Local incorporation is required for commercial banks and payment services providers.
"Chapter III – Licensing procedures
Article 10 – Application for a license
An application for a licence shall be made in the form set out in Appendix 2 of this regulation, and shall be accompanied by the supporting documents specified in article 11 of this regulation.
[...]
Article 11 – Information and supporting documents
To comply with the requirements provided in the law governing the organization of banking, each application for a licence shall be accompanied by the following supporting documents: [...]
6° the Certificate of Incorporation as a public limited company; the Memorandum and Articles of Association for a company and the Certificate of registration, statutes and internal rules for a cooperative;
[...]
Article 12 – Specific required information for a subsidiary of the foreign bank
In addition to requirements provided in Article 11 of this regulation, a foreign bank wishing to establish a banking subsidiary shall submit the following information and supporting documents:
1° a letter of no objection from the home supervisory authority recommending the applicant to establish subsidiary in Rwanda;
2° a confirmation from the home supervisor that he undertakes the consolidated supervision;
3° a statement from the home supervisor that he is willing to enter into a memorandum of understanding with regard to exchange of information and crisis management and resolutions;
4° any other information that the Central Bank deems necessary to assess the applicant. [...]" (Regulation 2310-13 of 2018 of the National Bank of Rwanda on Licensing Conditions for Banks)
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"Article 15: General criteria for issuing a payment service providers license
The Central Bank issues a license to provide payment services upon satisfaction that the applicant fulfils the following:
(a) the applicant is a company incorporated under the Law governing companies in Rwanda; [...]" (Regulation N° 74/2023 of 18/09/2023 Governing Payment Services Providers, Article 15)
Regulation 2310-13 of 2018 of the National Bank of Rwanda on Licensing Conditions for Banks
Regulation N° 74/2023 of 18/09/2023 Governing Payment Services Providers
[<a href="https://rwandalii.org/akn/rw/act/reg/2018/2310-13/eng@2019-01-07#att_2">Reg</a>],[<a href="https://www.amategeko.gov.rw/document/legislation/2023_09_18_2023_09_25_LT_REG_BUS_TL_governing_payment_services_providers_74_2023">Reg</a>]