Digital fraud cases in the financial services sector have declined from 5,000 to 3,000 over the past two years, marking a 40% drop, according to National Bank of Rwanda (BNR) Governor Soraya Hakuziyaremye. She cited the progress during a press conference held after presenting the Monetary Policy and Financial Stability Statement. Rwanda’s financial sector comprises 11 banks, including nine commercial banks, one co-operative bank, and one development bank—alongside 70 microfinance institutions, 18 insurance companies, one credit reference bureau, 12 pension schemes, 250 non-deposit-taking financial institutions, 78 foreign exchange bureaus, and 44 payment service providers. ALSO READ: Rwanda's banking industry grew five-fold in 10 years Banks account for 67% of the sector’s total assets. As of December 2025, banks served 2.3 million depositors and 2 million savings account holders, underlining their role in promoting formal savings. Lending activity also remains robust, with 723,402 borrowers accessing credit. The decline in fraud cases comes despite a rise in cyber threats driven by the rapid adoption of digital banking, mobile money, and online financial services. Fraudsters continue to exploit online banking platforms, mobile money systems, card payments, and digital lending applications. “Due to the uptake of technology, there are digital fraud cases in the financial services sector. However, over the past two years, the number has reduced from 5,000 cases to 3,000, thanks to various protective measures. You cannot say there will never be fraud—it would be like saying there will never be thieves in the world,” Hakuziyaremye said. ALSO READ: Microfinance institutions to adopt shared agency banking system She noted that the central bank is working closely with financial institutions to strengthen safeguards. “Even when money is stolen, we must ensure measures are in place to recover funds and punish those responsible,” she said, adding that affected customers should be reimbursed within no more than seven days. The update follows reported fraud incidents affecting several banks. Regulators say institutions that fail to implement adequate safeguards will be held accountable. A recent study by the National Bank of Rwanda and Consultative Group to Assist the Poor highlights the scale of the challenge. It found that 44% of digital financial services users experienced financial losses due to cyber-enabled theft, while 84% encountered attempted fraud. Overall, 97% reported at least one technology-related issue, including network failures, system errors, accidental transfers, or data misuse. ALSO READ: Non-performing loans in Rwandan banks hit Rwf209 billion in 2023 Low digital literacy remains a major vulnerability. The study shows that 82% of users have limited understanding of digital financial systems, while 41% reported sending money to the wrong recipient. Issues involving agents are also widespread, with 65% reporting disputes or service challenges. Authorities say many scams involve impersonation or deceptive messages claiming accidental transfers, with fraudsters tricking victims into entering codes that authorise payments. When fraud is linked to institutional failures, the central bank requires investigations to determine whether systems were breached or staff were responsible. Customers may be reimbursed after the review. Financial sector growth The country’s financial system remained resilient in 2025, supported by a favourable macroeconomic environment. Total sector assets grew by 23.7% to Rwf15.9 trillion by December 2025, with all segments recording strong expansion, according to the Monetary Policy and Financial Stability Statement. Lending institutions, including banks and microfinance institutions, posted solid growth driven by higher deposits, capital injections, and improved operational resilience. Eight of the 11 banks are foreign-owned, accounting for 52.6% of total banking assets, while three domestically owned banks hold 47.4%. The sector remains concentrated, with the five largest banks controlling 72.9% of total assets. Banks are required to maintain sufficient liquidity to meet customer demands, particularly during periods of financial stress.
