Kagame gives East Africa its first female central bank Governor

February 26, 2025 in Business, Foreign News by Editor

Courtesy photo

Rwanda has executed its cyclical rollover of the leadership at its lender of last resort, the Bank Nationale du Rwanda (BNR), elevating former deputy governor Soraya Hakuziyaremye to the helm of the institution. At the same time, new comer Dr. Justin Nsengiyumva was appointed to deputise Soraya.

Both officials will serve on a six-year contract and are eligible for reappointment one more time. The appointments by President Paul Kagame, which make Soraya the first woman in Rwanda and East Africa to head a central bank, were announced in a communique by Prime Minister Dr. Edouard Ngirente on February 25.

Soraya replaces John Rwangombwa, who has completed his 12-year tenure as BNR Governor.

Soraya is no stranger in financial industry circles, having been the deputy captain at BNR before her latest elevation. She was also the Minister for Trade and Industry from 2018 to 2021, and has also been a Senior Vice President and Credit Risk Manager at ING Bank UK.

The holder of a Master’s in Business Engineering from Solvay Business School in Belgium and a postgraduate degree in International Management from Thunderbird Graduate School in the United States, she also had stints at BNP Paribas Group, The Bank of New York Mellon.

The newly appointed Deputy Governor, Dr. Justin Nsengiyumva, brings a combination of international experience and native knowledge having served in different capacities in Rwanda.

He has been a Senior Economic Advisor at the UK Government’s Office of Rail and Road and also held various roles at the Department for Work and Pensions in the UK.

He has also been Permanent Secretary at Rwanda’s Ministry of Education and Permanent Secretary at the Ministry of Trade and Industry from June 2005 to March 2008.

Dr. Nsengiyumva holds a PhD in Economics from the University of Leicester, majoring in financial development and foreign capital inflows. He also has 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.