Author: Sam K. Nkurunziza

Speaking at this year’s RSE listings forum under the theme “Scaling Your Business: A Forum for Investments and Growth, Leveraging the Power of Capital Markets,” stakeholders emphasized the pivotal role of capital markets in fostering business resilience and national economic transformation.

In his remarks, Pierre Celestin Rwabukumba, Chief Executive Officer of the RSE, highlighted the crucial place SMEs occupy in Rwanda’s economy and the pressing need for them to broaden their horizons beyond traditional financing models.

“Across Rwanda, SMEs are not just businesses. They are the backbone of our economy, creating jobs, serving local communities, and fueling innovation. But despite their importance, many SMEs still face a critical challenge of access to capital,” Rwabukumba said.

He noted that while personal savings, bank loans, and informal lending networks remain important, they are often inadequate for scaling businesses. Capital markets, he explained, offer SMEs access to long-term, sustainable funding as well as increased credibility and visibility.

“Listing your company on the Rwanda Stock Exchange can help you raise funds from both institutional and individual investors. It also opens the door to corporate bonds and treasury instruments that can attract large-scale capital,” he stated.

A central highlight of this year’s forum was the Capital Market Investment Clinic Program, designed to prepare companies for investor engagement. Through diagnostic assessments, targeted support, and guidance on corporate governance and transparency, the clinic connects SMEs to the broader capital market ecosystem.

“This is not just about raising money. It’s about preparing your business to grow with transparency, good governance, and strategic focus. The clinic helps SMEs become investor-ready, and that’s a game-changer,” Rwabukumba emphasized.

Representing the Capital Markets Authority, Dr. James Ndahiro praised the evolution of Rwanda’s capital markets and stressed the government’s commitment to maintaining a supportive but principled regulatory environment.

“We have carried out reforms to ensure that the business environment allows both small and big companies to operate. But we don’t compromise on governance. It is essential for investor trust, market stability, and long-term success,” he said.

Ndahiro acknowledged the challenges that many SMEs face in navigating the rigorous listing process but affirmed that CMA and its partners are dedicated to supporting issuers at every step.

“Yes, it can be difficult and costly but capital does not come on a slip of faith. You must demonstrate readiness, transparency, and accountability. Once that’s in place, the possibilities, both domestic and international, are immense,” he admitted.

Ndahiro emphasized that CMA’s role extends beyond regulation to active advisory support and market facilitation. “We support potential issuers in this journey. And our support is well aligned with the clinic. We ensure that price-sensitive information is disclosed, that governance standards are met, and that the market remains liquid and fair,” he said.

Adding a policy perspective, Herbert Asiimwe, Head of Financial sector Development at the Ministry of Finance and Economic Planning (MINECOFIN) called for broader participation in the capital markets ecosystem.

“We are committed to nurturing an enabling environment that supports long-term economic transformation, and capital markets are a crucial piece of that puzzle,” Asiimwe said.

“As we continue building this ecosystem, we urge more companies, especially those in high-growth sectors, to attend and actively engage in upcoming forums. The strength of our capital markets depends on the diversity and vibrancy of the businesses that participate in them.”

A key partner in Rwanda’s development, Charlotte Helminger, Chargée d’Affaires at the Embassy of Luxembourg, reaffirmed Luxembourg’s strong support in advancing financial inclusion and sustainable development.

She explained that the partnership with Rwanda is rooted in a shared vision one where inclusive, transparent, and well-regulated capital markets are at the heart of sustainable economic development.

“We believe that by supporting market infrastructure, investor education, and access to finance, we can empower more local businesses to grow and attract long-term investment. Rwanda has shown strong leadership in this area, and we’re proud to be part of its journey,” she said.

As Rwanda positions itself as a regional hub for innovation and investment, the future belongs to businesses that are transparent, strategically focused, and ready to leverage the power of capital markets.

Through initiatives like the investment clinic, Rwandan SMEs now have both the tools and the support they need to make that future a reality.

Despite US President Donald Trump also claiming the two sides were talking trade, China has definitely stated that there were “no economic and trade negotiations between China and the United States”.

Speaking on Thursday April 24, 2025, He Yadong, a Chinese commerce ministry spokesperson, said that the unilateral tariff measures were initiated by the US, they should be the first to de-escalate the trade war.

“If the US truly wants to solve the problem, it should completely cancel all unilateral tariff measures against China and find a way to resolve differences through equal dialogue,” he said.

However, US Treasury secretary Scott Bessent said this week that there would have to be a “de-escalation by both sides” due to the unsustainability of the trade war.

China has insisted its “door is open” to discussions, yet the first removal of tariffs must be made by the US. President Trump has attempted to reach out to negotiate a deal with President Xi Jinping, yet Beijing will not currently participate in what it deems as economic bullying.

Earlier this week, Trump was asked how soon he could reduce the levies imposed on China, to which he said: “That depends on them.”

The White House tariffs on China now amount to a staggering 145%. Trump’s office hiked the figure to 125% earlier this month which is added to the 20% fentanyl-related tariff already on China. In response, Beijing imposed a 125% retaliatory tariff on US goods.

Certain goods have been exempt from the sky-high levies including smartphones, semiconductors and electronics. Trump said the tariffs would reduce “substantially” with a deal being concluded “pretty quickly.”

However, Beijing vehemently denied these claims, saying reports of the two nations being near a deal were “fake news”.

“There have been no consultations or negotiations between China and the United States regarding tariffs, let alone reaching an agreement,” said foreign ministry spokesperson Guo Jiakun.

Kalinda and other parliamentary leaders, including Nelly Mutti of Zambia, Vital Kamerhe of the DRC, Carolina Cerqueira of Angola, and Amason Kingi of Kenya, gathered in Luanda for a summit focused on inclusive governance.

Following the meeting, they were received by AU President and Angolan Head of State João Lourenço, to whom they presented a report detailing the activities of armed groups in eastern DRC, the violence occurring there, and possible approaches to ending it.

According to the Office of the President of Angola, Nelly Mutti, who chairs the regional parliamentary leaders’ forum, explained that the report highlights effective strategies that could help resolve the crisis in eastern DRC and promote regional stability.

President Lourenço and Mutti emphasized the importance of African nations playing an active role in resolving the ongoing tensions between Rwanda and the DRC, which stem from insecurity in the country’s eastern region.

Faustin Nsabumukunzi, 65, of Bridgehampton, Long Island, was arrested on April 24, 2025 and is facing three federal charges; one count of visa fraud and two counts of attempted naturalization fraud. Prosecutors say he lied on his immigration and naturalization applications to hide his involvement in one of the 20th century’s most horrific mass atrocities.

According to court documents, Nsabumukunzi held the position of “Sector Counselor” in Rwanda during the genocide between April to July 1994, a period during which over a million people were killed.

As detailed in the indictment, Nsabumukunzi is accused of using his local authority to organize and direct attacks on Tutsi civilians. He allegedly supervised roadblocks used to identify, detain, and execute Tutsis and participated directly in the killings. A Rwandan court later convicted him in absentia.

Despite that history, Nsabumukunzi applied for refugee resettlement in the United States in 2003 and was granted a green card in 2007. He later submitted naturalization applications in both 2009 and 2015. In each of these cases, he allegedly denied any involvement in acts of genocide or persecution.

“For over two decades, he got away with those lies and lived in the United States with an undeserved clean slate, a luxury that his victims will never have. Thanks to the tenacious efforts of our investigators and prosecutors, the defendant finally will be held accountable for his brutal actions,” said U.S. Attorney John J. Durham for the Eastern District of New York.

Federal officials emphasized that the charges are part of a broader commitment to identifying and prosecuting individuals who committed human rights violations overseas and entered the U.S. under false pretenses.

“As alleged, the defendant participated in the commission of heinous acts of violence abroad and then lied his way into a green card and tried to obtain U.S. citizenship,” said Matthew R. Galeotti, head of the Justice Department’s Criminal Division.

“No matter how much time has passed, the Department of Justice will find and prosecute individuals who committed atrocities in their home countries,” he warned.

“This defendant has been living in the United States for decades, hiding his alleged horrific conduct. We will never tolerate the safe-harboring of individuals linked to such unimaginable crimes,” added Acting Special Agent in Charge Darren B. McCormack of Homeland Security Investigations New York.

If convicted, Nsabumukunzi faces up to 30 years in prison. The case is being prosecuted by the U.S. Department of Justice’s Human Rights and Special Prosecutions Section and the U.S. Attorney’s Office for the Eastern District of New York, with support from Homeland Security Investigations and the Interagency Human Rights Violators and War Crimes Center.

Members of the public who have information about former human rights violators residing in the United States are encouraged to contact law enforcement through the HSI tip line or email.

The event, which brings together student leaders from across East Africa, marks a major highlight in the region’s youth leadership calendar.

The news was shared by Sarah Kagingo, the CEO of Soft Power Communications, via her X account, where she expressed her honor at joining Uganda’s Vice President, Jessica Alupo, and fellow Guild Presidents in welcoming the former Kenyan head of state.

“Honoured to join H.E. the Vice President, Jessica Alupo, and fellow Guild Presidents in welcoming H.E. Uhuru Muigai Kenyatta, Fourth President of the Republic of Kenya, to Makerere University for the guild leaders’ summit, where he will deliver a keynote to East African student leaders,” Kigingo posted.

The summit is expected to focus on youth leadership, regional integration, and the role of young people in shaping East Africa’s future.

Kenyatta, who has remained an influential figure in African diplomacy since leaving office in 2022, is seen as a symbol of peaceful leadership transition and regional cooperation.

His presence at Makerere underscores the university’s historical role as a breeding ground for East African leadership.

Organizers say the summit will offer an opportunity for young leaders to engage with one of the region’s most experienced statesmen on issues ranging from governance to innovation.

John Mpunga, an official from RPPA, told local media that the 105 companies were sanctioned under the 2018 and 2022 public procurement laws.

According to data published on the transparency portal, the bans range from one to seven years, depending on the severity of the offenses.

The affected companies failed to fulfill contractual obligations, implemented projects in ways that deviated from agreed terms, submitted false information, or acted as a front for previously blacklisted entities.

The public procurement law stipulates a seven-year ban for companies that provide false information about their identity, documentation, or capabilities, violate procurement rules in pursuit of a contract, or use fraudulent contracts to obtain loans from banks.

Sanctions also apply to companies that fail to pay workers or suppliers during contract execution, change their registered address without notifying the contracting authority, employ experts whose work is found to be flawed, or collude with public officials in the preparation of tenders or bidding documentation.

Article 145 of the 2022 Public Procurement Law states, “A contractor who implements a contract in a way that deviates from agreed terms, fails to meet quality standards, or neglects obligations without justifiable cause, commits a violation.”

The law imposes a one-year exclusion from tenders and an administrative fine equal to 5% of the contract’s value, in addition to the termination of the contract.

Although RPPA does not pursue legal action itself, it forwards cases involving criminal offenses to the prosecution for follow-up.

Mpunga noted that excluding non-compliant companies from future tenders has significantly improved the overall execution of public contracts compared to previous years.

The essence of good business lies in placing your products on the market, whether local or international. That is the foundation of meaningful commerce.

Fortunate Uwitonze, a businesswoman based in Kigali, began importing goods from China in 2020. At the time, she believed that everything she bought was coming directly from the factories. But in 2023, she discovered the truth.

She had the opportunity to visit several factories in China and was surprised to find that none of them had ever heard of her. Instead, the factories only recognized the intermediaries who helped her source the products.

That’s when she realized that the price she had been paying for her goods was nearly three times higher than the factory price, because every intermediary in the chain was trying to make a profit.

“I thought I was dealing with a factory, but it was actually a middleman. Everything I was buying was extremely overpriced compared to the factory rates,” said Uwitonze.

She’s not alone. Many Rwandans engaged in cross-border trade face similar challenges. Some even lose their goods along the way simply because they don’t know the intermediaries they’re working with well enough.

To solve this problem on a larger scale, UZA Solutions Ltd., in partnership with Alibaba Group, launched the UZA Bulk platform, a marketplace designed to directly connect manufacturers and their customers.

This platform helps African traders access over 10,000 verified Chinese factories. Users can safely, affordably, and quickly browse and order a wide variety of products.

Today, the UZA Bulk platform offers over 20 million products at true factory prices. Users communicate directly with the manufacturers, completely bypassing intermediaries.

“UZA Bulk isn’t just a platform—it’s a movement for transformation. We import smarter and export better. This will help us grow our own industries and fully harness our potential,” Yves Iradukunda, CEO of UZA Solutions Ltd., said.

UZA Bulk also supports Rwandan and African manufacturers in listing their products on the platform, helping them access regional and international markets.

Eric Nshimiyimana, a phone dealer in Kigali, is one of the traders who has benefited from the platform. He shared that he now sells at lower prices while earning “a solid profit.”

This platform is ideal for everyone, from new small-scale entrepreneurs to established factories looking to expand their sales reach.

Anyone, from anywhere, can connect with manufacturers around the world through UZA Bulk. It’s more than a marketplace, it’s a gateway to scaling African commerce. To join UZA Bulk, visit [www.uzabulk.com->https://www.uzabulk.com/].

The announcement follows high-level peace talks facilitated by the State of Qatar in Doha. The agreement aims to strengthen the fragile ceasefire already in place and initiate a broader roadmap for lasting peace in the region.

In a joint declaration released Wednesday April 23, 2025, both parties reaffirmed their commitment to ending violence through dialogue, emphasizing mutual understanding and cooperation.

The statement, shared by M23 via platform X, condemned all forms of hate speech and intimidation, calling on local communities to embrace peace and unity.

“This dialogue will address the root causes of the ongoing crisis,” the declaration stated, highlighting the urgency of tackling longstanding grievances that fuel the conflict.

Both sides also pledged to uphold the cessation of hostilities throughout the negotiation process and encouraged civil society, media, and religious leaders to amplify the message of reconciliation.

The M23 rebellion, which resurfaced in 2021, has led to widespread displacement and instability in the eastern DRC. While previous peace efforts have faltered, the involvement of Qatar and the tone of the current talks have renewed cautious optimism.

“The representatives express their sincere appreciation to the State of Qatar for its continued efforts and unwavering commitment,” the statement said, signaling a new chapter in efforts to resolve one of Africa’s most complex conflicts.