In a bid to modernize its services, the National Bank of Rwanda (NBR) projects to spend $8m on ICT infrastructure modernization project.

Governor of the Central Bank Francois Kanimba, said the major areas to be considered in this project include core banking system, automation of the whole accounting system and computerizing documents to reduce paper work.

"In the last 20 years, Central Bank was regarded as the modern institution with most sophisticated IT equipment but now we are among those who are lugging behind in ICT modernisation,” Kanimba said.

He cited an example of the IBIS 2000, software that is used in core banking system which is not up-to-date and overtaken by events.

Kanimba noted this during the signing ceremony for the grant agreement by the US. The grant worth $547,000 is meant for ICT technical assistance.

He said the US Government is the first development partner to express interest in support the multimillion ICT project.

The grant was signed between the Central Bank, represented by the Governor and the US Ambassador to Rwanda, Stuart Symington on behalf of the U.S Trade and Development Agency (USTDA).

"Think of this as a small contribution by a committed partner to the institution that we think is significant to Rwanda’s future and to Africa and to the world,” Symington said.

The grant will be used for capacity building to personnel in IT department and also prepare a detailed implementation program of the project.

"If we can be in a position of adding a little bit of gasoline to the car you are driving in a direction that is already inspired the operation that’s a wonderful intervention”, Symington said.

Kanimba said that they intend to interest more development partners and he’s optimistic that the project is so interesting and viable to attract more development partners on board.

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