This comparative study examines the governance challenges within aid chains operating in Rwanda, a post-conflict state characterised by a centralised political environment. It analyses the persistent information asymmetries between international donors, international non-governmental organisations (INGOs), and local implementing partners, which complicate accountability and erode trust. Through a qualitative case study methodology, the research contrasts the formal accountability mechanisms of two major donor models—bilateral and pooled funding—with the informal, relational practices that emerge to bridge information gaps. The findings reveal that while Rwanda’s strong state oversight reduces some fiduciary risks, it can also exacerbate power imbalances within the aid chain. The article concludes with policy implications for designing more equitable and effective governance structures that balance donor requirements with local capacity and contextual realities in fragile states.