Rwanda’s financial institutions lose Rwf471 million to fraud in three months
The central bank reported 2,879 cases of fraud and theft, including cyber-related incidents, between April and June 2026, down 30% from 4,128 cases recorded during the same period in 2025.
The total value of losses also fell by 26%, from Rwf637 million in the second quarter of 2025 to Rwf471 million in the same period this year. However, only 3.6% of the money lost through fraudulent activities was recovered.
BNR Governor Soraya Hakuziyaremye released the figures on October 8 while presenting the central bank’s Monetary Policy and Financial Stability Report.
She said fraud and cyberattacks remained major concerns for the financial sector as the use of digital financial services continued to expand.
“As the use of technology continues to grow, one of the key operational concerns is fraud and cyber theft,” Hakuziyaremye said.
The decline in reported fraud cases came as digital payments continued to grow rapidly across Rwanda.
The value of digital payments reached the equivalent of 341% of gross domestic product (GDP) in the first half of 2026, up from 321% during the same period in 2025.
Payments for goods and services increased by 36%, rising from nearly Rwf20.4 trillion in the first half of 2025 to Rwf27.8 trillion in the first six months of 2026.
Mobile money transactions were among the key drivers of this growth in digital financial activity.
To address the risks accompanying the expansion of digital services, BNR is strengthening measures to prevent fraud and improve oversight of the financial sector.
These measures include improving digital systems for identifying and verifying customers and increasing monitoring of payment service providers.
The central bank has also urged users of digital financial services to remain vigilant, warning that fraudsters continue to use deceptive tactics to trick customers into authorising fraudulent money transfers.
Rwanda’s economy projected to grow by 7.8%
Rwanda’s economy grew by 9.7% in the second quarter of 2026, with industry making the largest contribution to growth, followed by services.
BNR projects that the economy will expand by 7.8% in 2026.
However, inflation remained above the central bank’s preferred range, averaging 11.2% during the first six months of the year.
In August 2026, inflation reached 15.7%, driven mainly by rising prices of food, energy and transport.
BNR forecasts that inflation will average 13.9% in 2026 before falling below 8% in the second half of 2027.
The financial sector also continued to expand. Total assets rose by nearly 23% to Rwf17.5 trillion in the first half of 2026, while outstanding loans reached Rwf7 trillion.
Leave a Reply