The National Bank of Rwanda (NBR) announces the successful completion of a five-month Proof of Concept (PoC) for a potential Central Bank Digital Currency (CBDC), the “e-Franc Rwandais (e-FRW),” conducted between May and 31 October 2025.

The PoC marks an important milestone in Rwanda’s journey toward a more digital, resilient and inclusive financial system. It confirmed that a Rwanda-specific CBDC could support secure, instant payments, foster innovation in the financial sector and contribute to the country’s broader cashless and digital economy objectives.

The exercise involved collaboration with commercial banks, payment service providers, fintech innovators and key public institutions. It focused on assessing technology options, user experiences, risk management, and policy and legal considerations. A detailed summary of the findings and lessons learned is available in the full PoC report published on the NBR website.

Next Steps: CBDC Pilot Phase:

Building on the PoC results, the NBR will now proceed with a 12-month CBDC pilot. The pilot will:

• Involve a limited and diverse group of users across Kigali, a secondary city and selected financial institutions.

• Focus on core use cases by testing simple channels such as USSD and low-cost mobile applications.

• Prioritize financial inclusion by working with merchants and institutions active in low-income and rural areas.

• Further evaluate the CBDC’s effects on monetary policy transmission, including work on appropriate limits, fees and conversion mechanisms.

The pilot will be conducted with strong safeguards, including privacy-by-design, cybersecurity protections, and close monitoring of financial stability indicators. The insights from the pilot will guide a final decision on whether and how to proceed with a nationwide e-FRW. This will include the potential launch of retail and/or wholesale CBDC variants, and the definition of a clear roadmap for phased implementation if approved.

NBR remains committed to transparent engagement with the public and stakeholders throughout this journey and will continue to share key updates as the pilot progresses. For more information please consult the full PoC report here

Done in Kigali, on February 26, 2026