Rwanda’s Central Bank: Soraya Hakuziyaremye Appointed First Female Governor, Succeeding John Rwangombwa" 

Presidential Decree Ushers in New Era for BNR. In a landmark decision announced on Tuesday, February 25, 2025, President Paul Kagame appointed Soraya Hakuziyaremye as the new Governor of the National Bank of Rwanda (BNR), replacing John Rwangombwa, who held the position for 12 years since 2013. The appointment, via Prime Minister’s Office communiqué, marks Hakuziyaremye as the first woman to lead Rwanda’s central bank in its history.  

 Outgoing Governor: 

- John Rwangombwa, an economist credited with stabilizing Rwanda’s financial sector and steering post-pandemic recovery, concludes a 12-year tenure (three consecutive terms). His leadership aligned with Law No. 55/2007, which permits 5-year renewable terms for BNR Governors.  

   - Achievements: Maintained single-digit inflation (averaging 5%), expanded financial inclusion to 94% of adults via digital platforms, and positioned Rwanda as a regional fintech hub.  

 Incoming Governor:  

   Soraya Hakuziyaremye, previously BNR’s Deputy Governor since 2021, brings 25+ years of global finance expertise. Her appointment follows Law No. 55/2007, which mandates presidential nomination and Senate approval.  

   Prior Roles:  

     - Minister of Trade and Industry (2018–2021).  

     - Founder of Rwanda’s first private financial consultancy (2014–2016).  

     - Senior Advisor to the Minister of Foreign Affairs (2012–2014).  

     - International stints at BNP Paribas (Paris) and ING Bank (London).  

 New Deputy Governor:  

   - Dr. Justin Nsengiyumva, former Permanent Secretary in the Ministry of Education (until 2008) and State Secretary for Trade, steps into Hakuziyaremye’s former role. A University of Leicester graduate, his focus will likely center on aligning monetary policy with Rwanda’s education-driven economic reforms. 

Legal Framework: Laws Governing BNR Leadership

The transition adheres to Rwanda’s robust legal structure for central bank governance:  

1. Law No. 55/2007(Amended):  

   - Appointment: The President nominates the Governor, subject to Senate approval (*Art. 12*).  

   - Term: 5-year renewable mandate, ensuring continuity (Art. 14). Rwangombwa’s 12-year tenure reflects three renewals, underscoring institutional trust.  

   - Independence: BNR operates autonomously on monetary policy, free from political interference (Art. 3).  

   - Duties: Currency issuance, forex reserve management, and financial sector supervision (Art. 5).  

Soraya Hakuziyaremye: A Profile in Pioneering Leadership

- Early Life: Born in Brussels to Rwandan repatriates, Hakuziyaremye relocated to Rwanda at age five. Educated at APE Rugunga and Ecole Belge de Kigali, she mastered Kinyarwanda while excelling in mathematics.  

 Academic Pedigree:  

  - Université Libre de Bruxelles: Degree in Commercial Engineering (Finance).  

  - Thunderbird School of Global Management (USA): Master’s in International Business.  

Global Finance Expertise:  

  - Spearheaded risk management at BNP Paribas (Paris).  

  - Advised EU-African trade partnerships at ING London.  

Challenges Ahead

Hakuziyaremye inherits a resilient yet evolving economy. Priorities include:  

1. Digital Currency Innovation: Advancing BNR’s CBDC (Central Bank Digital Currency) pilot.  

2. Climate Finance: Scaling green bonds for sustainable infrastructure.  

3. Regional Integration: Aligning with East African Community monetary union plans.  

This leadership shift underscores Rwanda’s commitment to gender parity and technocratic excellence. With Hakuziyaremye at the helm, BNR is poised to navigate global economic headwinds while deepening financial access for all Rwandans.

Rwanda’s Central Bank: Soraya Hakuziyaremye Appointed First Female Governor, Succeeding John Rwangombwa" 

Presidential Decree Ushers in New Era for BNR. In a landmark decision announced on Tuesday, February 25, 2025, President Paul Kagame appointed Soraya Hakuziyaremye as the new Governor of the National Bank of Rwanda (BNR), replacing John Rwangombwa, who held the position for 12 years since 2013. The appointment, via Prime Minister’s Office communiqué, marks Hakuziyaremye as the first woman to lead Rwanda’s central bank in its history.  

 Outgoing Governor: 

- John Rwangombwa, an economist credited with stabilizing Rwanda’s financial sector and steering post-pandemic recovery, concludes a 12-year tenure (three consecutive terms). His leadership aligned with Law No. 55/2007, which permits 5-year renewable terms for BNR Governors.  

   - Achievements: Maintained single-digit inflation (averaging 5%), expanded financial inclusion to 94% of adults via digital platforms, and positioned Rwanda as a regional fintech hub.  

 Incoming Governor:  

   Soraya Hakuziyaremye, previously BNR’s Deputy Governor since 2021, brings 25+ years of global finance expertise. Her appointment follows Law No. 55/2007, which mandates presidential nomination and Senate approval.  

   Prior Roles:  

     - Minister of Trade and Industry (2018–2021).  

     - Founder of Rwanda’s first private financial consultancy (2014–2016).  

     - Senior Advisor to the Minister of Foreign Affairs (2012–2014).  

     - International stints at BNP Paribas (Paris) and ING Bank (London).  

 New Deputy Governor:  

   - Dr. Justin Nsengiyumva, former Permanent Secretary in the Ministry of Education (until 2008) and State Secretary for Trade, steps into Hakuziyaremye’s former role. A University of Leicester graduate, his focus will likely center on aligning monetary policy with Rwanda’s education-driven economic reforms. 

Legal Framework: Laws Governing BNR Leadership

The transition adheres to Rwanda’s robust legal structure for central bank governance:  

1. Law No. 55/2007(Amended):  

   - Appointment: The President nominates the Governor, subject to Senate approval (*Art. 12*).  

   - Term: 5-year renewable mandate, ensuring continuity (Art. 14). Rwangombwa’s 12-year tenure reflects three renewals, underscoring institutional trust.  

   - Independence: BNR operates autonomously on monetary policy, free from political interference (Art. 3).  

   - Duties: Currency issuance, forex reserve management, and financial sector supervision (Art. 5).  

Soraya Hakuziyaremye: A Profile in Pioneering Leadership

- Early Life: Born in Brussels to Rwandan repatriates, Hakuziyaremye relocated to Rwanda at age five. Educated at APE Rugunga and Ecole Belge de Kigali, she mastered Kinyarwanda while excelling in mathematics.  

 Academic Pedigree:  

  - Université Libre de Bruxelles: Degree in Commercial Engineering (Finance).  

  - Thunderbird School of Global Management (USA): Master’s in International Business.  

Global Finance Expertise:  

  - Spearheaded risk management at BNP Paribas (Paris).  

  - Advised EU-African trade partnerships at ING London.  

Challenges Ahead

Hakuziyaremye inherits a resilient yet evolving economy. Priorities include:  

1. Digital Currency Innovation: Advancing BNR’s CBDC (Central Bank Digital Currency) pilot.  

2. Climate Finance: Scaling green bonds for sustainable infrastructure.  

3. Regional Integration: Aligning with East African Community monetary union plans.  

This leadership shift underscores Rwanda’s commitment to gender parity and technocratic excellence. With Hakuziyaremye at the helm, BNR is poised to navigate global economic headwinds while deepening financial access for all Rwandans.