’s financial ecosystem, powered by mobile operators, microfinance institutions, and banks, is ripe for Open Finance adoption. While smartphone penetration and data-sharing culture still need strengthening, consumer willingness and regulatory support are strong.
National Bank of Rwanda (BNR)
The BNR is the primary driver of Open Finance exploration. It regulates financial services, champions consumer protection, and is actively studying frameworks to balance innovation with security. BNR’s leadership will be crucial for setting standards, enforcing data-sharing practices, and building industry-wide trust.
Traditional Banks
Banks like Bank of Kigali (BK) and I&M Bank Rwanda are increasingly adopting digital services, but open APIs are not yet widespread. Their engagement will be critical in broadening Open Finance adoption.
Mobile Money Providers
MTN Mobile Money and Airtel Money dominate Rwanda’s mobile transaction space. Their participation will be key to connecting rural and underserved populations to Open Finance benefits.
Fintech Companies
Rwanda’s emerging fintech sector — specializing in payments, lending, and digital wallets — stands to gain the most from Open Finance, driving new innovations once data-sharing becomes mainstream.
Consumers
Willingness among Rwandan consumers to share financial data (with consent and transparency) is high, particularly for use cases like account aggregation and alternative credit scoring.
Rwanda’s approach to Open Finance is thoughtful and ambitious.
Rather than rushing into regulation, the country is laying strong legal and technical foundations, driven by an emphasis on trust, innovation, and financial empowerment.
If BNR, fintechs, banks, and mobile operators continue to collaborate, Rwanda is poised to become a leader in Africa’s Open Finance revolution.
Open Banking Nigeria (Open Technology Foundation) is a non-profit backed by a group of industry experts across banking, fintech, risk management, and more to drive and launch the open banking standard in Nigeria.
