Rwanda allows casinos to accept foreign currency payments
The new rules, developed in consultation with the private sector, the Ministry of Trade and Industry, and the RDB, aim to address issues like unauthorised transactions that weaken the Rwandan Franc.
Rwanda.- The National Bank of Rwanda (NBR) has recently issued a directive listing casinos as one of the entities allowed to accept foreign currency payments, such as US dollars and Euros, without prior approval in the jurisdiction. The directive details which sectors are authorised to receive foreign currencies and outlines the process for other sectors to obtain approvals.
Other firms specified alongside casinos include tourism operators, real estate firms with Rwanda Development Board (RDB) approval and Kigali International Financial Centre (KIFC) ventures. These businesses were included due to their frequent dealings with international clients, which often necessitate transactions in foreign currencies.
A 2024 RDB report notes that casinos, both physical and online, are key to Rwanda’s tourism sector, with foreign visitors driving significant revenue. According to Jean-Paul Uwimana, a Kigali-based tourism analyst, the ability of casinos to receive foreign currencies will enhance their appeal as a destination for international visitors. Given Rwanda’s significant investment in tourism, it is logical that casinos will be protected and prioritised as a key revenue source.
Speaking at the Monetary Policy Committee presentation on September 18 in Kigali, Governor Soraya Hakuziyaremye explained the directive’s purpose. She said: “In our inspection, we found over 700 contracts concluded in foreign currency without authorisation. This directive clarifies which businesses, like casinos and tourism operators, can transact in foreign currency due to their international client base, while ensuring no Rwandan resident is forced to pay in anything other than the Rwandan Franc.”
However, being on the approved list still comes with requirements. Casinos must display prices in Rwandan francs alongside foreign currency equivalents, using the NBR’s daily exchange rate, and accept francs without extra charges. Non-compliance risks fines of Rwf 5 million (€2,923) for a first offence and Rwf 10 million (€5,847) for repeat offences. The NBR reviews applications within 20 working days, with the possibility of a 10-day extension. If not extended, the application will be approved.
