President Paul Kagame on Tuesday, February 25, named Soraya Hakuziyaremye as the new Governor of the National Bank of Rwanda (BNR). She becomes the first woman to head the central bank.

Hakuziyaremye, who replaces John Rwangombwa, steps into her new role after serving as Deputy Governor since March 2021.

Rwangombwa, who headed the central bank since February 2013, completed the maximum of two consecutive terms of six years each.

ALSO READ: Central Bank explores US dollar-denominated bond listing

Hakuziyaremye will be deputised by Justin Nsengiyumva (PhD), who has a background in economic analysis, policy development, and economic regulation.

A former Minister of Trade and Industry, Hakuziyaremye boasts an extensive experience in government, finance, and international relations, with a particular focus on financial sector development, risk management, and strategic policymaking.

She served as the Minister of Trade and Industry from October 2018 to March 2021.

ALSO READ: Rwanda mulls a digital currency in two years

Between June 2016 and October 2018, she worked as a Senior Vice President and Credit Risk Manager at ING Bank in the UK, overseeing credit risk for financial institutions and global markets.

From 2012-2014, she was a Senior Advisor to Rwanda’s Ministry of Foreign Affairs and Cooperation.

Earlier in her career, she gained experience in audit, risk management, and corporate actions for global asset management clients during her time at BNP Paribas Group/Fortis Bank and The Bank of New York Mellon.

Hakuziyaremye holds 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 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 currently serves as a Board Member of Ngali Holdings.

On his part, the new Deputy Governor Nsengiyumva has served as a Senior Economic Advisor at the Office of Rail and Road in the UK Government since April 2016.

Before that, he worked as an economist at the UK Government’s Department for Work and Pensions from April 2015 to March 2016.

In Rwanda, he held key government positions, including Permanent Secretary at the Ministry of Education from March to November 2008 and at the Ministry of Trade and Industry from June 2005 to March 2008.

Nsengiyumva also contributed to policy development as a Research Development Manager at Refugee Action between June 2009 and December 2013.

He holds a PhD in Economics from the University of Leicester, where his 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 obtained from the University of Nairobi and a bachelor of commerce from the Catholic University of Eastern Africa.