Signed on the sidelines of the Inclusive FinTech Forum 2026 in Kigali on Wednesday, the new framework aims to reduce duplicative regulatory processes while maintaining strong oversight, allowing licensed PSPs to operate seamlessly in both Kenya and Rwanda.
By promoting mutual recognition of licensing regimes, the initiative is expected to foster competition, encourage innovation, and accelerate the delivery of digital financial services across borders.
The MoU, the partners said, aligns with the East Africa Community Cross-Border Payment System Masterplan (EAC Masterplan), which envisions a more integrated, efficient, and inclusive regional payments ecosystem.
One of the Masterplan’s key priorities is to create a mutual recognition system for PSP licensing across partner states, addressing the regulatory fragmentation that has historically limited cross-border payment expansion.
Rwanda’s central bank termed the new agreement a “major step toward stronger competition, greater innovation, and faster cross-border digital financial services under robust regulatory oversight.
The Central Bank of Kenya reaffirmed its commitment to strengthening regional collaboration and ensuring that national payment infrastructures meet the evolving needs of the economy.
The agreement is expected to pave the way for a more connected East African payments landscape, benefiting businesses and consumers alike by facilitating faster, safer, and more accessible digital financial services.
Signed on the sidelines of the Inclusive FinTech Forum 2026 in Kigali on Wednesday, the new framework aims to reduce duplicative regulatory processes while maintaining strong oversight, allowing licensed PSPs to operate seamlessly in both Kenya and Rwanda.
The one-day gathering, held under the theme “Turning Vision into Velocity: Building Africa’s Trade Ecosystem for Real-World Impact,” brought together policymakers, development institutions, business leaders and investors to discuss ways to accelerate Africa’s participation in global trade while expanding commerce within the continent.
African Development Bank Director General for Southern Africa Kennedy Mbekeani said that global developments in recent years had highlighted the need for Africa to strengthen regional integration.
He added that risk perception was often discouraging investment on the continent. “That perception is sometimes intentional,” he said. “They will continue to tell us that Africa is risky so that they can yield as much as they can from us.”
During a panel discussion, Botswanan Minister of Trade and Entrepreneurship Tiroeaone Ntsima said African countries could benefit from opening borders and jointly financing cross-border projects.
He highlighted the need for stronger coordination between neighboring countries, saying that trade routes and cross-border facilities needed to be simplified to make it easier for businesses and people to move goods.
Ghana’s Minister for Trade, Agribusiness and Industry Elizabeth Ofosu-Adjare said fragmentation remained a key obstacle to trade, both between and within countries.
She stressed the need for data to be shared seamlessly between regions and agencies to reduce trade bottlenecks.
Zambian Minister of Commerce, Trade and Industry Chipoka Mulenga said that African economies should support each other through stronger investment and trade ties.
Regional Economic Communities (RECs) were intended to eliminate trade barriers among member states but were often undermined by restrictions imposed by countries themselves, the minister noted.
“The RECs are not performing the way they’re supposed to perform because we are coming up with non-tariff barriers deliberately to choke each other’s trade,” he said.
The minister urged governments and businesses to strengthen cross-border investment and cooperation across the continent.
“We need to encourage inter-country investment and business into business … never compete against each other but complement each other,” he added.
Africa Trade Conference has urged stronger regional integration to boost intra-African trade
Globally, over 4.6 million robots are currently in use across industries, illustrating how automation is increasingly shaping productivity. In many cases, a robot can perform tasks up to ten times more efficiently than a human worker.
China, for instance, has long recognized the potential of these machines. By 2024, it had deployed around 300,000 robots, and today more than two million are in active use across industries. Nearly 90% of Chinese companies view artificial intelligence (AI) and robotics as key drivers of business transformation. The global robotics market was valued at $20.8 billion in 2025 and is expected to grow sevenfold by 2032.
From autonomous vehicles and service robots to surgical-assisting machines and agricultural automation for planting, pruning, and harvesting, robotics technology is increasingly integrated into daily life. Notable examples include the Spot robot, widely used in military operations for surveillance and explosive detection, Apis Cor’s Russian-built robot that can construct a house in under 24 hours, and Israel’s ReWalk, which assists people with spinal injuries to walk.
Rwanda embraces robotics
Rwanda has not been left behind. Following the Cabinet’s approval of the five-year National AI Policy in April 2023, a study identified a need for $76.5 million in investment to scale AI across sectors and boost its contribution to the national economy.
The country continues to promote AI and robotics projects expected to add $589 million (about 6%) to Rwanda’s GDP. Efforts are supported by investments in internet infrastructure, including high-speed networks like 5G, which are essential for operating these advanced machines.
During the COVID-19 pandemic, robots helped monitor temperatures and reduce human contact, demonstrating their potential in public health and service delivery. Rwanda is now extending these innovations to sectors such as hospitality, where robots are still relatively rare compared to developed countries.
Robots serve customers at One Love Café
One Love Café, located in Kimihurura, Gasabo District, has introduced robots into its operations. Two of these robots, named Amahoro and Umoja (meaning “peace” and “unity”), greet and serve customers, delivering orders directly to tables and notifying customers when their meals arrive.
The robots also feature interactive capabilities, such as promoting tourism in Rwanda, highlighting Kigali’s cleanliness, singing birthday songs, and performing other entertainment tasks.
Umutoni Cynthia, manager at One Love Café, explained the decision to integrate robots: “We decided to introduce robots from the start, just as you would plan for any new project. Our goal was to align the restaurant with technological advancement and offer customers a modern experience.”
While some worry that robotics may reduce employment opportunities, technology experts stress that AI and robotics create new types of work. For instance, jobs emerge in robot maintenance, regulation, and operation, rather than simply replacing human labor. One Love Café, for example, still employs 20 staff members alongside the robots.
Engineer Misgun Abraha Berne, owner of One Love Café, emphasized that the goal is not to eliminate jobs but to enhance service delivery, attract customers, and introduce innovation in Rwanda’s hospitality sector: “Kigali is one of Africa’s fastest-growing tourist cities. We wanted to add something unique to our service offering and create a modern, enjoyable experience for visitors.”
The robots used at One Love Café are high-end and come at a significant cost. Engineer Misgun explained that, depending on the model, the robots’ prices range from 10 million to 50 million Rwandan francs, including shipping, taxes, and other fees.
He added: “If these robots prove popular and improve customer service, we plan to bring in more in the future.”
Innovation and economic impact
Technological innovation, particularly in services, plays a crucial role in Rwanda’s economic growth. In the third quarter of 2025, Rwanda’s GDP reached 5.525 trillion Rwandan francs, an 11.8% increase compared to the same period in the previous year. Services contributed 57% of this growth, agriculture 15%, and industry 22%.
Robots can deliver meals and entertain customers with songs, including birthday celebrations.Service robots at the restaurant assist staff in streamlining operations without replacing human workers.Amahoro delivers meals directly to customers’ tables, ensuring efficient service.Umoja greets guests and notifies them when their orders are ready.
During these five days, the country shipped a variety of products including coffee, tea, vegetables, fruits, flowers, livestock products, and more.
Coffee exports totaled 508 tonnes, earning over $2.7 million, while 846 tonnes of tea brought in more than $2.3 million. Vegetables, shipped at 440 tonnes, generated approximately $479,450. Fruit exports reached 462 tonnes, earning over $311,000, and 42 tonnes of flowers brought in more than $282,000.
The main destinations for these exports included the United Kingdom, the Netherlands, the United Arab Emirates, France, Germany, and other African countries.
Other agricultural products totaling 7,078 tonnes earned over $3.7 million, while 273 tonnes of livestock products generated more than $437,000. These were primarily exported to Oman, Nigeria, and other African countries.
Rwanda earned over Rwf14 billion from agricultural exports in five days.
Held from March 10 to 12 at the Kigali Convention Centre, the forum brings together participants from the finance, technology and investment sectors to explore how innovation can accelerate financial inclusion and unlock capital for Africa’s growing digital economy.
Opening the forum, Prime Minister Justin Nsengiyumva said the global financial system is undergoing profound changes that present both risks and opportunities for the continent.
“We are honoured to host you in Kigali to advance an important global mission: building a financial system that leaves no one behind,” he said.
Nsengiyumva noted that Africa has historically operated on the margins of global finance, often facing limited access to capital and high risk premiums. However, rapid advances in digital technologies are allowing African entrepreneurs to bypass traditional infrastructure constraints, particularly in the fast-growing fintech sector.
“The opportunity for Africa to become a cradle of global business and innovation is real,” he said, adding that inclusive financial systems will be essential to mobilise investment for key sectors including energy, digital infrastructure, manufacturing and human capital.
Nsengiyumva said Rwanda is ready to work with global investors, innovators and policymakers to help unlock these opportunities and accelerate the continent’s digital financial transformation.
“To the investors and innovators gathered here today, allow me to reaffirm that Rwanda stands ready to partner with you to unlock the extraordinary opportunities before us,” he said, adding that the country aims to build a dynamic, secure and inclusive financial ecosystem capable of supporting Africa’s next phase of growth.
Rwanda has spent the past two decades investing heavily in digital infrastructure as part of its long-term economic transformation strategy. The country now has near-universal 4G population coverage and has digitised many public services through platforms such as Irembo, improving access to government services and enabling electronic transactions across the economy.
Today, about 92 percent of adults in Rwanda have access to financial services through bank accounts or mobile money wallets.
The Governor of the National Bank of Rwanda, Soraya Hakuziyaremye, said the country’s progress shows how the right policy environment can accelerate financial inclusion.
“In Rwanda, we have made remarkable strides in financial inclusion, from just 21 percent in 2008 to 92 percent of adults today having access to a bank account or mobile money wallet,” she said.
Across Sub-Saharan Africa, the region remains the global leader in mobile money adoption, with more than 600 million registered accounts, while digital payments continue to grow at double-digit rates.
“These are not just statistics,” Hakuziyaremye said. “They represent farmers, traders, women and youth whose financial wellbeing has improved. But more needs to be done to ensure financial resilience for households and enterprises.”
To deepen access to digital financial services, Rwanda has launched a new national financial inclusion roadmap for 2026–2030 aimed at expanding digital payments, strengthening financial resilience and supporting innovation in emerging technologies such as artificial intelligence and digital assets.
Regulators are also focusing on improving cross-border payments and enhancing regulatory cooperation across African markets, which experts say will be critical for scaling digital finance across the continent.
Industry leaders at the forum warned that Africa still faces structural barriers that limit trade and financial integration.
Haytham ElMaayergi, Executive Vice President for Global Trade Bank at African Export-Import Bank (Afreximbank), said Africa’s digital gap risks becoming a competitiveness gap if infrastructure and integration challenges are not addressed.
“Globally, about 25 percent of trade is conducted through digital processes, but in Africa that figure is only around five percent,” he said.
Fragmented financial systems mean cross-border payments in Africa can cost up to three times the global average, while small and medium-sized enterprises face a trade finance gap estimated at $120 billion.
However, initiatives such as the African Continental Free Trade Area are creating new opportunities to integrate African markets by connecting 1.3 billion people into a $3.4 trillion economic bloc.
Afreximbank is supporting that transformation through digital platforms such as the Africa Trade Gateway, which helps African businesses identify partners, access trade intelligence and secure financing.
The bank is also backing the Pan-African Payment and Settlement System, which enables cross-border trade to be settled in local currencies, helping reduce transaction costs and reliance on foreign exchange.
ElMaayergi also praised Rwanda’s progress in building a fintech ecosystem capable of serving as a continental innovation hub.
“Afreximbank is committed to supporting Africa’s and Rwanda’s digital transformation and innovation agenda as the country advances its knowledge-based economy and growing fintech, AI and startup ecosystem,” he said.
He added that Kigali has already demonstrated the conditions needed to scale financial innovation across Africa.
“Through the Kigali International Financial Centre, the city has created a proof of concept for Africa. You have the regulatory clarity, political will and infrastructure to serve as the control tower of African fintech,” he said.
ElMaayergi stressed that digital infrastructure must now be treated as a strategic economic priority.
“Digital payment rails are as essential as paved roads,” he said. “Without them, trade stands still. The time for pilot projects is over , we must scale now.”
Organised by the Kigali International Financial Centre, the National Bank of Rwanda and the Global Finance & Technology Network, the Inclusive FinTech Forum has emerged as a leading global platform for advancing financial innovation in emerging markets.
This year’s discussions focus on topics such as artificial intelligence-driven financial services, digital currency corridors, open finance ecosystems and climate-focused fintech solutions.
For Rwanda, the event reflects a broader strategy to position Kigali as a gateway for financial innovation and investment in Africa’s rapidly evolving digital economy.
Opening the forum, Prime Minister Justin Nsengiyumva said the global financial system is undergoing profound changes that present both risks and opportunities for the continent.The Governor of the National Bank of Rwanda, Soraya Hakuziyaremye, said the country’s progress shows how the right policy environment can accelerate financial inclusion.Held from March 10 to 12 at the Kigali Convention Centre, the forum brings together participants from the finance, technology and investment sectors to explore how innovation can accelerate financial inclusion and unlock capital for Africa’s growing digital economy.
The celebration took place on March 9, 2026, at the company’s headquarters and brought together Spiro staff and motorcycle taxi operators, with a special focus on female riders who use Spiro motorcycles.
The company’s Senior Human Resources Officer, Dengeri Annet, said the firm is encouraged by the progress made so far, noting that the number of women using Spiro motorcycles continues to rise.
“While we celebrate Women’s Day today, we are also proud of the progress we have made, with more than 50 women now riding Spiro motorcycles,” she said. “Our goal is to continue increasing that number.”
She urged female riders to serve as role models by maintaining responsible conduct on the road, saying their professionalism could encourage more women to join the motorcycle taxi profession, a field traditionally dominated by men.
One of Spiro’s clients, Dusengimana Blanche, who has worked as a moto taxi rider for three years, said she chose Spiro motorcycles because they are more affordable and supported by financing options and after-sales services provided by the company.
“I had a motorcycle driving license for a long time but lacked the financial means to buy one,” she said. “Later, I approached Spiro and they helped me acquire a motorcycle. Now I work independently and no longer rely on a salary. On a good day, I can earn at least 20,000 Rwandan francs.”
Dusengimana said some women still hesitate to join the motorcycle taxi profession due to a lack of confidence, but stressed that this mindset should change, adding that women are equally capable of doing the work.
“They should stop thinking they have to wait for opportunities to be handed to them. That mindset is outdated,” she said.
During the event, motorcycle riders received first-aid kits to help them respond to accidents and other emergencies involving them or their passengers.
Spiro began operations in Rwanda in 2023 and currently has 35 percent women within its workforce, including employees and female motorcycle riders who use its electric bikes.
In recent years, the company has also been ranked among Africa’s top 100 companies, recognised for its exceptional contributions to the continent’s development.
The company’s Senior Human Resources Officer, Dengeri Annet, said the firm is encouraged by the progress made so far, noting that the number of women using Spiro motorcycles continues to rise.Women motorcycle riders lauded Spiro for its continued support, highlighting the role the company plays in empowering them.Employees and clients of Spiro came together to mark International Women’s Day, celebrating the company’s ongoing efforts to empower women, particularly those working as motorcycle taxi riders.Women motorcycle riders celebrated the progress they have achieved.Dusengimana Blanche, a Spiro motorcycle rider, said she can earn up to 20,000 Rwandan francs on a good day.
Speaking at the Nuclear Energy Summit in Paris, France, on Tuesday, President Kagame said Rwanda’s long-term ambition to become a high-income country by 2050 requires a reliable and abundant electricity supply. He noted that nuclear energy will play a central role in diversifying the country’s energy mix and providing the stability needed for sustained economic transformation.
According to the Head of State, nuclear power offers Rwanda a dependable source of electricity that can support industrial expansion while helping reduce carbon emissions.
“We have decided to make nuclear central to our strategy,” Kagame said. “It will diversify our energy mix while providing the stability required for industrial growth and long-term transformation.”
The president highlighted the importance of building strong institutions, regulatory systems and a skilled workforce to support Rwanda’s nuclear ambitions. He praised the support provided by the International Atomic Energy Agency (IAEA), led by Director General Rafael Grossi, in helping strengthen the country’s nuclear governance framework.
Rwanda has already made progress in developing human capital for the sector. Kagame noted that hundreds of Rwandans have been trained in nuclear science and engineering through partnerships with leading international institutions. The University of Rwanda has also introduced a new academic programme in nuclear science to build local expertise.
Recently, the IAEA conducted an Integrated Nuclear Infrastructure Review in Rwanda and confirmed progress across key pillars required to establish a nuclear energy programme.
“Our country is prepared to proceed through the agency’s milestone approach to the next stage,” he revealed.
Notably, Rwanda plans to establish a nuclear research centre in collaboration with Russia. The centre will focus on producing radioactive materials for cancer diagnosis and treatment, improving agriculture through radiation technologies, and advancing industrial testing methods.
Additionally, Rwanda is preparing to host Africa’s first demonstration of a Dual Fluid nuclear reactor and is exploring small modular reactor (SMR) technology to meet the country’s growing energy demands sustainably.
In his remarks, President Kagame emphasised the growing potential of emerging nuclear technologies for Africa. In particular, he said SMRs are well-suited to countries with smaller electricity grids and could allow African nations to become early adopters of advanced nuclear systems.
“I’m confident that Africa will emerge as one of the most important global markets for SMRs in the years ahead,” he said.
The president called for stronger international cooperation in three key areas: financing, technology partnerships and clear regulatory frameworks. He noted that nuclear energy projects often require specialised financing models that development banks are still unfamiliar with.
Kagame welcomed recent shifts in international policy, including the World Bank’s decision to lift its long-standing ban on financing nuclear power projects. He also referenced commitments made during COP28, encouraging international financial institutions to include nuclear energy in their portfolios.
“Now is the time to work together to make this shift a reality in Africa,” he said.
Looking ahead, Rwanda is preparing to host the 2026 Nuclear Energy Innovation Summit for Africa (NESA) in Kigali this May. Kagame said the summit will bring together leaders from governments, financial institutions and the nuclear industry to advance discussions on Africa’s nuclear future.
He extended an invitation to global partners to attend the event and support Rwanda’s efforts to harness nuclear energy for development.
“Rwanda is determined to do what it takes to power our development with nuclear energy,” Kagame said. “We look forward to you being part of this journey.”
President Kagame said Rwanda’s long-term ambition to become a high-income country by 2050 requires a reliable and abundant electricity supply. President Paul Kagame joined Emmanuel Macron, Director General of the International Atomic Energy Agency (IAEA) Rafael Mariano Grossi, and other leaders for the opening of the 2nd Nuclear Energy Summit.
The report shows that prices increased 0.9 percent in February compared with January 2026, indicating continued pressure on the cost of living as households face higher spending on key goods and services. On average, inflation stood at 7.4 percent over the past 12 months, reflecting a steady rise in consumer prices across the economy.
Several sectors recorded notable price increases over the past year. Housing, water, electricity, gas and other fuels, which constitute a large share of the consumer basket, rose by 12.3 percent, while restaurants and hotels registered a sharp 19.9 percent increase. Prices for alcoholic beverages and tobacco also climbed significantly, increasing by 18.3 percent, while transport costs rose by 8.6 percent.
Food prices, which account for a large share of household spending, increased more moderately compared with other sectors. The category of food and non-alcoholic beverages rose by 4.6 percent annually, with bread and cereals increasing by 11.7 percent and meat by 9 percent, while vegetable prices recorded a smaller annual rise of 3.4 percent.
The report also points to sharp increases in the health sector, where prices surged by 71.1 percent over the past year, though the category represents a relatively small share of the consumer basket.
Meanwhile, core inflation, which excludes volatile items such as fresh food and energy, rose by 9.6 percent year-on-year, suggesting that underlying price pressures remain. On a monthly basis, core inflation increased by 0.9 percent in February.
Energy prices also played a role in the rise in consumer costs, increasing by 20 percent annually and 2.6 percent compared with January, reflecting higher fuel and electricity expenses.
The CPI measures the average change over time in prices paid by households for a basket of goods and services. The index is calculated using data from more than 1,600 products collected monthly from markets, shops, hospitals and other service providers across the country.
Economists closely watch inflation trends as they influence purchasing power, household spending and policy decisions. In the month under review, the National Bank of Rwanda (NBR) raised its key interest rate by 50 basis points to 7.25 percent in a move aimed at curbing rising inflation.
Inflation in Rwanda increased to 8.9 percent in January 2026, up from 8.0 percent in December 2025, exceeding the Central Bank’s target range of 2–8 percent.
The rise, Central Bank Governor Soraya Hakuziyaremye said, was driven largely by higher energy costs, electricity tariffs, fuel prices, and supply constraints on fresh food, particularly vegetables affected by below-normal rainfall.
“The Monetary Policy Committee has decided to increase the Central Bank Rate to 7.25 percent to limit second-round effects of recent price increases and support a timely return of inflation to the target range,” she stated.
The latest report from the National Institute of Statistics of Rwanda (NISR) shows that prices increased 0.9 percent in February compared with January 2026, indicating continued pressure on the cost of living as households face higher spending on key goods and services.
Implemented by the House of Training, ATTF in collaboration with the Rwanda Bankers’ Association (RBA), the program marks the graduation of its very first cohort.
Designed to support high-potential leaders in advancing to executive roles, the ABLP combines intensive training modules, international case studies, practical workshops and banking simulations. The programme equips participants with skills to navigate a rapidly evolving financial landscape shaped by digital transformation, financial innovation, governance requirements and sustainable finance.
Participants represented nine Rwandan banking institutions, including:
BK, BRD, BPR, Ecobank, NCBA, Bank of Africa, I&M Bank, Access Bank and Equity Bank.
Throughout the programme, participants attended key modules covering digital transformation and fintech, leadership and people management, strategy and internal governance, as well as sustainable finance and ESG principles.
The programme concluded in Luxembourg, one of Europe’s leading financial centres, where participants took part in the B@NKSIM banking simulation, a practical exercise allowing them to manage virtual banks and make strategic decisions related to risk management, regulation, financial performance and value creation.
The program concluded with a closing dinner, during which Rwanda’s Ambassador to Luxembourg, Aurore Mimosa Munyangaju, congratulated participants for successfully completing the demanding program and commended their commitment to strengthening Rwanda’s banking sector.
The Ambassador also expressed gratitude to the Government of Luxembourg, through the Ministry of Foreign and European Affairs, Defence, Development Cooperation and Foreign Trade, for supporting this important initiative.
According to her, the program highlights the strong cooperation between Rwanda and Luxembourg, while also showcasing the fruitful partnership between the Rwanda Bankers’ Association and the House of Training – ATTF in developing leadership capacity in Rwanda’s financial sector.
Participants represented nine Rwandan banking institutions. Ambassador to Luxembourg, Aurore Mimosa Munyangaju, congratulated participants for successfully completing the demanding program.A delegation of 21 senior executives from Rwanda’s banking sector participated in Luxembourg in the final phase.
The annual competition, organized under the NBR Engage Program, brings together secondary school students from across the country to test their knowledge of economics, finance, and the role of the central bank. The initiative aims to strengthen financial literacy among young people and empower a generation capable of making informed economic and financial decisions.
This year’s edition, which is the 8th edition, attracted 44 schools and 176 students, making it one of the most competitive rounds of the challenge since its inception. So far, NBR has created 50 clubs in different secondary schools bringing together over 1000 students.
Speaking during the grand finale, NBR Chief Economist Dr. Thierry Kalisa said the competition plays an important role in helping young Rwandans understand how the economy works and how they can contribute to national development.
“Through the NBR School Quiz Challenge, we aim to nurture a generation of young Rwandans who understand how the economy functions and who have the financial and economic literacy needed to participate meaningfully in our country’s development,” Dr. Kalisa said. He added that the competition is more than just an academic contest.
“This programme is not simply a test of knowledge. It is a platform that allows you as young people to discover the relevance of economics and finance in everyday life and to become ambassadors of financial literacy within your families and communities,” he said.
Dr. Kalisa also commended teachers and mentors from participating schools for their dedication in preparing the students for the competition.
“Your commitment to guiding learners through this challenge and beyond is the foundation upon which this initiative is built. The curiosity, teamwork, and discipline demonstrated by these students will serve them far beyond this stage,” he said.
Students from Ecole des Science de Byimana consulting one another during the NBR School Quiz challenge.
A growing initiative
The NBR School Quiz Challenge has steadily expanded since it was first introduced in 2019 as part of efforts to promote financial literacy among students.
The challenge primarily targets members of NBR Economic Clubs, which are established in secondary schools to promote understanding of financial and economic issues.
Schools participating in the clubs were initially selected based on top-performing institutions identified by the Rwanda Basic Education Board (REB) across all provinces. However, other schools that expressed interest were also given the opportunity to establish the clubs and participate in activities such as the quiz challenge.
A multi stage competition
The competition is conducted through several stages designed to test students’ knowledge and analytical skills.
The preliminary rounds, held in late January and early February, brought together schools within their respective provinces. The top schools from each province then progressed to the quarter-finals, followed by the semi-finals, before the best two teams advanced to the Grand Finale held on March 4 at the NBR headquarters in Kigali.
Throughout the competition, students answered questions covering topics such as monetary policy, financial systems, and the role of the central bank in managing the country’s economy.
The questions are designed to promote critical thinking, decision-making, and problem-solving, while interactive elements such as joker cards, which teams can use once per round, add an element of strategy and excitement.
FAWE Girls students exchanging ideas during the competition.
Students reflect on the experience
For the students, the competition provided a valuable learning experience beyond their regular classroom studies.
Anita Niyonsaba, 17, from FAWE Girls’ School, said the challenge helped her understand the importance of financial knowledge in everyday life.
“Participating in the NBR School Quiz Challenge opened my eyes to how the country’s financial system works and how the economy affects every citizen,” Niyonsaba, a S5 student pursuing Physics, Chemistry and Mathematics, (PCM)) said.
“Even though we study sciences, understanding financial literacy is important because it prepares us to make informed decisions and contribute to the development of our country.” For Egide Tuyishimire, 19, from Ecole des Sciences de Byimana in Mathematics Chemistry and Biology (MCB) teamwork and persistence were key to their success.
“At the beginning it was challenging because economic topics were new to us since we study sciences,” he said. “But through teamwork, research, and curiosity, we were able to understand concepts such as monetary policy and how the National Bank supports the economy,” he added.
Each student was awarded a laptop and 400,000 Rwandan Francs bonds invested in national securities for them to start saving at an early age.
“The laptop we received will support our studies, while the treasury bonds introduce us to the culture of saving and investing for the future. It is a powerful lesson that encourages young people to think long-term.”
Students from Ecole de Sciences de Byimana and FAWE Girls school receiving awards.
Building a financially literate generation
Judith Nabaasa, the Chief Economist at the Ministry of Finance and Economic Planning (MINECOFIN) emphasized that initiatives such as the NBR School Quiz Challenge are essential for Rwanda’s long-term development.
“Economic and financial literacy is fundamental for Rwanda’s transformation into a knowledge-based economy. The choices we make as consumers, savers, and future professionals shape the trajectory of our economy,” she said.
As the programme continues to grow, the National Bank of Rwanda says it will keep expanding initiatives that promote economic and financial literacy among young people.
Dr. Thierry Kalisa, NBR Chief economist delivering a speech during NBR School Quiz Challenge.Judith Nabaasa, the Chief Economist at MINECOFIN speaking during the NBR School quiz competition.
