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Governor Talks: Rwanda - Cross - border Payments, Cyber Security, and AI

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Location: G-09

Governor Talks
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Key Points

Developing an interoperable payment system. Rwanda’s experience highlights the importance of building a common digital public infrastructure rather than relying on bilateral arrangements between providers. Resistance from incumbent providers should be anticipated, particularly where lower transaction fees will affect existing revenue models. Rwanda now has a more resilient system with lower fees, which has contributed to substantially higher transaction volumes.

Prospects for cross-border payments. As domestic payment systems become more interoperable and resilient, connecting them across borders can support greater regional trade and economic integration. The East African payment system master plan, developed in 2025, is moving into implementation, with Rwanda and Tanzania piloting the integration of their instant payment systems. The pilot is intended to serve as a blueprint for a framework to integrate instant payment systems across the region.

Addressing cyber risks. As digital financial services expand, maintaining trust requires stronger cyber resilience and coordinated action. Rwanda has established mechanisms for real-time monitoring, intelligence sharing, and coordinated responses to cyber threats and fraud across the financial sector, government agencies, and law enforcement. Given the cross-border nature of cyber-enabled fraud, stronger international cooperation among regulators, financial institutions, and technology companies is also critical.

Opportunities and risks from AI. Rwanda has recognized that AI offers opportunities to strengthen financial services, including by improving the detection of suspicious transactions and credit-risk assessment. At the same time, its rapid evolution creates risks that require appropriate guardrails. Rwanda has introduced AI risk-management guidelines for the financial sector, recognizing that these will need to evolve alongside the technology.

Quotes

“We want to commend the IMF, because it has created this network of central banks for cross-border payments, CBDC, and digital financial services, which allows us to exchange with peer central banks on best practices in developing our own digital payment systems but also now on cross-border payment system integration.” Soraya Munyana Hakuziyaremye

“We all know that, in Africa, financial inclusion has been possible because of the massive adoption of mobile money services; but without combatting cyber fraud, the trust in digital financial services will start to erode. I believe that’s where the Bangkok Blueprint, launched today, comes into play.” Soraya Munyana Hakuziyaremye

“There is a fast adoption of stable coins in our continent. National Bank of Rwanda’s first approach, three or four years ago, was to warn people not to invest in, or use, virtual assets because there was no regulatory framework. Then we realized that this was like burying our heads in the sand. People will still want to use it.” Soraya Munyana Hakuziyaremye

Contributor: Rasheeda Smith Yee

Overview

As sub-Saharan Africa pushes toward deeper regional integration, building interoperable cross-border payment systems is essential to unlock trade and financial flows across the continent. Rwanda’s progress with platforms like eKash, for example, highlights how strong interoperability can support seamless transactions domestically as well as beyond national borders. However, the scale and speed of cross-border payments also raise heightened cybersecurity risks, with AI increasingly used both to perpetrate and combat fraud. Strengthening cross-border coordination on cyber resilience, while harnessing AI for real-time risk detection, will be critical. The path forward lies in combining interoperability, secure infrastructure, and responsible AI deployment to deliver fast, safe, and inclusive cross-border payments across Africa.

Panelists

Soraya Munyana Hakuziyaremye

Governor of the National Bank of Rwanda

 

Hon. Soraya Munyana Hakuziyaremye was appointed Governor of the National Bank of Rwanda on February 25 th, 2025 . Prior to this role she was Deputy Governor of the National Bank of Rwanda since March 15, 2021. Hon. S oraya was also appointed as Ch air of the Alliance of Finan cial Inclusion (AFI) Board of Directors on September 3rd, 2025.

 

She served as Minister of Trade and Industry from October 2018 to March 2021, in Rwanda, where she led the implementation of the Made in Rwanda policy, contributing to a 9% average annual growth in the industry sector and a significant increase in exports. During her tenure, she also chaired the EAC Sectoral Council on Investment and Trade, playing a key role in the entry into force of the Africa n Continental Free Trade Area Agreement (AfCFTA). Additionally, she was a member of Rwanda’s National COVID -19 Taskforce, overs eeing the management of domestic and cross - border trade flows during the pandemic.

 

Before joining the Cabinet, Hon. Soraya held several senior roles in international banking and finance. From 2016 to 2018, she was Vice President in the Financial Institutions/Financial Markets Risk Department at ING Bank in London. She also previously wor ked in senior risk management positions at BNP Paribas Group in Paris, Fortis Bank, and the Bank of New York Mellon in Brussels between 2002 and 2011. From 2012 to 2014, she served as Senior Advisor to the Minister of Foreign Affairs in Rwanda .

 

In addition to her leadership in finance and government, Hon. Soraya has played an active role in corporate governance and investment initiatives. She was a B oard member at Ngali Holdings and co -founded the Brussels -Africa Hub, an international non -profit organization led by banking and finance professionals to facilitate sustainable and responsible investments in Africa.

 

Hon. Soraya brings rich leadership experience in global banking and financial advisory, combining expertise in financial markets, risk management, and economic policy. She holds a postgraduate degree in International Management from the Thunderbird School of Global Management at Arizona State University (U.S.) and a Master’s in Business Engineering (Ingénieur de Gestion) from the Solvay Business School at the Université Libre de Bruxelles (Belgium). She is also an alumna of the Executive Public Leaders Prog ram at the University of Oxford’s Blavatnik School of Government.

Soraya Munyana Hakuziyaremye

Zeine Zeidane (Moderator)

Director of the African Department, IMF

 

Zeine Zeidane is the Director of the African Department, where he oversees the IMF’s operations and engagement with 45 countries across sub-Saharan Africa. Mr. Zeidane works closely with the region’s leaders to strengthen macroeconomic policies in the region and support Africa in reaching its full potential. He assumed his current role in 2026, bringing more than two decades of experience in macroeconomic policymaking and international economic cooperation. His career combines senior leadership roles in his home country with a distinguished career at the IMF, where he held various positions, including Deputy Director of the Middle East and Central Asia Department and the African Department, Assistant Director in the Strategy, Policy, and Review Department, and Mission Chief for the United Arab Emirates and Algeria. Before joining the Fund in 2012, Mr. Zeidane served as Mauritania’s Prime Minister in 2007 08. In Mauritania, he also held senior roles as the Governor of the Central Bank and Economic Advisor to the President. His extensive background includes working with the World Bank and the banking sector. Mr. Zeidane holds a PhD in Applied Mathematics and a Post- Graduate Degree in Macroeconomics from University of Nice, France

Zeine Zeidane (Moderator)