Rwanda Advances Digital Currency Plans After Five-Month Test
National Bank of Rwanda has completed a five-month test of a potential central bank digital currency (CBDC), marking a significant step in the country’s push toward a cash-lite economy.
In a statement released Thursday, the central bank said the proof of concept for a proposed digital currency — to be known as the “e-Franc Rwanda (e-FRW)” — ran from May to Oct. 31, 2025 and confirmed that a Rwanda-specific CBDC could support secure, instant payments while strengthening financial inclusion.
“The PoC marks an important milestone in Rwanda’s journey toward a more digital, resilient and inclusive financial system,” the central bank said, adding that the test demonstrated the potential to modernize payments, foster innovation and contribute to broader digital economy objectives.
Following the successful test phase, the National Bank of Rwanda will now proceed with a 12-month pilot program. The pilot will involve a limited and diverse group of users across Kigali, a secondary city and selected rural areas, as authorities seek to assess real-world functionality.
The central bank said it will prioritize financial inclusion by testing simple access channels such as USSD and low-cost mobile devices, ensuring that users with basic feature phones are not excluded.
The pilot will also expand practical use cases with merchants and other stakeholders in a controlled environment, while deepening collaboration with domestic and international partners on interoperability and potential cross-border applications.
Officials stressed that no final decision has been made regarding the issuance of the e-FRW.
“Any decision to introduce a CBDC in Rwanda will be informed by evidence gathered from the pilot phase, stakeholder feedback, and broader policy and regulatory considerations,” the bank said.
The pilot will be conducted with strong safeguards, including privacy-by-design principles, cybersecurity protections and close coordination with financial institutions and relevant authorities.
Rwanda joins a growing list of African nations exploring central bank digital currencies as governments seek faster, safer and more inclusive payment systems. In East Africa, where mobile money dominates retail transactions, policymakers are studying how state-backed digital currencies could complement existing platforms and strengthen financial oversight.
For Rwanda, which has positioned itself as a regional technology and fintech hub, the move aligns with broader ambitions to digitize public services and accelerate the shift toward a cashless economy.
