Streamlines entry of foreign banks into the market
30 May 2024
On 30 May 2024, Rwanda enacted Law No. 044/2024 Governing Banks, replacing the previous Law no 47/2017. This new legislation allows foreign banks to establish branches or representative offices in Rwanda, streamlining their entry into the market. The law applies to banking groups and financial holding companies, but not to investment banks, which are governed by separate capital market regulations.
The law outlines specific activities that foreign bank representative offices can engage in, such as marketing services and providing local market information, while maintaining restrictions on accepting deposits or extending loans.
Foreign banks are subject to supervision by the Central Bank of Rwanda and must comply with anti-money laundering measures.
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Type:
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Entry and establishment (Ownership and control)
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Industry:
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Services (Financial and insurance activities)
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