The National Bank of Rwanda (NBR) marked its 60th anniversary with a grand celebration that highlighted its significant transformation and contributions to the country’s economic development.
The event, themed “The Evolving Role of Central Banks,” was graced by distinguished guests including the Right Honorable Prime Minister, regional and international dignitaries, and key figures from the financial sector.”
In his welcoming remarks, NBR Governor, John Rwangombwa, emphasized the importance of this milestone not only as a time for celebration but also for reflection and future planning.
He acknowledged the presence of high-profile attendees such as Madame Victoria Kwakwa, Regional VP of the World Bank, and Mr. Abebe Selasie, IMF Director for Africa, underscoring the global nature of central banking and the crucial role of international cooperation.
The Prime Minister’s presence, representing the President of Rwanda, highlighted the government’s support and recognition of the NBR’s pivotal role in the nation’s economic stability and growth.
Established in April 1964, the National Bank of Rwanda has witnessed tremendous growth and transformation, particularly over the past three decades.
Transitioning from direct monetary controls to a forward-looking, price-based monetary policy framework in 2019, the Bank has adapted to the evolving financial landscape, maintaining an average inflation rate of 5.9% between 2006 and 2020, despite global economic challenges.
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Rwanda’s financial sector has expanded significantly, growing from 7 financial institutions before 1994 to a diverse ecosystem comprising 11 banks, 461 microfinance institutions, 12 pension schemes, 18 insurers, and numerous other financial entities.
This growth is reflected in a dramatic increase in financial assets and credit to the private sector, demonstrating the sector’s robustness and the NBR’s effective regulation.
Governor Rwangombwa highlighted the Bank’s commitment to financial system stability through the adoption of international regulatory standards and a transition to risk-based regulation.
This evolution necessitated a skilled workforce, growing from 96 employees in 1995 to 580 today, with a younger, dynamic demographic driving innovation and challenging conventional practices.
Expressing gratitude, Governor Rwangombwa thanked the national leadership, international partners, and fellow central banks for their continuous support and collaboration.
He stressed the importance of the autonomy and independence granted to the Central Bank, which has been crucial in achieving its mandate.
The conference also featured insights from prominent speakers. Dr. Louis A. Kasekende, Executive Director of MEFMI, highlighted the need for humility among regulators, acknowledging the fast-paced advancements in financial technologies like mobile money.
Mr. Abebe Selasie of the IMF emphasized the role of digital transformations in enhancing financial inclusion and efficiency, while Victoria Kwakwa from the World Bank noted the impact of fintech innovations in bridging the finance gap for Micro-Small and Medium Enterprises (MSMEs).
Governor Rwangombwa concluded by reinforcing the Bank’s commitment to adapting to the ever-changing global landscape.
He emphasized the expanded role of central banks in supporting financial inclusion, climate change mitigation, and other critical areas, aligning with the conference theme.
He called for continued collaborative action to ensure global economic well-being.
The celebration of the National Bank of Rwanda’s 60th anniversary marks a significant milestone in its journey of transformation and growth, setting the stage for continued progress and innovation in the years to come.
