Rwanda’s Mobile Payment Transactions Surge to RWF 2,252 Billion in 2023/2024

By Bonaventure Cyubahiro.

The National Bank of Rwanda (BNR) has reported an impressive upswing in mobile payment transactions for the fiscal year 2023/2024, reflecting a 75% surge in transaction volume to 419.7 million, up from 240.5 million in the previous year.

The total value of these transactions increased by 43%, reaching RWF 2,252 billion from RWF 1,575 billion. This expansion underscores a deepening reliance on mobile technology for financial services among Rwandans, signaling a robust shift towards digital finance across the country.

Data from the National Institute of Statistics of Rwanda (NISR) corroborates this trend, showing that 85% of Rwandan households now own a mobile phone, creating a strong foundation for mobile-based financial services.

Mobile payments, in particular, have demonstrated substantial growth in usage, aligning with an increasing preference for digital finance as an alternative to traditional banking.

The growth in mobile payments comes alongside a notable shift from card-based payments, which saw a 9% decrease in transaction volume over the same period.

However, despite this reduction, the value of money transferred via cards grew by 14%, rising from RWF 117 billion to RWF 133 billion. This increase suggests a possible trend towards higher-value card transactions, even as the overall volume declines.

BNR’s report comments on these changes, stating, “These shifts indicate a continued rise in mobile channels as a preferred method for payment activities.”

Beyond merchant payments, person-to-person mobile transactions also expanded by 52%, with transaction values climbing from RWF 10.505 billion to RWF 15.951 billion.

The number of these transactions rose significantly as well, up by 61% from 486.5 million to 735.9 million.

In the sphere of mobile banking services, the total amount transferred surged by 81%, from RWF 3.680 billion to RWF 6.645 billion.

Similarly, internet banking saw remarkable growth, with transactions increasing by 92%, from RWF 7.272 billion to RWF 13.973 billion.

BNR emphasized that mobile money transfers remain a dominant force in fast payments, representing 62% of all payment transactions and 41% of total transaction value in 2023/2024.

This substantial growth in mobile payment activity reflects an accelerated pace in Rwanda’s transition toward a digital economy, with mobile technology playing a critical role in expanding financial access and efficiency across the nation.

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