The National Bank of Rwanda (BNR) and the National Bank of Cambodia have announced a cross-border payment cooperation aimed at strengthening digital financial connectivity between the two countries.

The initiative was announced during the 28th Conference of Central Bank Governors of Francophone Countries held in Phnom Penh, Cambodia, from May 28 to 31.

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According to a joint statement, the central banks said the partnership reflects their commitment to modernising payment systems and promoting greater financial integration through digital innovation.

The cooperation is expected to facilitate seamless electronic payments between the two countries while supporting stronger economic, trade and tourism ties.

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"This cross-border payment cooperation demonstrates the shared commitment of both central banks to modernising their payment systems and promoting greater financial connectivity,” the statement reads in part.

The two institutions indicated that the initiative will contribute to broader regional and international financial integration by leveraging technological advancements to improve access to efficient digital payment services.

The latest development builds on a Memorandum of Understanding (MoU) on cooperation in financial sector development signed by the two central banks on April 14, 2023, in Washington, D.C., United States.

Under the MoU, the two institutions agreed to strengthen collaboration through the exchange of knowledge and experience to support financial sector development in both countries.

The announcement comes as Rwanda continues efforts to expand digital payments and strengthen cross-border financial infrastructure as part of its broader financial sector modernisation agenda.