The National Bank of Rwanda has suspended the operations of Mobicash Rwanda Ltd for three months, citing continued failure to comply with regulatory requirements.
In a statement shared on X, the central bank said the suspension took effect on January 23. It followed what the regulator described as persistent non compliance with existing rules governing payment service providers.
Mobicash Rwanda Ltd operates as a financial technology firm licensed to offer digital payment services. These services include money transfers, agency banking, and payments for utilities.
During the suspension period, the company is not allowed to accept new customer funds or carry out payment service activities. However, the central bank reassured users that their funds remain secure.
“All existing Mobicash customers will retain full access to their funds and may continue to make withdrawals or redemptions,” the statement signed by Soraya M. Hakuziyaremye said.
The National Bank of Rwanda added that all withdrawal activities will take place under its direct supervision. This measure aims to protect customers and ensure orderly transactions throughout the suspension period.
Customers affected by the decision have been advised to move to other licensed payment service providers operating in Rwanda.
The central bank said the action aligns with its mandate to safeguard the stability and integrity of the financial system. It also reaffirmed its commitment to maintaining a secure, efficient, and trustworthy payment ecosystem in the country.
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