The National Bank of Rwanda (NBR) in collaboration with the International Growth Centre (IGC) on Friday, MAy 16, hosted the Annual Research Conference which focussed on advancing seamless digital transactions and cashless payments. Held under the theme: “Cashless Journey in Rwanda: Drivers, Achievements and Challenges,” the conference brought together participants from banks and financial institutions, government officials, telcoms, researchers, and academics, among others. The annual research conference serves as a platform to discuss policy-relevant research in the financial sector. This year's event focused on understanding how to strengthen Rwanda’s cashless economy through inclusive, secure, and efficient digital payment systems. During the conference, research papers were presented, including Demand for Cash in Rwanda: Development and Prospects, Drivers of Digital Payments in Rwanda, Use of High-Frequency Decentralized Data as well as Going Digital and the Role of Regulations. Speaking during the opening of the conference, NBR Deputy Governor Justin Nsengiyumva commended the significant progress the country has made over the years in promoting an inclusive digital transformation that is both resilient and sustainable. Nsengiyumva stressed that robust economic research is central to driving Rwanda’s cashless economy forward, emphasizing that evidence-based policymaking is key to ensuring the country’s digital transformation is inclusive, resilient, and sustainable. “In this rapidly evolving environment, economic research becomes indispensable,” Nsengiyumva said. “It enables us to deepen our understanding of the drivers behind the transformation in payment systems and their broader economic implications.” He noted that Rwanda had made significant progress in digital finance, guided by the Rwanda National Payment System Strategy 2018–2024 and the National Strategy for Transformation (NST1). These frameworks prioritized digital payments as a critical tool for financial inclusion and economic modernization. Nsengiyumva said that targeted research helped inform the government's strategic priorities and measure progress accurately. “Research informs appropriate policy actions to foster adoption, enhances system resilience, and addresses key challenges,” he said. Thanks in part to this evidence-led approach, the Deputy Governor noted, Rwanda has exceeded its digital transaction targets. Digital payments reached 300 per cent of GDP in 2024, well above the NST1 target of 80 per cent. Financial inclusion stands at 96 per cent, and digital literacy efforts have contributed to a rise in digital service usage from 30 per cent in 2020 to 73 per cent in 2024. These achievements, he noted, are not coincidental. They are the product of deliberate decisions shaped by solid research and institutional collaboration. “At the NBR, economic research plays a vital role in supporting our policymaking process. We continue to collaborate with government institutions and international partners,” he said, hailing the collaboration with partners such as the IGC and the IMF. Nsengiyumva added that consumer preferences, market dynamics, and technological innovations often identified through rigorous research play a major role in shaping the uptake of digital payments. He stressed the need for continued research to keep pace with developments and to anticipate future risks and opportunities. “Challenges such as ensuring data protection and privacy, strengthening cybersecurity, achieving seamless interoperability, and designing regulatory frameworks that balance innovation and system stability must continue to be addressed,” he said. He also highlighted the importance of academic institutions in supporting this research agenda. “As we advance this research agenda, collaboration becomes indispensable, particularly with academia, whose independent inquiry and analytical rigor are critical to shaping effective policies,” he said. Beyond policy development, the NBR has made efforts to disseminate research findings to the public, including through the NBR Economic Review and various digital platforms. “Today’s research conference represents another important avenue to share knowledge, stimulate discussion, and elicit valuable contributions,” he noted. Nsengiyumva also urged all participants to use the conference to take action to promote digital payments. “Let today’s dialogue be more than reflection, may it guide the decisions we make, the policies we shape, and the partnerships we strengthen,” he said. Mphatso Kumwenda, IGC Rwanda’s Senior Country Economist praised the country's leadership in advancing a cashless economy, calling it “one of Africa’s most exciting digital financial success stories” She said that over the past decade, IGC has worked closely with the National Bank of Rwanda, the Minsitry of Economic Finance and Planning and other government partners, not just to study policy, but to help shape it. “We are proud that our research has not stayed on the shelf. It's been debated, it's been applied, and in some cases, it has even been contested, which is exactly what good research should do,” Kumwenda said. She noted that Rwanda is a key partner in shaping the next frontier of economic policy on the continent, from digital public infrastructure and fintech integration to climate finance and the fiscal dimensions of resilience. “We committed to walking this journey with you, bringing global ideas into local realities, and learning with humility along the way,” she said. Raoul Ndayambaje, head of payments at the Bank of Kigali, said that while there are more opportunities for customers to use digital platforms to make transactions, there is a need for more research to identify the right level of availability and affordability.
