Category: Business

The Association of Insurers in Rwanda (ASSAR) told IGIHE that recent cases involve impostors setting up fake offices, collecting money from public service motorcycle operators, and issuing forged insurance certificates while posing as legitimate insurance agents.

Pamela Umutesi, the Managing Director of ASSAR, said the recent incidents targeted Mayfair Insurance Company Rwanda Ltd and strongly condemned the actions, describing them as criminal offenses punishable by law.

“There used to be other minor issues, such as people altering insurance dates instead of renewing their policies. But this is the first time we have seen people establish fake offices, charge clients, and issue certificates claiming they are insured,” she said.

She added that, in collaboration with relevant authorities, the suspects are under investigation and that several measures have already been put in place to curb the fraud, with more interventions planned.

“Since 2019, as an association, we have been issuing a unified insurance certificate through ASSAR. This means that regardless of the insurance company where a client purchases insurance, it is ASSAR that issues the certificate. It includes a scanning feature that allows authorities such as the Police to verify its authenticity using a mobile phone,” Umutesi explained.

“Because not everyone owns a smartphone, we are also planning to introduce a USSD system using a star code. The insurer will provide a code, which the client can dial to verify whether the certificate they received is genuine,” she added.

Umutesi noted that beyond financial losses, the most serious risk arises when an accident occurs and a rider believes they are insured, only to later discover they were issued a fake certificate.

The Rwanda Investigation Bureau (RIB) in Kayonza District, one of the areas where the scam was identified, said that toward the end of 2025, two individuals were discovered impersonating representatives of Mayfair Insurance Company Rwanda Ltd. One suspect had set up an office in Murundi Sector and was arrested, while the other remains at large.

Similar cases have also been reported in Nyamasheke and Karongi districts. Investigators say they are following leads pointing to a suspected ringleader who is still on the run.

Mayfair Insurance confirmed the incidents, saying that as soon as the fraud was discovered, the company reported the matter to relevant authorities, including RIB, ASSAR, and the regulator, the National Bank of Rwanda.

The company clarified that it does not provide motorcycle taxi (PSV) insurance and urged the public to remain vigilant when paying for insurance certificates.

“We have noted several cases where fraudulent insurance certificates were issued by rogue individuals falsely claiming to represent us. We urge the public to exercise caution when receiving insurance certificates,” the company’s Managing Director Ms. Jessica Igoma said.

“We also encourage the public to remain vigilant as authorities continue with efforts to apprehend all suspects and put an end to these fraudulent activities,” she added.

Mayfair Insurance, which has operated in Rwanda for nearly a decade, offers a wide range of general insurance products, including motor, property, marine, travel, and specialized corporate insurance solutions.

Members of the public are advised to verify insurance certificates using QR codes on the documents, deal only with authorized agents listed on Mayfair’s official website, or contact the company directly at 0788 381 844.

The announcement follows concerns from some residents who, upon attempting to pay their land taxes for the year, discovered that rates had increased. Many were unaware of these changes. The land tax rate is now set at Rwf 80 Rwandan Francs per square meter, a significant rise from the previous rate.

In response, the City of Kigali clarified via its official social media platforms that the new rates were approved by the Kigali City Council on February 21, 2025, and are now being enforced.

“These rates replaced those that were last approved by the District Councils in 2017–2018, which had continued to be applied until the end of 2024,” the City of Kigali explained.

The City further stated that, once finalised, the new tax rates were communicated to the public through multiple channels, including the media, social networks, and online platforms.

The new rates were established based on a Ministerial Order issued by the Ministry of Finance and Economic Planning, which outlines base tax rates for land. Published on November 28, 2023, the order specifies that land tax can range from 0 to 80 Rwandan francs per square meter. Land within Kigali’s Central Business District (CBD), which includes major business and industrial areas, will have tax rates between Rwf 70 and Rwf 80 per square meter. These rates apply to commercial, industrial, and non-residential areas, while residential areas within the CBD are taxed between Rwf 60 and Rwf 80 per square meter.

In less urbanized parts of Kigali, residential areas are taxed between Rwf 40 and Rwf 60 per square meter, and non-residential areas such as business or industrial zones are taxed between Rwf 50 and Rwf 70 per square meter. Agricultural and livestock zones, which are more rural, are taxed between 0 and 0.4 Rwandan francs per square meter.

In areas that have a mix of urban and rural features, such as small business centers or locations with basic infrastructure, residential areas are taxed between Rwf 10 and Rwf 40 per square meter, while non-residential areas such as business and industrial properties are taxed between Rwf 20 and Rwf 50 per square meter.

Finally, rural agricultural zones located between urban and rural areas of Kigali will continue to be taxed between 0 and 0.4 francs per square meter.

Agriculture remains a key sector of Rwanda’s economy, supporting the livelihoods of about 69% of the population. Key markets, including Nyabugogo, Musanze (GOICO), Rusizi and Huye, are supplied mainly by local producers.

In a report released on December 31, 2025, NISR provided an overview of agricultural performance during the year, showing that bean production fell slightly across most seasons. In Season A of 2025, bean output stood at 230,400 tonnes, representing a 1.2% decline compared to the same season in 2024. Season B production reached 240,700 tonnes, down by 0.6% year on year.

However, bean production improved during the Season C (summer farming) period, where output reached 3,178 tonnes, a 4% increase compared to the previous year.

In contrast, potato farmers recorded strong harvests across all three seasons. Potato production reached 475,700 tonnes in Season A, 314,000 tonnes in Season B, and 94,800 tonnes in Season C. Overall, potato output rose by 17% compared to 2024.

Sweet potato production declined during the year. In Season A, output totalled 656,000 tonnes, while Season B recorded 652,000 tonnes. Season C production stood at 41,200 tonnes.

Maize production also dropped in 2025. Season A output reached 481,200 tonnes, a 5.3% decrease compared to the same season in 2024, while Season B production stood at 117,000 tonnes, down by 1.2%.

Banana production showed modest growth, increasing by 1.3% overall. In Season A, production reached 1.2 million tonnes, while Season B recorded 1.1 million tonnes. Rice production also rose slightly, reaching 69,600 tonnes in Season A and 72,900 tonnes in Season B, representing increases of 0.8% and 0.2%, respectively.

Market prices reflect mixed supply conditions. Beans are currently selling at between Rwf 800 and Rwf 1,500 per kilogram in Nyabugogo, depending on the variety. Bananas are priced at around Rwf 600 per kilogram, while potatoes are selling at approximately Rwf 700 per kilogram.

{{Bugesera: From drought-prone to high-yield district
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Once known for frequent droughts, Bugesera District has emerged as one of Rwanda’s more productive agricultural areas.

According to the NISR report, Bugesera, alongside Gisagara and Rusizi districts, recorded the highest production of beans, rice and cassava in 2025.

Bugesera Mayor Mutabazi Richard told IGIHE late in 2024 that expanded tree-planting initiatives had contributed to improved rainfall patterns in the district.

“Efforts to increase tree planting have improved the local climate, leading to more rainfall,” he said.

Niyodushima Dieudonnée, head of Exodus Farm Ltd, which operates in Bugesera, noted that fully utilising the district’s nine lakes for irrigation could transform the area into a major food supplier.

“Bugesera’s land is fertile but does not produce throughout the year. When rainfall is sufficient, production is high, but dry periods limit output. With proper irrigation from the nine lakes, the district could supply the country with crops such as beans and maize,” he said.

Currently, irrigation schemes in Rwanda cover more than 75,000 hectares, with the government targeting 130,000 hectares by 2029.

Meanwhile, a market price report released in December 2025 shows that prices in November 2025 rose by 7.2% compared to November 2024. The increase was driven mainly by higher prices for food and non-alcoholic beverages, which rose by 1.4%.

Alcoholic beverages and tobacco recorded a 16.2% increase, while housing, water, electricity, gas and other fuels rose by 7.7%. Medical expenses surged by 70.9%, transport costs increased by 9.3%, and food and accommodation prices rose by 19.4%.

According to RSE data, the total market capitalisation reached Frw 6.68 trillion ($4.6 billion), with equities accounting for Frw 4.7 trillion ($3.3 billion) and debt instruments valued at Frw 1.9 trillion ($1.3 billion).

Total market turnover stood at Frw 4.8 trillion ($3.4 billion), dominated by over-the-counter and repo transactions, which made up 92% of activity at Frw 4.54 trillion. Bonds and equities contributed Frw 181.8 billion ($125.1 million) and Frw 6.7 billion ($4.2 million) respectively.

Capital markets also saw growth in fundraising, with Frw 359.02 billion ($250.1 million) raised in 2025, Frw 326 billion through Treasury bonds and Frw 33.02 billion via corporate bonds. Market indices reflected this upward trend, with the RSI Index rising 12.96% to 14,792.6 and the ACSI Index increasing 22.45% to 182.26.

Investor participation continued to expand, with 22,731 direct investors, 88,966 indirect investors, and an underlying investor base exceeding 250,000.

RSE also listed 16 new products, including 12 Treasury Bonds and four corporate bonds from companies such as Mahwi Grain Millers, Africa Medical Supplier (AMS), International Finance Corporation (IFC), and Energicotel PLC.

Several strategic initiatives marked 2025 as a year of innovation. RSE introduced the Green Exchange Window (GEW) and the Multi-Currency Denominated Securities Market Segment (MDS).

RSE CEO Pierre Celestin Rwabukumba said in November that the initiatives aim to deepen private-sector participation, expand access to long-term finance, and support sustainable investment across Rwanda and the continent.

“The market is ready for these instruments,” Rwabukumba said, noting that RSE has already raised more than Frw 70 billion through sustainability-linked and green bonds, reflecting strong investor interest in sustainable finance.

Additionally, in 2025, the exchange hosted the inaugural Pan-Africa ESG Awards and the 28th African Securities Exchanges Association (ASEA) Annual Conference, while gaining membership in the World Federation of Exchanges (WFE) and joining the UN Sustainable Stock Exchanges (SSE) Initiative’s Net Zero Financial Services Providers Alliance.

“The year 2025 marked a period of strong market growth, increased investor participation, and major institutional achievements for Rwanda Stock Exchange,” RSE stated, adding, “With expanding activity across equities, bonds, and OTC markets, alongside the introduction of GEW and MDS segments, RSE continues to advance innovation, sustainability, and market development in Africa’s capital markets.”

With these developments, the Rwanda Stock Exchange continues to strengthen its profile in the East African capital market landscape, attracting both domestic and international investors.

The Business Ready 2025 report, which assesses 101 economies, evaluates how ready economies are to support businesses and job creation by examining three key areas: the Regulatory Framework, Public Services, and Operational Efficiency. Rwanda’s performance stands out, especially in the Operational Efficiency pillar, where the country has made remarkable progress compared to many other developing nations.

In the Regulatory Framework pillar, Rwanda scored 71.47 points, significantly above the global average of 66.32. This strong score reflects the country’s well-established legal environment that promotes transparency, fair competition, and property rights, critical factors for attracting investment and fostering entrepreneurship. The country has created a legal landscape that supports businesses and entrepreneurs, which is essential for economic growth and development.

Rwanda also excelled in Operational Efficiency, achieving a score of 72.54, well above the global average of 60.03. This result highlights Rwanda’s effective governance in streamlining processes, reducing red tape, and improving service delivery.

However, Rwanda’s performance in the Public Services pillar reflects both notable progress and opportunities for further strengthening. The country scored 59.81, above the global average of 53.97, reflecting steady gains in areas such as digital government platforms, access to administrative services, and efforts to modernise public sector delivery.

According to the report, Rwanda is one of only three countries worldwide, alongside Bahrain and Colombia, to achieve top-quintile performance in at least one of the three core pillars of business readiness, and it is the only country in Sub-Saharan Africa to do so.

“Consistent strong performance is rare,” the report notes, adding that top results are overwhelmingly concentrated in OECD high-income economies, making Rwanda’s placement a notable exception.

The funding round was backed by Burrow Capital, the Luxembourg Development Agency, Hanga Ignite by BRD, and develoPPP Ventures. Kayko said the capital will be used to strengthen its infrastructure, deepen its data capabilities, and support financial institutions with tools that improve credit assessment for small businesses across Rwanda.

Founded in 2021 by brothers Crepin and Kevin Kayisire, both graduates of the African Leadership University (ALU) in Kigali, Kayko was born out of a personal challenge. The idea was reportedly inspired by their mother’s difficulty in securing a bank loan for her catering business due to the absence of formal financial records, a common obstacle for many SMEs in Africa.

Kayko was created to address a structural gap in the financial system, where millions of small businesses operate daily but lack usable financial data needed to grow or access formal credit. While transactions occur, taxes are paid and inventory moves, many banks remain unable to assess these businesses due to limited visibility into their operations.

Today, more than 8,500 SMEs use Kayko’s platform for bookkeeping, inventory management, and tax compliance, making it an increasingly important system of record for small businesses across Rwanda. The platform captures real-time sales, expenses, inventory levels and compliance data, creating what the company describes as a trusted “data layer” that financial institutions can use to better understand SME performance.

“From markets to shops to service businesses, Kayko is quietly becoming the system of record for small businesses across the country,” the firm says.

The startup positions itself as a micro-ERP and data infrastructure provider, rather than a lender. By translating everyday business activity into structured, verifiable data, Kayko enables banks and other financial institutions to assess credit risk without relying on traditional collateral.

As Rwanda continues to push for financial inclusion and digital transformation of its SME sector, Kayko’s data-led approach places it at the centre of efforts to bridge the long-standing gap between small businesses and formal finance.

Nteziryayo succeeds Kampeta Pitchette Sayinzoga, whose six-year tenure saw BRD undergo significant institutional growth, strengthened financial performance, and expanded its role in mobilising both domestic and external capital to support Rwanda’s national development priorities.

During the past six years, data show that BRD’s total assets grew from Frw 157 billion to over Frw 1.02 trillion, while the loan portfolio increased from Frw 167 billion to Frw 710 billion. Annual profitability turned around from a loss to a profit of Frw 22.8 billion, reflecting improved financial sustainability. The bank also achieved a fourfold leverage effect, mobilising three additional francs from external sources for every franc invested by the government.

Over the same period, BRD’s investments contributed to a wide range of national priorities. Notable achievements included connecting over 500,000 households to electricity, raising export volumes from 80 metric tonnes to 8,566 metric tonnes, and issuing Rwanda’s first sustainability-linked bond, which raised Frw 63.5 billion for impact-driven projects. In education, the digitalisation of the Government student bursary scheme enabled faster disbursements and expanded support for post-graduation bursary reimbursements.

Nteziryayo, currently a member of BRD’s Board of Directors, brings over a decade of experience in macroeconomic policy, debt management, fiscal strategy, and sustainable finance. She previously served as Chief Economist at the Ministry of Finance and Economic Planning, where she played a central role in shaping Rwanda’s medium-term economic framework, coordinating sovereign financing, and enhancing fiscal sustainability.

Her appointment is expected to ensure continuity and provide deep institutional insight as BRD embarks on its next phase of growth, further supporting Rwanda’s development across sectors, including infrastructure, manufacturing, energy, affordable housing, green finance, and exports.

BRD, established in 1967, continues to play a key role in providing long-term, tailored financing to sectors critical for Rwanda’s socio-economic transformation, aligned with Vision 2050 and the National Strategy for Transformation.