KAMPALA, Nov 15 – The National Bank of Rwanda and the National Bank of Cambodia have launched a cross-border remittance service connecting their national payment systems, enabling customers in Cambodia to send money to beneficiaries in Rwanda more quickly and securely, the two central banks said in a joint statement on Sunday.
The proof of concept was jointly launched on Sunday, during the Black Swan Summit Cambodia, held from November 15 to 16 at the Koh Pich Exhibition and Convention Center in Phnom Penh.
The initiative connects Cambodia’s Bakong payment system with Rwanda’s national payment system, eKash, operated by R-Switch. It is designed to facilitate direct transfers from Cambodia to bank accounts and digital wallets held by beneficiaries in Rwanda.
Under the arrangement, ACLEDA Bank Plc serves as the correspondent bank in Cambodia, while I&M Bank (Rwanda) Plc acts as the settlement bank in Rwanda.
The interconnection allows customers of the correspondent bank and member institutions of Cambodia’s Bakong network to transfer funds across the two countries without relying solely on conventional cross-border remittance channels.
The central banks said the service is intended to make transfers faster, more convenient, secure and affordable while reducing the complexities associated with international money transfers.
Trade and financial inclusion opportunities
The payment link is expected to expand financial service options for individuals and businesses with cross-border transfer needs between Cambodia and Rwanda.
Beyond personal remittances, the initiative could facilitate payments associated with trade, investment and tourism, while improving access to formal remittance services and digital financial products.
The two central banks also identified stronger economic activity and financial flows between the countries as potential benefits of the arrangement.
The launch represents a practical application of interoperability between national payment infrastructures, allowing financial institutions in different markets to connect their domestic payment networks for cross-border transactions.
The current proof of concept specifically enables transfers from Cambodia to Rwanda. The central banks did not disclose transaction limits, fees, settlement timelines or whether the service would subsequently support transfers in the opposite direction.
