Regulatory Framework in the Financial Sector

The Ministry of Finance and Economic Planning (MINECOFIN)
The Ministry of Finance and Economic planning is responsible for sustainable growth, economic opportunities and living standards of all Rwandans. The ministry is also responsible for establishing and monitoring the highest standards of accountability and transparency in public finance management.

The National Bank of Rwanda
The National Bank of Rwanda (BNR) is the sole regulator and supervisor for the entire financial sector.  BNR is the regulatory and supervisory authority of the banking and microfinance systems, non-bank financial institutions, SACCOs as well as the payment systems.

Roles of National Bank of Rwanda include the following;

  • To ensure and maintain price stability.
  • To enhance and maintain a stable and competitive financial system without any exclusion.
  • To support Government’s general economic policies without prejudice.

National Insurance Commission
The Commission was established in 2002 with a role of supervising and regulating the insurance sector in Rwanda.  

Law governing Insurance
The law governing the organization of insurance industry in Rwanda was last amended on 29/07/2009 that is Law No.5/2009 to regulate the insurance institutions in the country.

Capital Market Authority (CMA)
Capital Market Authority (CMA) was established by the law Nº 10/2011 of 13/05/2011 with the purpose of regulating the Capital Market in Rwanda.

Non banking institutions
The non banking institutions include the following;

  • SONARWA (Société Nouvelle d’Assurances du Rwanda)
  • SORAS (Société Rwandaise d’Assurances)
  • CORAR (Compagnie de Réassurance et d’Assurances de Rwandaise
  • COGEAR (Compagnie de Générale d’assurances et Réassurances Au Rwanda)
  • Phoenix of Rwanda Assurance Company S.A
  • Alliance Insurance Brokers (AIB)
  • Optimum Insurance Brokers
  • SORCOPRA s.a.r.l
  • Reliance Insurance Services CO. Ltd
  • Africa Risk Insurance Brokers
  • Utmost Insurance Brokers

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