In a historic move, President Paul Kagame has appointed Soraya Hakuziyaremye as the new governor of the National Bank of Rwanda (BNR), marking a significant milestone as she becomes the first woman to lead the country’s central bank.

The appointment, announced on February 25, 2025, signals a strategic shift in Rwanda’s financial leadership at a time when the nation is accelerating its economic transformation.

A Trailblazer in Finance and Governance

Soraya Hakuziyaremye is no stranger to financial leadership. Having served as Deputy Governor of BNR since March 2021, she brings a wealth of experience in banking, governance, and risk management.

Before being appointed to her tenure at the central bank, she held the position of Minister of Trade and Industry from October 2018 to March 2021, where she played a crucial role in shaping Rwanda’s trade policies and fostering industrial growth.

Beyond her ministerial role, Hakuziyaremye’s expertise extends into the international financial sector. She worked as a Senior Vice President and Credit Risk Manager at ING Bank in the United Kingdom, overseeing global financial institutions’ credit risks and advising on high-profile international finance deals.

Her earlier experience includes positions at BNP Paribas Group/Fortis Bank and The Bank of New York Mellon, where she specialised in audit, risk management, and corporate financial actions.

Educational Background and Global Exposure

Hakuziyaremye’s academic credentials further reinforce her readiness for this new role. She holds a Master’s degree in Business Engineering from Solvay Business School in Belgium and a Postgraduate degree in International Management from Thunderbird Graduate School in the United States.

Her commitment to continuous learning was evident when she completed the Executive Public Leaders Program at Oxford University in 2024.

Her global perspective and experience in both the public and private sectors equip her with the skills needed to navigate the complexities of modern central banking, ensuring financial stability and promoting Rwanda’s economic growth.

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A Strong Deputy in Dr Justin Nsengiyumva

Supporting Hakuziyaremye in this significant transition is Dr Justin Nsengiyumva, the newly appointed Deputy Governor of BNR. Dr. Nsengiyumva brings an extensive background in economic analysis, policy development, and financial regulation.

Before his appointment, he served as a Senior Economic Advisor at the UK Government’s Office of Rail and Road, contributing to key economic strategies and regulatory frameworks.

Dr. Nsengiyumva’s career spans roles in both Rwanda and the United Kingdom. He previously worked as an economist at the UK’s Department for Work and Pensions and held key government positions in Rwanda, including Permanent Secretary at the Ministry of Education (2008) and the Ministry of Trade and Industry (2005-2008).

His experience in economic policy development was further strengthened by his tenure as a Research Development Manager at Refugee Action, where he focused on policies related to financial inclusion and development.

Holding a PhD in Economics from the University of Leicester, Dr. Nsengiyumva’s research focused on financial development, government ownership of banks, and foreign capital inflows.

He also holds a Master’s degree in Economic Policy and Management from the University of Nairobi and a Bachelor of Commerce degree from the Catholic University of Eastern Africa.

The Future of Rwanda’s Financial Sector

Hakuziyaremye’s appointment comes at a crucial time for Rwanda, as the nation continues to position itself as a financial hub in the region.

Under her leadership, the central bank is expected to focus on monetary policy innovation, digital financial services expansion, and economic resilience in a rapidly evolving global economy.

Her tenure will likely emphasise financial sector modernisation, strengthening risk management frameworks, and promoting inclusive economic policies to support Rwanda’s vision of becoming a middle-income country.

Given her track record in financial regulation, trade, and banking, she is well-positioned to drive sustainable financial growth and stability.

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Breaking Barriers and Setting Precedents

As the first woman to head the National Bank of Rwanda, Hakuziyaremye’s appointment is a landmark achievement that demonstrates Rwanda’s commitment to gender inclusivity in leadership.

Her success in this role will serve as an inspiration for women in finance and governance, reinforcing Rwanda’s position as a progressive leader in gender equality and economic development.

With a seasoned economist like Dr. Nsengiyumva as Deputy Governor, the National Bank of Rwanda is on track for a dynamic period of transformation, ensuring that the financial sector remains resilient, innovative, and growth-orientated.

Looking Ahead

The appointment of Soraya Hakuziyaremye as Governor of the National Bank of Rwanda marks a new era in the country’s financial governance.

Backed by her extensive experience and strategic vision, she is well-prepared to lead Rwanda’s central bank into a future of economic growth and financial stability.

As she embarks on this journey alongside Dr Justin Nsengiyumva, the nation watches with anticipation for the impact of their leadership on Rwanda’s financial and economic landscape.