This trend was highlighted by National Bank of Rwanda (BNR) Governor Soraya Hakuziyaremye, who reported a decrease from 5,000 to 3,000 cases.

Governor Hakuziyaremye shared these figures during a press conference following the presentation of the Monetary Policy and Financial Stability Statement. 

Her remarks underscore the ongoing efforts to boost security within the nation’s financial landscape

Rwanda’s financial ecosystem is robust, comprising 11 banks—including nine commercial banks, one co-operative bank, and one development bank, 70 microfinance institutions, 18 insurance companies, a credit reference bureau, 12 pension schemes, 250 non-deposit-taking financial institutions, 78 foreign exchange bureaus, and 44 payment service providers. 

Banks collectively manage a substantial 67% of the sector's total assets.

By December 2025, the banking sector had successfully served 2.3 million depositors and 2 million savings account holders, demonstrating its crucial role in fostering formal savings. 

Furthermore, lending activities remained strong, with 723,402 borrowers actively accessing credit.

Despite the global rise in cyber threats, fueled by the rapid adoption of digital banking, mobile money, and online financial services, Rwanda's financial sector has managed to curb fraud.

Fraudsters continue to target online banking platforms, mobile money systems, card payments, and digital lending applications.

"Due to the uptake of technology, there are digital fraud cases in the financial services sector. However, over the past two years, the number has reduced from 5,000 cases to 3,000, thanks to various protective measures,” Governor Hakuziyaremye stated, adding that you cannot say there will never be fraud—it would be like saying there will never be thieves in the world.

"Even when money is stolen, we must ensure measures are in place to recover funds and punish those responsible," she added, noting that affected customers should be reimbursed within no more than seven days.

Investigations are mandated by the central bank when fraud is linked to institutional failures, ensuring that systems breaches or staff responsibilities are thoroughly reviewed, with customers receiving reimbursement after such assessments.

A study conducted by the National Bank of Rwanda and the Consultative Group to Assist the Poor shed light on the scope of these challenges. It revealed that 44% of digital financial services users experienced financial losses due to cyber-enabled theft, and 84% encountered attempted fraud. 

A significant 97% of reported incidents involved technology-related issues, including network failures, system errors, accidental transfers, or data misuse.

The study also indicated that 82% of users have a limited understanding of digital financial systems, and 41% reported unintentionally sending money to incorrect recipients.

Moreover, agent-related issues are prevalent, with 65% of disputes or service challenges reported in this area. Scams involving impersonation and deceptive messages, where fraudsters trick victims into authorizing payments by entering codes, are also a concern.