The National Bank of Rwanda (BNR) has officially suspended the operations of Mobicash Rwanda Ltd for a period of three months. Mobicash Rwanda Ltd is a financial technology company and licensed payment service provider that offers digital payment solutions, including money transfers and agency banking for transactions, such as paying for utilities. In a statement shared via X, the central bank explained that the regulatory action, effective from January 23, was prompted by the company's “persistent non-compliance with regulatory requirements. During the 90-day window, Mobicash is not permitted to accept new customer funds or conducting any payment service activities, as noted in the notice. The central bank moved to reassure current users that their money remains safe despite the freeze on company operations. “All existing Mobicash customers will retain full access to their funds and may continue to make withdrawals or redemptions,” the statement signed by BNR Governor Soraya M. Hakuziyaremye clarified. To ensure the safety of public assets, BNR confirmed that these withdrawal activities will be carried out under its direct supervision. This oversight aims to facilitate “customer protection and orderly transactions” during the transition period. Affected customers are being advised to transition to other licensed payment platforms currently operating in the Rwandan market. BNR emphasised that this disciplinary measure is part of its broader mandate to protect the integrity of the financial sector. The central bank also stated that the move reflects its “ongoing commitment to maintaining a secure, efficient, and trustworthy payment ecosystem in Rwanda.”
