By the end of June 2025, the bank’s total assets had risen to Frw 916 billion, reflecting a 12% increase since December 2024. Its loan portfolio expanded by 24% to reach Frw 440 billion.
Almost half of these loans were new, issued mainly through branches across the country, with a large portion allocated to first-time clients, demonstrating the growing confidence customers place in the bank.
Customer deposits also registered growth, rising 12% to Frw 737.7 billion by June 2025. This was largely attributed to branch network expansion and service improvement initiatives.
The bank reported effective cost management, with reduced cost-to-income ratio of 45%.
A substantial share of this spending went toward employee-focused programs, which increased by 27%, reflecting investment in staff training, welfare, and professional development.
According to the bank’s Chief Executive Officer, Benjamin Mutimura, the strong performance was the result of customer trust and the bank’s continued focus on market leadership, strategic partnerships, and a customer-first approach. He stressed that these priorities had consistently delivered positive results.
In addition to financial growth, the bank underscored its broader social contribution, noting that its initiatives had positively impacted the lives of more than 200,000 Rwandans.
Management emphasized that this progress reflects a commitment to inclusive development and shared prosperity, made possible through strong partnerships, employee dedication, and client loyalty. Looking ahead, the bank reaffirmed its focus on innovation, operational efficiency, and customer-centered growth.
Established in 1963 under the name Banque Commerciale du Rwanda (BCR), I&M Bank Rwanda is the country’s oldest commercial bank. It has been listed on the Rwanda Stock Exchange since March 2017.
On August 15, 2025, the Ministry of Agriculture and Animal Resources convened agricultural exporters to align with government institutions and private players, including banks, on how to tackle bottlenecks and accelerate this push.
According to the Ministry of Agriculture and Animal Resources, the drive will be implemented under the Fifth Strategic Plan for Agriculture Transformation (PSTA5), which requires an estimated Frw 144 billion, or 2.3% of its total budget.
{{Agribusiness hubs lead the way
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Minister of Agriculture Dr Cyubahiro Mark Bagabe highlighted the Gabiro Agribusiness Hub, a modern 5,600-hectare irrigation zone drawing water from the Akagera River into a 120,000 m³ reservoir. The government has already invested over $118 million (Frw 170 billion) in the site, where investors lease land at $375 per hectare per year.
Seven investors are currently operational, with pledged investments surpassing Frw 53 billion. The hub’s first phase created 6,000 jobs, while the second phase will expand it to 15,600 hectares across Nyagatare and Gatsibo, complete with advanced irrigation and improved road infrastructure.
{{Scaling smallholder farming
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Another key initiative is the Food Basket Sites (FoBaSi) programme, designed to consolidate fragmented small plots into productive zones of about five hectares each. Over 495,000 hectares have already been identified out of a targeted 600,000 hectares.
Farmers in these sites will receive early access to fertilisers, quality seeds, and the support of permanent agronomists. The scheme begins in Season A of 2026 (September–December 2025) and is expected to drive significant yield increases, covering nearly half of Rwanda’s cultivated land.
The government projects significant growth in export earnings from high-value crops over the next five years. Chilli exports are expected to increase eightfold, moving from $6 million to $48 million by 2028/29, largely driven by expanding markets in Asia, particularly China and India.
Coffee earnings are forecast to rise from $78.7 million to $115.5 million, an increase of 46.8%, supported by the replacement of ageing trees and expansion of plantations. Tea is also set to record substantial gains, with export revenues projected to grow from $107.7 million to $164.4 million, representing a 52.6% increase.
{{PSTA5 to transform the sector
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PSTA5, a five-year programme, will channel $5.4 billion into modernising agriculture, promoting climate-smart technologies, reducing post-harvest losses, and strengthening value chains. The initiative is expected to create 644,000 jobs, up from 400,000 currently sustained in the sector.
“We are focusing on transforming agriculture into a business rather than subsistence farming,” Dr Bagabe said, noting that farmers’ performance will determine whether they retain or lose access to consolidated farming sites.
According to Coursera, a leading global online learning platform, several in-demand skills span multiple industries and can be developed entirely online from anywhere in the world.
The following list presents the top 10 high-income skills to focus on in 2025, starting with the most sought-after.
{{1. Generative AI
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Generative AI is currently one of the fastest-growing and most valuable skills in the tech world. It involves working with AI models that can generate content—such as text, images, or even code—opening vast possibilities in creative industries, automation, and problem-solving.
Businesses worldwide are eager to hire professionals who can use AI tools effectively to improve efficiency and innovate new products.
Learning generative AI means understanding the fundamentals of machine learning, prompt engineering, and the practical application of AI frameworks. As AI technologies continue to advance, this skill is projected to offer some of the highest salaries and job growth opportunities. From creating AI-driven chatbots to automating complex workflows, generative AI experts have become crucial in modern enterprises.
“A growing number of businesses already rely on AI tools to increase their productivity, with even more businesses interested in finding ways to integrate AI into their workstream, business model, products, or services,” Coursera says in a blog post.
{{2. Data Analysis
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Data analysis is the process of examining, cleaning, and interpreting data to extract useful insights that drive informed business decisions. This skill is in demand across virtually every industry, from finance and healthcare to marketing and manufacturing. Companies increasingly rely on data-driven strategies, making skilled data analysts indispensable.
Mastering data analysis involves learning tools such as Excel, SQL, Python, and data visualisation platforms. Analysts transform raw data into meaningful stories that help leaders understand trends, forecast outcomes, and optimise operations. The ability to work with large datasets and provide actionable recommendations is a powerful asset.
{{3. Data Visualization
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Data visualisation complements data analysis by turning complex data into visual formats—like charts, graphs, and dashboards—that make information accessible and easy to understand. This skill helps decision-makers grasp insights quickly and supports clearer communication within organisations.
Effective data visualisation requires knowledge of tools such as Tableau, Power BI, or programming languages like Python and R to create compelling, interactive visuals. Beyond technical skills, good visualisation involves storytelling and design principles to highlight important trends and findings.
{{4. Cybersecurity
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Cybersecurity professionals protect organisations from cyber threats, data breaches, and attacks that can cause significant financial and reputational damage. As cybercrime grows in scale and complexity, the demand for experts who can secure networks, systems, and sensitive data has never been higher.
This skill requires knowledge of security protocols, ethical hacking, risk management, and regulatory compliance. Cybersecurity specialists implement defences, monitor threats, and respond to incidents to ensure the safety of digital assets. Their work is critical to maintaining trust in today’s interconnected world.
{{5. Software Engineering
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Software engineering involves designing, building, testing, and maintaining software applications that power everything from mobile apps to enterprise systems. This skill is the backbone of the digital economy and is highly compensated due to the complexity and impact of the work.
Professionals in this field must understand programming languages, software development methodologies, version control, and testing techniques. Software engineers work closely with other teams to deliver reliable, efficient, and scalable solutions tailored to business needs.
{{6. Web Development
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Web development is the process of creating websites and web applications that are functional, visually appealing, and user-friendly. It combines both front-end design (what users see) and back-end programming (how things work behind the scenes).
This skill requires proficiency in HTML, CSS, JavaScript, and frameworks like React or Angular for front-end development, as well as knowledge of server-side languages and databases for back-end work. Web developers ensure that websites perform well across devices and meet accessibility standards.
{{7. Cloud Computing
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Cloud computing enables businesses to store and access data and applications over the internet rather than on local servers. This technology supports flexibility, scalability, and cost savings, making cloud specialists essential for modern IT infrastructure.
Experts in cloud computing manage cloud environments like Amazon Web Services (AWS), Microsoft Azure, or Google Cloud Platform (GCP). They ensure that systems are secure, reliable, and optimised for performance, often working in roles such as cloud architect, engineer, or administrator.
{{8. DevOps
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DevOps is a set of practices that combines software development (Dev) and IT operations (Ops) to shorten development cycles and improve deployment quality. This skill fosters collaboration between teams and automates workflows, enabling faster and more reliable software releases.
DevOps professionals work with tools like Docker, Kubernetes, Jenkins, and CI/CD pipelines to automate testing, integration, and deployment processes. They help organisations adopt agile practices and maintain stable, scalable infrastructure.
{{9. UX Design
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User Experience (UX) Design focuses on enhancing user satisfaction by improving the usability, accessibility, and enjoyment of digital products such as websites and apps. UX designers conduct research, create wireframes, and test prototypes to optimise user interactions.
This skill requires a blend of empathy, creativity, and technical know-how, including knowledge of design tools like Figma or Adobe XD. UX designers ensure products meet user needs and business goals harmoniously.
{{10. Project Management}}
Project management is the art and science of leading teams to complete projects on time, within scope, and within budget. Effective project managers coordinate resources, manage risks, and communicate clearly to ensure successful outcomes.
This skill spans industries and requires proficiency in planning methodologies such as Agile or Waterfall, along with tools like Microsoft Project or Jira. Strong leadership, problem-solving, and organisational abilities are essential.
Mastering any of these top 10 high-income skills in 2025 can help you boost your earning potential, secure remote work opportunities, and future-proof your career. As Coursera shows, the most successful professionals combine technical expertise with practical experience and continuous learning.
This growth was driven by strong performance in data services and Mobile Money (MoMo). Additionally, the company marked a historic milestone with the commercial launch of 5G, a groundbreaking achievement that accelerates Rwanda’s digital transformation.
MTN Rwanda’s service revenue for the first half of 2025 grew by 13.1% to Frw 137.4 billion. Data revenue increased by 10.1%, reaching Frw 23.3 billion, while MoMo revenue surged by 29.1% to Frw 68.6 billion, reflecting the growing adoption of digital financial services.
“MoMo Rwanda continues to deepen its role in bridging the digital and financial inclusion gap across Rwanda,” said Chantal Kagame, CEO of MoMo Rwanda. “We’ve achieved robust growth in active users and merchant adoption, reflecting the platform’s trustworthiness and relevance in everyday life.”
Total subscribers increased by 3.5%, reaching 7.8 million, while active MoMo users grew by 9.1% to 5.6 million, underscoring MTN Rwanda’s leadership in digital services.
The company also saw a significant increase in its EBITDA, which rose by 43.7% to Frw 56.1 billion, with the EBITDA margin improving by 9.1 percentage points. Profit After Tax (PAT) rebounded to Frw 6.3 billion, recovering from a loss in the previous year.
“We are pleased to present our half-year results, showcasing strong growth across our business units,” said Dunstan Ayodele Stober, MTN Rwanda’s Ag. Chief Finance Officer. “EBITDA demonstrated a solid growth performance of 43.7%, achieving a commendable EBITDA margin of 40.4%. This reflects the strong execution of our cost transformation program and improved quality of our earnings.”
In June 2025, MTN Rwanda became the first telecom operator to commercially launch 5G in the country. This achievement is a significant step toward realizing Rwanda’s Vision 2050, enhancing digital service delivery across urban and rural communities.
With the successful launch of 5G, accelerated 4G migration, and relentless focus on cost efficiencies, Chief Executive Officer of MTN Rwanda Ali Monzer says the telecom is positioning itself to lead the market in both relevance and resilience.
“Our strategy is clear and proven: bold investment in future-ready infrastructure, precision in execution, and putting customers at the core of every decision we make. As CEO, I remain confident in our ability to sustain this momentum, unlock new growth frontiers, and deliver meaningful, consistent returns for our shareholders,” he states.
MTN Rwanda’s community investments were also highlighted during the period, with the company’s 21 Days of Y’ello Care campaign making an impact on local communities. MTN Rwanda provided 100 smartphones to Community Health Workers on Bugarura Island and distributed 100 solar kits to rural communities, ensuring connectivity for remote areas.
With continued investments in network infrastructure and digital services, MTN Rwanda is well-positioned to maintain strong performance in the second half of 2025.
The company’s focus on cost management, operational efficiency, and future-proofing its network is expected to drive sustained growth, ensuring long-term value for its shareholders and stakeholders.
The event brings together modern technology, innovative solutions, and traditional crafts, offering visitors a comprehensive view of Rwanda’s evolving business landscape.
This year’s exhibition spans a wide range of industries, including telecommunications and IT, public institutions, construction, agriculture, electronics, petroleum, machinery, textiles, tourism, handicrafts, furniture, mining, banking, food and beverages, and more.
IGIHE visited the expo to speak with some of the exhibitors and learn about their products and experiences.
Many exhibitors share a common goal: to provide quality products while using the expo as a platform to reach new customers. Whether offering practical tools, health products, or home goods inspired by local culture, they emphasize the importance of understanding customer needs and adapting to the market.
Helen Uwimbabazi, a five-year participant in the expo, showcased Indian herbal products such as the Shilajit blood stone—believed to aid in detoxification—and hair oil designed to promote growth and shine. She noted that the expo has been instrumental in expanding her customer base and boosting sales, particularly during promotions like her current 25% discount.
Another exhibitor, Helally Mucyo, presented products sourced from Egypt and Dubai, including cotton toys, sofa covers, mosquito nets, and bed linens made of 100% cotton. She advised new entrepreneurs to focus on product quality, team selection, and understanding market demands. The expo’s diverse audience, she said, allows her to connect with both new and returning customers.
“Confidence in your product is key! Choose reliable workers and deeply understand how the market works to succeed in business,” she said.
From Uganda, Denis Mugabe showcased a multi-function hose designed for car washing and gardening, available in various lengths.
Together, these businesses demonstrate resilience and dedication. Many have built strong relationships with customers through consistent quality, while the expo provides them with exposure to wider, often international, markets.
Promotional offers and live demonstrations help attract buyers, with some exhibitors reporting significantly higher daily sales at the expo compared to regular retail outlets.
Rwanda’s supportive business environment, coupled with regional trade opportunities, continues to encourage new entrepreneurs to explore market potential and grow their ventures.
The expo is organised by the Private Sector Federation (PSF) in partnership with the Ministry of Trade and Industry. The three-week event is scheduled to close on August 17, 2025.
Watch the video below for more highlights from Rwanda Expo 2025.
According to RSE CEO, Pierre Celestin Rwabukumba, at least Frw 98 billion was mobilised through the primary market, spearheaded by the issuance and listing of two Treasury bonds under the regular Treasury bond programme.
The bonds recorded a high subscription rate of 246%, which the CEO says reflects strong investor appetite and growing confidence in Rwanda’s macroeconomic stability and fiscal discipline.
Additionally, the International Finance Corporation (IFC) raised Frw 24 billion through the second tranche of its Medium-Term Note Programme, with a subscription level of 171.4%, a strong signal of Rwanda’s rising attractiveness to global investors.
Another key development in July was the approval granted to Africa Medical Supplier PLC to raise Frw 5 billion through the issuance of Rwanda’s first healthcare-dedicated corporate bond. The five-year bond, with a 13.25% annual yield, represents a significant step towards unlocking private capital for the health sector, enhancing access to essential medical supplies across the country.
Mahwi Grain Millers, a leading agri-processing firm, also announced plans to issue a second tranche of its corporate bond, previously listed on the RSE, showcasing how local enterprises are leveraging capital markets to support growth and contribute to national food security.
In the secondary market, trading volumes continued to rise, with investor participation approaching 100,000 active accounts. The month also saw a notable improvement in the REPO (repurchase agreement) market, where transactions reached a cumulative value of Frw 367.6 billion, providing greater flexibility for financial institutions to manage short-term liquidity.
Meanwhile, MTN Group deepened its investor relations initiatives through strategic meetings with the RSE and the Capital Market Authority, focusing on transparency, regulatory compliance, and communication with shareholders.
Reflecting on the exceptional market performance, Rwabukumba, who is also the President of the African Securities Exchanges Association (ASEA), said the momentum seen in July highlights growing investor confidence and the strategic role of capital markets in national development.
“This significant capital is set to advance key national development goals, including capital market deepening while reinforcing investor trust in Rwanda’s sound fiscal policies and stable macroeconomic environment,” he noted.
“As the year progresses, the Rwanda Stock Exchange remains committed to promoting a robust and inclusive financial ecosystem,” he added, encouraging more companies, including SMEs and institutional investors, to explore the capital markets as a sustainable source of financing and wealth creation.
{{2024 performance
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Looking back at 2024, the Rwanda Stock Exchange recorded a total market turnover of Frw 129 billion, marking a 126 percent increase from the previous year. The Rwanda Share Index rose by 15.9 percent, while the All Rwanda Share Index increased by 3.6 percent, signalling steady growth and enhanced investor confidence.
By the end of 2024, the total market capitalisation was valued at $2.7 billion in equities and $1.5 billion in debt securities. Funds raised during the year amounted to Frw 271 billion, circulating approximately Frw 400 billion in the market across listed companies and bonds.
The hotels are seeking compensation for policies they say restricted competition and cut into their revenues. The legal action is backed by HOTREC, the umbrella organization representing the European hospitality industry, along with more than 30 national hotel associations.
“European hoteliers have long suffered from unfair conditions and excessive costs. Now is the time to stand together and demand redress,” HOTREC Chairman Alexandros Vassilikos said in a statement on the organization’s official website. “This joint initiative sends a clear message: abusive practices in the digital market will not be tolerated by the hospitality industry in Europe.”
Central to the dispute are the “best price” or parity clauses, which Booking.com enforced for years. These clauses barred hotels from offering lower prices on their own websites or through other booking platforms.
According to HOTREC, the legal action remains open to all eligible hotels. “Following overwhelming demand from hoteliers across Europe, the deadline to register for the collective action against Booking.com has been extended until Aug. 29, 2025,” the statement said, adding that the lawsuit is expected to be filed in a Dutch court.
This collective claim follows a similar initiative by the Dutch consumer advocacy group Consumentenbond, which announced in June that it was preparing a mass lawsuit on behalf of Booking.com customers. The group accuses the platform of inflating prices through “illegal agreements and deceptive practices.”
Booking.com has rejected the allegations of price manipulation, saying it is reviewing the claims and will respond formally in due course.
The company is already facing legal scrutiny in Europe. In July last year, a Spanish court fined Booking.com 413 million euros (478 million U.S. dollars) for similar practices. The European Court of Justice later ruled that such parity clauses violate EU competition laws.
RDB had temporarily suspended the issuance of new gaming licenses and the renewal of expired licenses on August 9, 2024. This action was taken as the RDB assumed its role as the regulatory authority for gaming activities and worked on a new national gambling policy.
In a public notice issued on August 1, 2025, RDB announced that the resumption of licensing activities follows the adoption of the 2024 Gambling Policy, which aims to promote a responsible, transparent, and well-regulated industry.
RDB said the decision aligns with its ongoing efforts to attract credible investment while minimising potential social and economic harms associated with gambling.
“The aim is to establish a modern and responsible gambling ecosystem, aligned with international best practices and Rwanda’s strategic vision,” RDB stated.
Under the revised framework, operators with valid licenses are required to comply with updated directives, including the resumption of annual license fee payments as stipulated in Ministerial Order n°01/013 of 20/06/2013.
RDB has committed to providing direct communication to each operator with detailed payment instructions and timelines to ensure continuity of operations.
In addition to re-opening licensing for physical casinos, RDB is now accepting Expressions of Interest (EOIs) for three key gambling categories: land-based sports betting, online sports betting, and online casinos.
RDB has invited interested parties to submit their EOIs by September 30, 2025, via email to NLGC@rdb.rw.
“Submissions should briefly describe the applicant’s profile, area of interest, and proposed investment. Shortlisted applicants will be contacted for further engagement,” RDB stated.
The current regulatory transition comes as Rwanda works to replace the legal framework that has governed the sector since 2011.
While the review is ongoing, gambling activities will continue to operate under the existing laws, including Law n°58/2011 governing gambling in Rwanda, Ministerial Order n°01/013 of 20/06/2013 on licensing procedures and fees, and Ministerial Order n°001/MINICOM/2023 outlining administrative sanctions.
In a statement issued on Thursday, the government described the decision as a strategic reform designed to consolidate institutional strengths and improve service delivery. The integration brings together BDF’s grassroots reach and specialised support for Micro, Small, and Medium Enterprises (MSMEs) with BRD’s financial muscle, sectoral expertise, and large-scale lending capacity.
According to the statement, the unified institution will be better positioned to deliver targeted financing solutions, reduce credit processing times, and expand outreach through digital platforms and local presence.
The reform aligns with national priorities under the National Strategy for Transformation (NST1) and Vision 2050, which seek to foster a dynamic, inclusive, and resilient private sector.
The integration is expected to yield several benefits for Rwandan businesses. Entrepreneurs seeking loans through partner banks and microfinance institutions will experience faster turnaround times, with reduced delays in accessing credit guarantees. The merger will also provide a wider range of financing options tailored to the needs of startups, growing businesses, and large-scale investment projects.
In addition, improved accessibility through both digital channels and local presence will ensure that more entrepreneurs, particularly in rural areas, can benefit from development finance.
BDF has supported over 40,000 businesses through credit guarantees and other financing products, while BRD has played a pivotal role in funding national development priorities, including agriculture, manufacturing, and infrastructure.
With the integration, the newly restructured BRD is expected to become a more agile and impactful development finance institution, helping unlock the private sector’s potential as a key driver of economic transformation.
Announced in a special Gazette notice on July 28, 2025, Trade Minister Selemani Saidi Jafo clarified that the government will no longer issue or renew business licences for non-citizens engaged in these sectors.
The banned businesses include mobile money transfer services, electronic device repairs, small-scale mining, postal and parcel delivery, tour guiding, radio and television operations, and museum shop management.
Additionally, foreigners will be prohibited from involvement in real estate, clearing and forwarding services, on-farm crop purchasing, and cleaning services for homes, offices, or the environment.
Salon businesses will only be allowed if they operate within hotels or serve tourism purposes. Moreover, foreign ownership of wholesale and retail businesses is banned, with exceptions made for supermarkets, specialised outlets, and wholesale centres dedicated to local producers.
Other restricted sectors include gambling machine operations and small manufacturing industries.
The penalties for foreigners violating these restrictions are severe: a fine of no less than 10 million Tanzanian shillings (approximately Frw 5.6 million), imprisonment for up to six months, and revocation of visas and residence permits.
Tanzanian citizens who assist foreigners in running banned businesses face fines of up to 5 million Tanzanian shillings (approximately Frw 2.8 million) or imprisonment for up to three months.
The government states that this move aims to protect local businesses and promote economic participation by Tanzanian citizens, but critics warn it may damage Tanzania’s international business relations with neighbouring countries and other international partners.
