The institution’s leadership disclosed this on Tuesday, December 16, 2025, during a meeting with EADB and its development partners.
Alphonse M. Ngabonziza, CEO of Duterimbere IMF Plc, said EADB’s backing has enabled the institution to expand financial services for small and large businesses, as well as households across Rwanda.
“In 2023, Duterimbere received a Frw 3.5 billion loan from EADB, which strengthened our capacity to finance projects in agriculture, livestock, trade, and service sectors,” Ngabonziza said.
The support allowed Duterimbere to provide loans to 344 clients, positively impacting more than 1,032 people and creating 1,321 new jobs.
Ngabonziza also highlighted the institution’s commitment to gender equality, noting that 93% of beneficiaries were women.
“This support has empowered youth, women, and small traders, helping them grow their businesses and improve livelihoods,” he said.
He added that Duterimbere IMF Plc plans to continue its partnership with EADB and remains committed to opening new opportunities for clients to drive Rwanda’s economic growth.
Margarita Uwantege, a long-time client of Duterimbere, shared how the institution helped her grow her business.
“I started with small savings in 2000, buying a chicken to begin farming. In 2007, I received a Frw 50,000 loan from Duterimbere, which I topped up with my own savings to purchase cows. Today, I trade car and motorcycle parts and have been able to pay for my five children’s university education,” she said.
Duterimbere IMF Plc, a community development microfinance institution, began its partnership with EADB in 2023. With 19 branches across Rwanda, it continues to play a key role in supporting inclusive financial growth in the country.
NISR said Gross Domestic Product (GDP) at current market prices was estimated at Frw 5,53 trillion in Q3 2025, up from Frw 4,66 trillion recorded in the same period last year. The expansion marks a continued acceleration in growth, following increases of 7.8% in the second quarter and 6.5% in the first quarter of 2025.
“In the third quarter of 2025, GDP grew by 11.8 per cent following the growth of 7.8 per cent in Q2 and 6.5 per cent in Q1,” NISR Director General Ivan Murenzi told members of the press in Kigali on Tuesday, December 16, 2025.
Services remained the backbone of the economy, accounting for 57% of GDP, while industry contributed 22% and agriculture 15%. Net direct taxes made up the remaining 6%.
Sectoral data show that industry was the fastest-growing sector, expanding by 17%, followed by services at 10% and agriculture at 10%.
Within agriculture, growth was underpinned by a strong rebound in export crops, which increased by 35%. This was largely driven by a 32% rise in coffee harvests and a 100% increase in tea production. Food crop production also returned to growth, rising by 4%, compared with a 10% contraction in the same quarter of 2024.
The industrial sector posted broad-based gains. Mining and quarrying grew by 14%, with quarrying expanding by 20%, while mining rose by 2%. Construction activity surged by 20%, reflecting sustained infrastructure development, while manufacturing grew by 14%.
Manufacturing growth was led by a 44% increase in non-metal products, mainly cement, alongside a 28% rise in metal products and 25% growth in chemical products, including paints and soaps. Food processing expanded by 12%.
Services growth was anchored in trade and transport. Wholesale and retail trade increased by 20%, while transport services grew by 9%, supported by a 10% rise in land transportation. Information and communication services expanded by 17%, and financial services grew by 10%. However, hotels and restaurants contracted by 3%, reflecting continued pressures in the hospitality segment. Public administration services increased by 7%, education services by 5%, while health services declined by 16%.
The central bank announced on Monday that the offering will run from December 15 to December 17, 2025, giving investors an opportunity to participate in a competitive bidding process.
The bonds, which will mature in 2040, offer investors regular interest payments throughout their term. The minimum investment is Frw 100,000, while individual investors can place bids of up to Frw 50 million. Successful bidders will be notified via email by 5:00 PM on December 17, 2025.
Investors who wish to access funds before maturity can do so through the Rwanda Stock Exchange (RSE). Through licensed brokers, bondholders can sell their holdings at market prices, providing flexibility and liquidity.
Government bonds in Rwanda are issued both as new issues and through reopenings, with maturities ranging from 3, 5, 7, 10, 15, to 20 years. They provide a safe, long-term investment, allowing individuals to plan for goals such as children’s education, retirement, or major projects.
By purchasing government bonds, investors lend funds to the state while earning predictable returns. At maturity, the principal is fully repaid, and interest payments are made on schedule. The use of Rwandan francs ensures local participation, and the bonds are issued monthly to meet both investor demand and government financing needs.
This latest reopening offers a secure and flexible investment opportunity for individuals and institutions, while supporting Rwanda’s broader economic development.
The two-day summit, hosted in Kigali for the third consecutive year under the theme “Defining Africa’s Future Today,” celebrates African entrepreneurship and showcases homegrown solutions transforming sectors from agriculture and biotech to fintech, health, and manufacturing. The programme, founded by Alibaba Philanthropy and inspired by Jack Ma’s 2017 visit to Africa, has grown into one of the continent’s most influential entrepreneurship competitions.
This year, ABH attracted a record-breaking 32,000 applications from across the continent, with the top 10 finalists now battling for cash prizes that include a $300,000 (Rwf 437 million) grand award, $250,000 (Rwf 364 million) for the first runner-up, $150,000 (Rwf 218 million) for the second runner-up, and $100,000 (Rwf 146 million) for each of the remaining seven finalists. Winners will be announced on Saturday, December 13.
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Speaking at the opening ceremony, Juliana Muganza, Deputy CEO of the Rwanda Development Board, welcomed participants to Kigali and underscored Rwanda’s commitment to nurturing entrepreneurship as a catalyst for socio-economic transformation.
“We are proud that ABH has chosen Kigali as the host city for the grand finale for the third year running. This is not by coincidence,” she said. “Entrepreneurship is not just a tool for development, it is an engine of transformation.”
Muganza praised the resilience and creativity of African entrepreneurs, noting that the top ten finalists rose to the top from over 32,000 applicants. She highlighted the impact of ABH on past participants, citing the example of Rwanda’s Vuba Vuba founder, who leveraged the programme to sharpen his business clarity and scale regionally.
“This is the legacy of ABH: not just funding, but a shift in mindset,” she said, adding that Rwanda is building an enabling ecosystem of innovation hubs, special economic zones and digitised services to support visionary founders. She urged investors to bring “smart and patient capital” that grows with African entrepreneurs.
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Sun Lijun, President of Alibaba Global Initiatives, reflected on the growth of the competition, now in its seventh year, and its role in celebrating African innovation.
“ABH has become the most influential entrepreneurship competition in Africa,” Sun said. “African people never lack problem-solvers. Many problems in Africa can be solved through African innovation.”
He thanked Rwanda for its continued partnership, saying the country had become “the true home of ABH” because of its stability, ambition, and support for entrepreneurship. Sun noted Alibaba’s increasing investment in Africa and highlighted the rising use of the company’s open-source Qwen AI model among African founders.
“We firmly believe that in the future a large number of outstanding African entrepreneurs will bring profound change to Africa,” he said.
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Zahra Baitie-Boateng, Head of Africa’s Business Heroes, delivered an emotional welcome, celebrating the programme’s seven-year journey from Jack Ma’s vision to a continental movement that has supported 70 entrepreneurs, created 120,000 jobs and impacted over 40 million lives.
“Our heroes are defining Africa’s future today,” she said. “Africa’s future is not some distant idea. It is being built right now by its entrepreneurs.”
She highlighted the programme’s inclusive reach, from hosting its first Francophone semifinal to introducing ABI, an AI-powered co-host built using Alibaba Cloud’s Qwen model. She praised this year’s finalists for their grit, passion and innovation, calling on participants to “engage deeply, learn boldly, and collaborate widely.”
“African entrepreneurs are redefining what is possible,” she said. “When you build, communities rise. When you hire, dignity grows. When you innovate, you show the world that Africa’s time is now.”
The 2025 top ten finalists represent seven African countries and a diverse mix of high-impact sectors. Kenya leads with three entrepreneurs: Wyclife Onyango of BuuPass, whose platform is modernising transport and digital ticketing; Janet Kuteli of Fortune Credit, a fintech innovator expanding microfinance access; and Abraham Mbuthia of Uzapoint Technologies, which provides digital tools for small businesses.
Rwanda’s finalist, Diane Mukasahaha, heads DIKAM Ltd, a textile enterprise empowering women and youth.
Tanzania is represented by two innovators: Baraka Chijenga of Kilimo Fresh Foods Africa, an AgriTech venture supporting food security, and Diana Orembe of NovFeed, which is pioneering biotech solutions for sustainable agriculture. From Senegal, Siny Samba of Le Lionceau is transforming foodtech and infant nutrition, while Egypt’s Gohar Said leads Suplyd, a company digitising supply chain systems for the food industry.
South Africa’s Adriaan Kruger brings expertise in healthtech through his company nuvoteQ, and Cameroon’s Jean Lobe Lobe completes the cohort with Waspito, a telemedicine platform expanding access to healthcare across the region.
The entrepreneurs will pitch their solutions during the summit, with judges assessing them on innovation, impact, leadership, financial sustainability and scalability, before finalists return to the stage on Saturday when the 2025 Africa’s Business Hero will be crowned.
The milestone event, held at the Kigali Convention Centre, brought together senior government officials, regulators, global partners, and industry leaders to reflect on the Centre’s achievements in its mission to position Rwanda as a financial hub and to outline its next phase of growth.
Over the past five years, KIFC has undergone a rapid ascent on the global financial stage. Kigali now ranks as Africa’s third-best financial centre and second in Sub-Saharan Africa, a recognition attributed to the country’s strong governance, predictable regulatory environment and coordinated institutional support.
Since its inception in 2020, the Centre has mobilised more than $1 billion in targeted investment commitments and licensed over 250 entities, signalling growing confidence among global investors structuring capital through Rwanda.
In her address, KIFC CEO Hortense Mudenge described the anniversary as both a celebration and a defining moment for the Centre’s long-term vision. She emphasised that Rwanda’s next phase will focus on consolidating gains and steering the financial hub toward three priority segments: asset management, climate finance, and fintech.
“Success depends on capital, credibility and confidence,” Mudenge said, outlining how KIFC aims to make Rwanda the easiest and most efficient jurisdiction for investors choosing an African base.
She noted that asset management will anchor the Centre’s strategy by positioning Rwanda as a gateway for both foreign and domestic capital mobilisation. Climate finance will shape the policy direction, supporting Rwanda’s ambition for a carbon-neutral economy by 2050, while fintech will serve as the accelerator, enabling faster, more transparent and more accessible financial services.
The CEO also recognised the strong collaboration across government ministries, regulators and development partners that has enabled KIFC’s progress, extending special appreciation to Luxembourg for its support in the development of the Centre’s next five-year strategy.
Minister of Finance and Economic Planning, Dr. Yusuf Murangwa, reaffirmed the government’s commitment to the Centre’s next phase. He praised the rapid progress made so far, saying KIFC had “proven beyond doubt that Rwanda can build a credible, competitive, and internationally respected financial centre.”
Murangwa emphasised that KIFC is now entering a decisive scaling phase. “The Government of Rwanda remains fully and unequivocally committed to this initiative. KIFC will continue to be a catalyst for prosperity, not only for Rwanda, but for Africa at large.”
Luxembourg’s Chargé d’Affaires, Charlotte Helminger, commended Rwanda’s momentum, observing that “some achieve more in five years than others do in 50,” which, she said, reflects the impressive strides KIFC has made in such a short time.
She cited ongoing joint initiatives, including the Luxembourg Green Exchange’s support to the Rwanda Stock Exchange Green Window, the establishment of the FinTech Centre, development of industry-wide API standards, and work on training and fiduciary-agent curricula, as examples of the “ambitious and forward-looking collaboration” driving the Centre’s next phase.
KIFC executives highlighted the building blocks behind the Centre’s growth, including policy reform, global promotion and talent development. Over the last five years, Rwanda has enacted more than 23 international-standard financial laws, expanded its double-taxation treaty network to 17 countries and fully aligned its regulatory frameworks with OECD and FATF expectations. These measures have strengthened investor protections, enhanced transparency and positioned Rwanda as one of Africa’s most credible jurisdictions for fund structuring.
The Centre has also invested heavily in talent, establishing the Financial Sector Skills Council and training over 1,000 professionals in partnership with CISI, ICAEW, CFA Society and others. Rwanda’s adoption of the Sustainable Finance Roadmap and the launch of the Rwanda Green Taxonomy, the second in Africa, further underscored the country’s commitment to responsible and climate-aligned finance.
During a panel discussion at the event, Capital Markets Authority (CMA) CEO Thapelo Tsheole highlighted Kigali’s unique edge as a nascent financial hub, free from the entrenched legacy systems that often slow innovation in established centres.
“The honest truth is that when you’re building a new financial centre, you don’t have the luxury of legacy baggage, and that’s actually an advantage. We can design rules that are modern from day one,” Tsheole said.
He emphasised benchmarking against global leaders like Singapore and Luxembourg while adapting to African contexts, alongside voluntary compliance with OECD peer reviews and FATF assessments to build trust.
Panellists from PwC Rwanda, the Rwanda Social Security Board (RSSB), MoneyPhone, and Liedekerke echoed the sentiments, hailing Rwanda’s collaborative ecosystem and regulatory agility as drivers of surging interest from international private equity, venture capital, and infrastructure funds.
“We had this very fast-track recognition of the advantages of funds, which was a very pleasant surprise. During the general solicitation process, we were meeting with very capable and technical experts from the CMA, and that was a very pleasant experience,” remarked Louise Verstraete from Liedekerke.
As KIFC marks five years, its ambitious strategy in asset management, climate finance, and fintech is expected to translate into tangible growth for Rwanda’s financial ecosystem, further shaping the country’s engagement in regional and global markets.
The figure, based on the urban Consumer Price Index (CPI) used as the country’s benchmark for monetary policy, remained broadly stable month-on-month, increasing by 0.2 percent compared to October.
The latest CPI release shows that while general inflation pressures have eased compared to earlier in the year, price increases remain uneven across key sectors. Health services recorded the steepest rise, surging by 70.9 percent year-on-year, while restaurants and hotels also saw significant increases, rising by 19.4 percent.
Food-related inflation showed a mixed picture. Although overall food and non-alcoholic beverages rose by a modest 1.4 percent, specific items placed notable upward pressure on households. Meat prices increased by 18.4 percent, while bread and cereals rose by 12.8 percent. However, these gains were partially offset by a sharp 10.1 percent decline in vegetable prices, contributing to a softer food inflation outlook.
Energy and import-related pressures continued to shape inflation dynamics. The energy index rose by 12.4 percent, reflecting higher costs for fuel, electricity, gas and other household fuels. Imported goods inflation stood at 10.2 percent, substantially higher than the 6.2 percent increase for locally produced goods.
Housing, water, electricity, gas and other fuels increased by 7.7 percent, while transport inflation reached 9.3 percent.
Core inflation, which excludes fresh food and energy and is closely watched by policymakers as an indicator of underlying price trends, rose by 9 percent year-on-year.
At the national level, which combines urban and rural indices, the overall CPI rose by 4.1 percent, reflecting significantly lower rural inflation of 2 percent. The rural index even registered a monthly decline of 0.3 percent as fresh food prices continued to ease.
The annual average inflation rate between November 2024 and November 2025 stood at 6.9 percent, slightly below the headline monthly figure. Policymakers are expected to assess the latest data against macroeconomic conditions as they consider future adjustments to the monetary policy stance.
NISR collects more than 40,000 price observations nationwide every month for the CPI, covering 1,622 goods and services across urban and rural markets.
Located in Kacyiru, one of Kigali’s most dynamic neighbourhoods, the new hotel sits on the historic grounds of the former Umubano Hotel, once among the city’s first international hospitality landmarks. Its transformation into Mövenpick Kigali marks both a renewal of the site’s legacy and an investment in Rwanda’s fast-growing tourism and business ecosystem.
Just minutes from Kigali International Airport and within close reach of the Kigali Convention Centre, BK Arena, and major diplomatic institutions, the hotel is strategically positioned at the heart of the capital’s diplomatic and lifestyle district.
Owned by Kasada Capital Management, in partnership with the Qatar Investment Authority and Accor, the project aims to redefine urban hospitality in Kigali through sustainability, community-centred initiatives, and thoughtful design.
“Our goal is to create joyful moments of genuine reconnection, where every guest feels both inspired and at home,” said Mediatrice Umulisa, General Manager of Mövenpick Kigali, in a statement on Monday, December 8, 2025.
“Our approach blends Swiss hospitality, heartfelt Rwandan service, and thoughtful design to create an experience that feels warm, contemporary, and deeply rooted in place. Whether guests join us for business, relaxation, or culinary discovery, we want them to feel the joy of a stay that is nourishing, generous, and full of meaning.”
The hotel features 124 elegantly designed rooms and suites, many overlooking Kigali’s green, hilly skyline. Interiors, developed by Shelter Group Africa, incorporate biophilic design and Rwandan cultural motifs to create calming, modern spaces that reflect both the country’s heritage and the brand’s global standards.
Guests can enjoy signature Mövenpick offerings, including the beloved Chocolate Hour, an afternoon celebration of Swiss indulgence, and RAAVA, the hotel’s new all-day dining restaurant serving an eclectic mix of local and international cuisine. A poolside bar further enhances the relaxed, resort-style atmosphere.
Designed to cater to both business and leisure travellers, the hotel includes four flexible meeting rooms with capacity for up to 300 people. Each space offers panoramic city views, making it an attractive venue for conferences, corporate events, and co-working.
Additional facilities include a heated outdoor swimming pool, a wellness spa, and a fully equipped fitness centre. Families are also well-served through the “Little Birds Club,” an engaging space tailored for young guests.
Raki Phillips, Accor’s Regional President for the Premium, Midscale and Economy division across the Middle East, Africa & Türkiye, described the opening as a milestone for the brand in Rwanda.
“The opening of Mövenpick Kigali marks a proud new chapter for our brand in Rwanda, a country known for its warmth, and forward momentum. Mövenpick Kigali is a bridge between past and future, reimagining a beloved landmark while contributing to the city’s continued transformation,” Raki remarked.
“Through the creation of meaningful local employment, investment in young talent, and a deep commitment to sustainability, this opening reflects our belief that hospitality should leave a positive imprint both for our guests and the communities we serve.”
More than 160 permanent jobs are expected to be created, with a strong focus on hiring local talent, including graduates from Rwanda’s top hospitality schools and former Umubano Hotel staff.
Sustainability is central to the hotel’s operations. Mövenpick Kigali is working toward Green Globe certification and has adopted a full no-single-use-plastic policy, alongside other eco-friendly measures designed to reduce its environmental impact.
Jean-Guy Afrika, CEO of the Rwanda Development Board, praised the project’s contribution to Rwanda’s tourism and investment landscape.
“The launch of Mövenpick Kigali is both a renewal and a continuation of history. This site holds deep significance in Rwanda’s hospitality journey. Mövenpick’s arrival honours that legacy while ushering in a new era of excellence.”
To mark the opening, members of ALL, Accor’s lifestyle loyalty programme, will earn four times the usual Reward points for stays between December 21, 2025 and April 26, 2026, when booked by December 21, 2025.
With its blend of Swiss precision, Rwandan hospitality, and a modern vision for sustainable tourism, Mövenpick Kigali is set to become one of the capital’s standout destinations for travellers, residents, and global investors alike.
From homeowners working on modest upgrades to contractors handling large-scale developments, La Gloire has built a reputation for offering products that suit every budget.
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La Gloire began its journey in 2019, initially focusing on supplying tiles through a partnership with Goodwill Tiles. Salesperson Kevin Gashugi explains that, in the early years, the business served mainly retailers, though individual clients were also welcomed. Word-of-mouth quickly became their strongest form of marketing as satisfied customers recommended the store to others.
“We started mostly with tiles, offering different sizes to satisfy all kinds of customers,” Kevin reflected on those early days during a recent visit by IGIHE to the supplier’s showroom in Gisozi.
As demand grew, clients began asking for more than just tiles, prompting the company to expand its range. By 2022, customers were requesting toilets, cabinets, MDF boards, marine boards and other essential finishing materials, an opportunity that guided La Gloire’s evolution into a more comprehensive supplier.
According to Kevin, the company’s goal was to make it easier for customers to find everything they needed in one place. This led to key milestones: in 2023, La Gloire became the sole representative of BNBM gypsum products, and partnered with Golden Home and Acacia Factory from Uganda for marine boards.
In December 2024, the company also introduced large-format tiles from China and India and became a representative of the Somany brand from India. These expansions diversified the showroom and strengthened La Gloire’s presence in the finishing materials market.
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Today, the company offers an impressive range of products. Its tile collection includes modern large-format tiles such as 75×150cm, 80×80cm and 60×120cm, as well as more standard and affordable sizes like 60×60cm, 50x50cm, 40×40cm and 30×30cm. Customers can also find outdoor tiles and solutions for stairs.
“We want to make sure everyone finds something that works for them,” Kevin says, emphasising that every client is guaranteed to find an option that suits their style and budget.
For interior finishing, La Gloire supplies MDF boards commonly used for kitchen cabinets, wardrobes and furniture, along with water-resistant marine boards preferred for areas exposed to moisture. To complete these installations, the store also stocks accessories such as handles, sofa legs, taps and cabinet fittings, allowing customers to source everything they need without moving between multiple suppliers.
The company’s gypsum section has equally grown in demand. Clients can choose from BNBM, German and Sunshine gypsum boards, along with the necessary gypsum powder and plaster. These products are popular for ceilings, partitions and decorative work because they offer a clean finish and a modern look while being easy to install.
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La Gloire’s bathroom and sanitaryware section is one of its fastest-growing departments. Customers can explore a wide selection of toilets, including water-saving and soft-close models, smart mirrors with lighting and anti-fog features, bathroom cabinets in modern designs and premium showers. Among the popular innovations are showers with temperature displays, which help users heat water more efficiently and reduce unnecessary energy use.
Beyond finishes, the store also provides essential plumbing items such as flexible tubes, valves, fittings and water heaters. Kevin notes that the water heaters stocked at La Gloire are preferred for their efficiency because they heat water only when needed, making them ideal for reducing household electricity consumption. For waterproofing needs, the company supplies trusted Sika products used to protect bathrooms, balconies and other moisture-prone areas.
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A strong focus on customer satisfaction continues to set La Gloire apart. Bulk buyers receive negotiable discounts, and delivery services are arranged based on the size and fragility of the order.
The team also follows up with clients to understand how the products performed in their projects, a practice Kevin says helps the company decide which new items to introduce. He adds that all products meet international quality standards, reinforcing the company’s commitment to durability and customer trust.
From a single outlet, La Gloire has expanded to more than 10 branches across Kigali, Musanze, Rubavu and other districts, with plans to continue widening its reach. The company sources products from Rwanda, India, China, Egypt and Uganda, giving customers a wide variety of options without compromising on quality or affordability.
Whether someone is renovating a home, furnishing new spaces or working on commercial buildings, La Gloire offers solutions that are practical, modern and accessible.
“Any budget constraint you may have, come and talk to us. We have experts who can advise you, products that fit every need and solutions tailored to your project,” Kevin assures.
The FiRe Award, presented by the Capital Markets Authority Kenya, Institute of Certified Public Accountants of Kenya, Nairobi Securities Exchange, Public Sector Accounting Standards Board – Kenya, and the Retirement Benefits Authority, celebrates organisations that demonstrate outstanding integrity, clarity, and responsibility in reporting.
Now in its 18th edition, the platform is widely regarded as the region’s benchmark for best practice in financial reporting.
Speaking after the announcement, Bank of Kigali’s Chief Finance Officer Anita Umuhire said the recognition affirms the bank’s commitment to openness and professionalism.
“Winning the FiRe Award reflects the professionalism that define everything we do at Bank of Kigali,” said Umuhire. “It’s a recognition that our commitment to transparency not only strengthens trust with our customers but also sets a benchmark for the Rwandan financial sector and beyond.”
Chief Executive Officer Dr. Diane Karusisi described the win as a reflection of the dedication of staff, partners, and regulators.
“We dedicate this award to our dedicated teams, regulators, partners, and every customer whose confidence inspires us to raise the bar every year. This recognition motivates us to continue leading with excellence in all we do,” stated Dr. Karusisi.
The recognition comes on the back of a solid half-year performance. The bank reported a Profit After Tax of Rwf 52.2 billion for the first half of 2025, a 12.9 percent increase from the previous year. Growth was supported by a loan book expansion of more than Rwf 231 billion, improved asset quality, and an increase in customers.
Total assets rose to Rwf 2.6 trillion, while loans reached Rwf 1,75 trillion, underscoring the bank’s central role in financing Rwanda’s economic activity. SMEs accessed Rwf 238 billion in credit, retail lending climbed to Rwf 313 billion, and agribusiness financing increased sharply to Rwf 95 billion, one of the fastest-growing segments.
Corporate and institutional lending rose to Rwf 1.1 trillion, supporting investment across infrastructure, transport, tourism, health, and education. A newly introduced Institutional Banking segment has also begun enhancing service delivery to NGOs and faith-based organisations.
Established in 1966, Bank of Kigali is Rwanda’s largest commercial bank and serves more than one million customers nationwide. Its performance has earned repeated international accolades, including multiple honours from Euromoney Awards for Excellence and Global Finance Magazine.
Speaking across several high-level panels, the Chief Executive Officer of the Capital Market Authority (CMA), Thapelo Tsheole, positioned institutional investors, pension funds, insurers, collective investment schemes, and banks as the bedrock of Rwanda’s next growth phase. With long-term horizons and sizeable asset bases, these investors offer the stability and scale required to support market depth and sustained capital formation.
Tsheole acknowledged the challenges of deploying long-term capital in frontier markets, noting the need for strong governance, technical capacity, and robust risk frameworks to safeguard investors’ interests while driving productive investment.
He also emphasised Rwanda’s regulatory model, rooted in clarity, predictability, and investor protection. The CMA follows a consultative approach and in 2025 engaged more than 700 enterprises nationwide to ensure that regulation remains proportionate, practical, and responsive to a rapidly evolving market landscape.
Regionally, Rwanda continues to collaborate through the East African Securities Regulatory Authorities (EASRA), advancing cross-border listings, shared innovation frameworks, and harmonised oversight standards. This enhances market connectivity and widens access to capital across East Africa.
On foreign participation, Tsheole pointed to the Multicurrency Securities Directive as a breakthrough for diaspora and international investors. Rwanda’s diaspora remits between USD 600–800 million annually, roughly 6% of GDP. New instruments such as diaspora bonds and digital savings products aim to channel a portion of these flows into long-term national investment priorities.
