Rwanda and Cambodia have launched a proof of concept to test cross-border money transfers in an initiative intended to enable customers in the Southeast Asian country to send money directly to bank accounts and digital wallets in Rwanda. The initiative was jointly launched on Sunday, November 15, by the National Bank of Rwanda (BNR) and the National Bank of Cambodia. It is designed to make international money transfers faster, more convenient, secure and affordable. ALSO READ: Kagame, Cambodian leaders discuss cooperation The proof of concept involves connecting Cambodia's Bakong payment system with eKash, Rwanda’s payment system operated by R-Switch. Bakong, developed by the National Bank of Cambodia, facilitates digital payments and money transfers. Through the proposed connection, customers of ACLEDA Bank Plc and other financial institutions that are members of Bakong would be able to transfer money directly to bank accounts and digital wallets in Rwanda. Under the arrangement, ACLEDA Bank serves as the correspondent bank in Cambodia, while I&M Bank Rwanda acts as the settlement bank in Rwanda. ALSO READ: Rwanda, Cambodia central banks enter cross-border payment cooperation The launch took place during the Black Swan Summit Cambodia, held from November 15 to 16 at the Koh Pich Exhibition and Convention Center in Phnom Penh. The proof of concept is intended to test the connection between the two payment systems and demonstrate its capacity to facilitate cross-border transfers. The initiative builds on financial cooperation between the two central banks that dates back to April 2023, when they signed a Memorandum of Understanding on financial sector development, providing for the exchange of knowledge and experience between the institutions. In May 2026, the two banks announced a cross-border payment cooperation initiative aimed at improving digital financial connectivity and facilitating electronic transactions between the countries. ALSO READ: Rwanda, Cambodia sign two bilateral agreements The announcement was made during the 28th Conference of Central Bank Governors of Francophone Countries in Phnom Penh. The initiative was also expected to support trade, economic exchanges and tourism. In a joint statement, the two central banks said the latest initiative would expand financial service options for individuals and businesses with cross-border money transfer needs between the two countries. They added that it would facilitate payments for trade, investment, and tourism, while promoting financial inclusion by enhancing access to formal remittance services and digital financial services. The central banks also said the initiative would reduce the complexities associated with cross-border money transfers and strengthen economic activity and financial flows between the two countries.
