Exports to the DRC rose from $8.14 million in April 2024 to $11.52 million in April 2025, even as re-exports declined by 12%. Re-exports mainly comprise goods such as fuels and manufactured food products that are imported into Rwanda and subsequently sold to the DRC.
This growth was registered amid a broader improvement in the country’s trade performance, with Rwanda’s formal trade deficit narrowing by over 29%, from $330.31 million to $232.13 million over the same period.
The positive shift in Rwanda’s trade position reflects a combination of factors, including a reduction in import volumes and targeted expansion into key regional markets.
Other top export destinations for Rwanda include the United Arab Emirates, China, Luxembourg, Pakistan, the United States, and the United Kingdom, among others.
On the import side, China remained Rwanda’s largest trading partner, supplying goods worth $79.35 million in April 2025. India, Tanzania, and Kenya also featured prominently among Rwanda’s top import sources.
However, total imports decreased by 18.22% compared to April 2024, contributing to the overall reduction in the trade deficit.
Maize production was estimated at 481,246 metric tons, a 5% decrease compared to Season A of 2024. The area cultivated also declined slightly to 244,095 hectares, down by 2%. Similarly, beans were grown on 327,147 hectares, a 0.6% decrease, resulting in a total production of 230,456 metric tons, which is 1% lower than the previous year.
In contrast, Irish potato output rose by 3%, reaching 475,785 metric tons, with a stable cultivated area of 54,485 hectares. Cassava production increased by 5% to 542,874 metric tons, despite a small drop in cultivated area. Both crops also recorded higher yields compared to cereals and pulses, 13.5 tons per hectare for cassava and 8.7 tons per hectare for Irish potatoes.
While the report does not offer direct explanations for changes in crop performance, it highlights significant differences in yields between small-scale and large-scale farmers. For instance, large-scale maize producers harvested an average of 4.1 tons per hectare, more than double the 1.9 tons recorded by smallholders. Similar yield gaps were observed across other major crops, suggesting structural differences in productivity that may help explain broader production trends.
Input use varied across the farming population. Only 37.3% of farmers used improved seeds, and 63.2% applied inorganic fertilisers. The report notes that the use of inputs such as fertilisers, pesticides, and irrigation systems was much more common among large-scale farmers, contributing to their higher productivity.
Overall, agricultural land use remained stable, with 59% of Rwanda’s total land area dedicated to agriculture. Seasonal crops occupied the majority, followed by permanent crops and pasture. The Eastern and Northern provinces continued to lead in production of maize, cassava, and Irish potatoes.
The SAS 2025A report provides detailed crop estimates, input usage rates, and land use trends to support data-driven planning and policy decisions in Rwanda’s agriculture sector.
The unveiling of the egg-free product took place at Bicu Lounge in Kimihurura and was attended by Masaka Farms management, staff, and various partners.
The mayonnaise comes in two varieties: Eggless Lemon Mayonnaise and Eggless Cocktail Mayonnaise.
Tumusiime Peace, Masaka Farms’ Marketing Manager, said the launch marks a significant milestone for the company as it ventures beyond dairy products.
“For the past 10 years, Masaka Farms has been primarily known for dairy processing, but we are now entering a new journey of going beyond that. These new mayonnaise products symbolise the direction we want to take,” she stated.
Luke Lundberg, the CEO of Masaka Farms, described the new mayonnaise as the beginning of an expansion journey beyond dairy processing.
“Being able to release a mayonnaise is a sign of the new path we are taking. Masaka Farms is going beyond dairy – we’re stepping into producing other essential consumer goods,” the CEO stated.
He added that, in collaboration with institutions like the Rwanda Standards Board (RSB), the Rwanda Development Board (RDB), the Rwanda Food and Drug Authority (RFDA) and with support from Rwanda Revenue Authority (RRA), the company will continue to innovate and improve their offerings to meet consumer needs.
Masaka Farms was founded in 2015 and is known for its dairy products. The company has now expanded into non-dairy processing, with products available in various parts of the country.
This is a powerful recognition of a Rwandan-born institution that’s not just keeping pace with global banking standards but setting them.
Bank of Kigali was recognized for its outstanding performance across key banking areas — from digital transformation and customer growth to sustainable financing and financial inclusion.
Commenting on the development, Dr. Diane Karusisi, CEO of Bank of Kigali said: “This award is not only a celebration of our performance — it is a celebration of our people, our partners, and every Rwandan who chooses to bank with us.”
{{Why BK? }}
In the past year, over Frw 207 billion was disbursed to small and medium enterprises (SMEs), fueling job creation and stimulating local business growth.
Additionally, Frw 62 billion was invested in agriculture and dairy, providing critical support to farmers and enhancing food security in the country.
Innovations in digital lending have also been a key driver. Through the BK Quick+ platform, loans of up to Frw 50 million are now available in as little as 15 hours, all via the BK Mobile App or Internet Banking. This has made financial access more efficient and convenient for many.
Moreover, financial inclusion has made significant strides. Over 5,100 agents have processed more than 5.6 million transactions, reaching deep into underserved communities and expanding access to financial services.
However, behind these impressive numbers are the real stories of individuals and businesses. Parents have been able to pay school fees, women are scaling up their businesses, farmers are able to purchase more seeds, young people are building their own ventures, and corporations are expanding operations.
To further deepen this impact, this year, Bank of Kigali introduced BIGEREHO Na BK, a nationwide campaign with a single goal: to help every Rwandan achieve their dreams.
Through tailored loan solutions such as Kataza na BK, which offers up to Frw 15 million for women-led businesses, Kungahara na BK providing custom financing for agricultural cooperatives, Tuza na BK offering instant Frw 500,000 loans for school fees, and BK Mortgages, which offers 100% financing with no down payment for first-time homebuyers, the bank has expanded its support to a broader audience.
This fifth consecutive win from Global Finance Magazine reaffirms Bank of Kigali’s pivotal role in shaping Rwanda’s financial landscape. The bank is not only proud of its achievements but also deeply committed to the continued progress and opportunities ahead.
{{About Bank of Kigali}}
Founded in 1966, Bank of Kigali is Rwanda’s largest commercial bank, serving over 1 million customers through an extensive branch network and digital channels. The bank is committed to fostering economic growth by providing innovative financial services to individuals, SMEs, and corporate clients.
{{About Global Finance Magazine}}
Founded in 1987 and headquartered in New York, Global Finance Magazine reaches over 50,000 readers in 193 countries and territories. The magazine’s annual Best Bank Awards are a trusted benchmark for excellence in the global financial community, recognizing institutions that combine strength, innovation, and customer value.
DR Tah secured more than three-quarters of shareholder votes in a closely watched election on Thursday, emerging victorious over four other candidates, including Amadou Hott (Senegal), Samuel Maimbo (Zambia), Mahamat Abbas Tolli (Chad), and Bajabulile Swazi Tshabalala (South Africa).
He is set to officially assume office on September 1.
His election comes at a pivotal moment for the AfDB, as the institution faces rising economic pressures across the continent and uncertainty over international support. Notably, U.S. President Donald Trump has proposed slashing $555 million in funding to the Bank’s key development fund, an essential financial lifeline for projects considered too high-risk for private investment.
The Chairperson of the African Union Commission, Mahamoud Ali Youssouf, has extended his warm congratulations to Dr. Tah, describing his election as a testament to his exceptional leadership and steadfast commitment to advancing Africa’s development agenda.
With a career in development finance spanning nearly four decades, Dr Tah brings deep experience and a reputation for reform. Most recently, he served for ten years as president of the Arab Bank for Economic Development in Africa (BADEA), where he oversaw a period of growth that saw the bank’s credit rating upgraded and its assets increase from $4 billion to $7 billion.
Earlier in his career, Dr Tah was Mauritania’s Minister of Economy and Finance from 2008 to 2015. He has also held positions at the Mauritanian Bank for Development and Commerce, the Islamic Development Bank, the Arab Authority for Agricultural Investment and Development (AAAID), and the country’s Food Security Commission.
An economist by training, Dr Tah holds a PhD from the University of Nice Sophia Antipolis in France, a master’s from Paris Diderot University, and a bachelor’s from the University of Nouakchott.
In a recent interview, Dr Tah emphasised the importance of innovation and a more assertive African voice in global economic forums.
“I believe that the AfDB has the responsibility to be the voice of Africa in the international arena as far as macroeconomics and economic development are concerned,” he told The EastAfrican.
“The bank has the legitimacy, the convening power, and the ability to do so,” he added.
He has also called for a shift away from excessive public borrowing toward more public-private partnerships to finance infrastructure. Dr Tah has criticised what he sees as unfair treatment of African economies in global credit markets and argued for reframing Africa’s image to unlock greater investment.
As he prepares to lead one of Africa’s most influential financial institutions, expectations are high that Dr Tah will focus on diversifying the AfDB’s funding base and leveraging his Gulf connections to expand the bank’s resources and reach.
This marks the fifth consecutive year that Rwanda’s capital has held the second spot, cementing its status as a leading hub for international meetings. Cape Town, South Africa, continues to lead the continent, while Marrakech, Morocco, ranks third in the latest report.
Rwanda also placed third among African countries in the ICCA’s annual rankings, which measure the number of international association meetings held worldwide—an important benchmark within the global meetings, incentives, conferences, and exhibitions (MICE) industry.
In 2024, Kigali hosted more than 17,000 international delegates attending high-profile events, including the FIA Annual General Assembly, ICANN 80 Policy Forum, the International Network for Government Science Advice Conference (INGSA), and the Africa Food Systems Forum.
Rwanda welcomed over 52,000 delegates in total, generating an estimated $84.8 million in MICE revenue.
The Rwanda Convention Bureau (RCB), the agency mandated to market and promote Rwanda as a premier MICE destination, attributed Kigali’s success to several key factors, including the country’s visa-on-arrival policy for all nationalities, RwandAir’s expanding regional and international network, and the city’s growing portfolio of state-of-the-art venues such as the Kigali Convention Centre, BK Arena, Amahoro Stadium, and Intare Conference Arena.
Kigali’s hospitality sector also continues to flourish, with world-renowned hotel brands like Radisson Blu, Marriott, Four Points by Sheraton, One&Only, and Singita already present. New entrants such as Mövenpick and Odalys are expected to enhance the city’s capacity and appeal further.
“We are pleased to see Rwanda and Kigali continue to be recognised among Africa’s leading destinations for association meetings. These results reflect the efforts of various players across the events industry and the confidence international associations place in Rwanda. These rankings inspire us to further enhance our support and offerings for global events,” said Janet Karemera, CEO of the RCB.
Globally, the ICCA rankings saw the United States maintain its lead with 709 qualifying meetings, followed by Italy with 635, and Spain with 536. Europe continues to dominate the top 10, with Germany, the UK, France, the Netherlands, and Portugal all featured, alongside Japan and Canada.
Headquartered in Amsterdam, ICCA is a globally recognised authority in the international association meetings industry, offering data, training, and networking platforms to support destinations and professionals worldwide.
The event, which will take place at the Kigali Convention Centre and the Kigali Marriott Hotel, marks the first time Rwanda is hosting the high-level gathering.
Organised by the Institute of Internal Auditors Rwanda (IIA Rwanda) in collaboration with AFIIA, the conference will be held under the theme “Building Bridges, Inspiring Change.”
The summit will bring together delegates from 24 African countries, alongside international participants from the broader global internal audit community, for a week of strategic dialogue, technical training, and professional networking aimed at advancing audit practices across the continent.
Fred Twagirayezu, President of IIA Rwanda, described hosting the conference as a proud milestone for Rwanda, reflecting its commitment to the principles of transparency, accountability, and integrity—values at the core of the internal audit profession.
“It’s a proud milestone for a country whose IIA chapter was only registered 10 years ago. Hosting AFIIA 2025 allows peers across the continent to witness firsthand what’s working well in Rwanda,” he stated.
The event also aligns with the government’s broader development agenda. As part of the National Strategy for Transformation (NST2) for 2024–2029, Rwanda is placing a strong emphasis on good governance and sound public financial management.
Highlighting the critical role the summit plays in advancing Rwanda’s internal audit landscape, Jules Cesar Hategekimana, Rwanda’s Internal Auditor General, emphasised its strategic importance.
“This conference will strengthen capacity, encourage knowledge sharing, and promote the adoption of the new Global Internal Audit Standards. It also contributes to our national Meetings, Incentives, Conferences, and Exhibitions (MICE) strategy and builds partnerships essential for maturing our internal audit ecosystem.”
In recent years, Rwanda has made significant strides in advancing the internal audit profession. Internal auditors and audit committees are now embedded within all public institutions.
The government supports professional certification, and the internal audit function is gaining recognition at executive levels, particularly within the financial sector. Other sectors are also increasingly recognising the importance of strong internal audit practices.
Richard Rutuku, CEO of IIA Rwanda, noted that Rwanda’s control environment is now well-suited for the profession to thrive.
“As the profession matures, internal auditors are evolving from being mere inspectors to becoming strategic advisors. This is a journey other countries can learn from,” Rutuku remarked.
The AFIIA 2025 Conference is structured around three main components. The Governance Forum, taking place on May 26 and 27, is tailored for board members and senior leaders, focusing on oversight, ethics, and strategy. Running concurrently, AFIIA University will offer technical masterclasses aimed at supporting skills development in alignment with global standards.
From May 28 to 30, the main conference will feature plenaries, breakout sessions, and expert panels covering topics such as ESG (Environmental, Social and Governance) assurance, digital transformation and audit automation, cyber risk and fraud resilience, and innovation in public and private sector auditing.
Beyond the training and discussions, the conference is expected to serve as a catalyst for deeper regional collaboration.
Twagirayezu revealed that Rwanda plans to sign memoranda of understanding with sister institutes, organise joint conferences, and draw lessons from more advanced chapters on the continent.
“This is how we ensure shared growth and foster cross-border professionalism,” he said.
Ruth Doreen Mutebe, Chairperson of AFIIA, emphasised the significance of the conference in building the future of internal audit in Africa.
“AFIIA 2025 will equip today’s professionals to navigate tomorrow’s challenges. From emerging risks to ESG, we are shaping a stronger, more accountable Africa.”
With over 1,000 delegates expected, the Kigali-hosted conference not only marks a historic moment for IIA Rwanda but also reflects the continent’s growing momentum in promoting governance and professional excellence through internal auditing.
Registration is open through the official websites of IIA Rwanda and AFIIA.
The lender attributes the rise in profitability to solid growth in loans and deposits, increased customer engagement, and improved operational efficiency.
The bank’s performance report shows that as of March 2025, total assets stood at Frw 910 billion, an 11% year-on-year increase. Net operating income rose by 16% to Frw 16.6 billion, driven in part by a 22% rise in foreign exchange income, stemming from higher volumes of customer forex transactions.
The bank disbursed loans amounting to Frw 397.3 billion, representing a 12% rise from the end of 2024. Customer deposits also grew by 13% to Frw 745.4 billion compared to the fourth quarter of 2024.
This growth was supported by an accelerated current and savings account acquisition strategy and enhanced client engagement efforts.
The bank also recorded a reduction in its cost-to-income ratio, which dropped from 51.2% to 45.4%, while maintaining a healthy capital adequacy ratio of 18.11%. I&M Bank Rwanda’s customer base expanded by 9% year-to-date, reaching 110,000, largely driven by the success of its “Karame” retail campaign.
CEO Benjamin Mutimura said the first quarter marked a strong start to the year, with results building on the foundations laid in 2024.
“Our performance in 2024 reflects the success of the iMara 3.0 strategy. We have aligned with Rwanda’s economic priorities while focusing on customer delight,” he said.
“The growth in our loan book and deposits speaks to the trust our clients place in us, particularly within the MSME and retail segments. Strategic campaigns like Karame and Ryoshya Iwawe have been instrumental in deepening customer relationships and expanding our market reach.”
Looking ahead, Mutimura affirmed the bank’s commitment to ecosystem-led offerings and national presence expansion.
“Our goal is to positively impact over two million lives by 2026, in alignment with the country’s development ambitions,” he noted.
Founded in 1963, I&M Bank Rwanda is one of the oldest financial institutions in the country. It was listed on the Rwanda Stock Exchange in March 2017 and is part of the I&M Group, which operates in Kenya, Tanzania, Uganda, and Mauritius.
