President Kagame Appoints New Leadership at National Bank of Rwanda

President Paul Kagame has appointed Dr. Soraya Hakuziyaremye as Governor and Dr. Justin Nsengiyumva as Deputy Governor of the National Bank of Rwanda (BNR). The appointments, announced on February 25, 2025, mark a strategic shift in the leadership of the country’s central bank.

Dr. Hakuziyaremye, previously BNR’s Deputy Governor and Vice-Chairperson, has now stepped into the top role, replacing John Rwangombwa, who led the central bank since February 2013 and completed the maximum two consecutive six-year terms. With an extensive background in finance, government, and international relations, Dr. Hakuziyaremye has been instrumental in shaping financial sector development, enhancing risk management, and formulating strategic policies.

Before joining BNR, she served as Rwanda’s Minister of Trade and Industry from October 2018 to March 2021. She also held senior roles in global finance, including as Senior Vice President and Credit Risk Manager at ING Bank in the UK, where she specialized in managing credit risks for financial institutions and advising on major international transactions.

Dr. Hakuziyaremye’s experience extends to diplomacy, having served as Senior Advisor at Rwanda’s Ministry of Foreign Affairs and Cooperation (2012–2014). During this time, she contributed to Rwanda’s successful bid for a non-permanent seat on the UN Security Council.

Her early career included positions at BNP Paribas Group/Fortis Bank and The Bank of New York Mellon, where she focused on audit, risk management, and corporate actions for global asset management clients.

Academically, she holds a Master’s in Business Engineering from Solvay Business School (Belgium) and a Postgraduate degree in International Management from Thunderbird Graduate School (USA). In 2024, she completed the Executive Public Leaders Program at Oxford University. She is also a co-founder of the Brussels-Africa Hub and serves on the board of Ngali Holdings.

Dr. Justin Nsengiyumva assumes the role of Deputy Governor, bringing vast experience in economic policy, financial regulation, and international economic strategy.

Before this appointment, he was a Senior Economic Advisor at the UK Government’s Office of Rail and Road since 2016. His career also includes roles as an Economist at the UK’s Department for Work and Pensions, and Permanent Secretary at Rwanda’s Ministry of Education (2008) and Ministry of Trade and Industry (2005–2008). He also served as Policy and Research Development Manager at Refugee Action (2009–2013).

Dr. Nsengiyumva holds a PhD in Economics from the University of Leicester, with research focusing on financial development, government ownership of banks, and foreign capital inflows. He also earned a Master’s in Economic Policy and Management from the University of Nairobi and a Bachelor of Commerce from the Catholic University of Eastern Africa.

These appointments come at a pivotal moment for Rwanda, as the nation continues its transition towards a digital economy. With their extensive expertise, Dr. Hakuziyaremye and Dr. Nsengiyumva are expected to steer BNR through this evolving financial landscape, ensuring stability and innovation in the banking sector.