The National Bank of Rwanda (NBR) has completed a five-month Proof of Concept (PoC) for a potential central bank digital currency (CBDC), known as the e-Franc Rwandais (e-FRW), and will now proceed to a 12-month pilot phase.

The PoC, conducted between May and October 31, 2025, assessed the technical, operational, legal and policy feasibility of introducing a Rwanda-specific digital currency. According to the central bank, the testing confirmed that a CBDC could support secure and instant payments, encourage financial innovation, and contribute to Rwanda’s broader cashless and digital economy goals.

12-Month Digital Currency Pilot to Begin

Building on the PoC findings, the central bank announced it will launch a controlled 12-month pilot program to further evaluate the e-Franc in real-world conditions.

The pilot will:

- Involve a limited and diverse group of participants in Kigali, a secondary city and selected rural areas

- Test financial inclusion channels, including USSD functionality and low-cost devices

- Expand real-life use cases with merchants and other stakeholders in a controlled environment

- Explore interoperability and potential cross-border payment applications

The announcement was formally issued in Kigali on February 26, 2026, by Governor Soraya M. Hakuziyaremye.

No Decision Yet on Official Digital Currency Issuance

The central bank emphasized that no final decision has been made to issue the e-FRW as an official national digital currency.

Authorities stated that any potential launch would depend on:

- Evidence gathered during the pilot phase

- Stakeholder feedback

- Regulatory and broader policy considerations

The pilot will incorporate safeguards including privacy-by-design principles, cybersecurity protections, and coordination with financial institutions and relevant authorities.

Focus on Financial Inclusion and Digital Payments

The inclusion of USSD-based access and low-cost devices suggests a focus on reaching underserved and rural populations. The central bank said the pilot will also deepen collaboration with domestic and international partners as Rwanda continues its digital transformation strategy.

The National Bank of Rwanda stated it will maintain transparent engagement with the public and provide updates as the pilot progresses.

While the completion of the Proof of Concept marks a significant milestone, the e-Franc remains under evaluation pending the outcome of the 12-month pilot program.