Central Bank Digital Currency (CBDC) Development: National Bank of Rwanda Announces Progression from Research to Proof-of-Concept Stage for CBDC Implementation

The National Bank of Rwanda (BNR) is steadily moving towards the potential issuance of a retail Central Bank Digital Currency (CBDC) by 2026. This ambitious plan is part of the country's broader efforts to modernise its financial system and establish itself as a significant player in the evolving global economy.

The journey towards a potential CBDC began in March 2022, with BNR initiating a comprehensive feasibility study. This study involved thorough economic, legal, functional, and financial assessments to evaluate the potential benefits and challenges of a retail CBDC.

In August 2025, BNR launched a retail CBDC ideathon, inviting fintechs, startups, innovators, and the public to contribute to shaping the digital currency's design and future use cases. This initiative underscores BNR's commitment to a collaborative and inclusive approach in its CBDC development.

BNR has identified four key benefits of pursuing a CBDC: resilience during network or power disruptions, stimulating innovation and competition, reducing cash handling costs, and faster, cheaper, more transparent remittances. To test these benefits, BNR initiated a closed-loop proof-of-concept (PoC) with a select group of participants. This PoC is scheduled to run for five months, with results expected by October 2025.

The PoC aims to test essential features such as offline payments, USSD access for feature phones, cybersecurity, and the legal framework. The public was invited to provide feedback via a questionnaire sometime in mid-2024.

The feasibility study conducted by BNR in 2024 reaffirmed the four core benefits of a potential retail CBDC: resilience, innovation, cashless support, and remittance efficiency. The study recommended proceeding cautiously with phased validations, including proof-of-concept (PoC) testing and pilots.

BNR plans to navigate the complex landscape of CBDCs thoughtfully and responsibly. The apex bank outlined its plans for a CBDC within two years as part of the country's broader efforts to modernise its financial system. Rwanda is progressing towards a potential 2026 roll-out of a retail CBDC, adopting a structured and consultative approach that includes research, public engagement, technical collaboration, and PoC testing.

The planned issuance of a central bank digital currency by October 2025 is not publicly detailed in the available search results. However, the ongoing activities and initiatives by BNR suggest a strong commitment towards exploring the potential benefits of a retail CBDC. As more information becomes available, we will keep you updated on the progress of Rwanda's CBDC journey.

Central Bank Digital Currency (CBDC) Development: National Bank of Rwanda Announces Progression from Research to Proof-of-Concept Stage for CBDC Implementation