Category: Business

The investment comes as Spiro expands its battery-swapping network and electric motorcycle operations across the continent. The company aims to deploy more than 100,000 vehicles by the end of 2025, representing a fourfold increase from the previous year.

Spiro operates Africa’s largest battery-swapping infrastructure, with more than 60,000 electric motorcycles, over 1,200 swapping stations, and more than 26 million battery swaps recorded. Its operations currently span six countries, including Rwanda, Uganda, Kenya, Nigeria, Benin, and Togo, with pilot programs in Tanzania and Cameroon.

Prior to this round, Spiro had raised over $180 million from investors, including Equitane and Société Générale.

Kaushik Burman, CEO of Spiro, said the company is responding to growing demand for affordable, sustainable transport.

“Africa is at an inflection point in personal mobility. Riders are rapidly shifting from internal combustion motorcycles to Spiro’s more affordable and accessible battery-swapping ecosystem and motorcycles. For the first time, riders are embracing sustainable transportation because it performs better, costs less to operate, and offers greater profitability than traditional gas-powered vehicles,” the CEO stated.

“This landmark $100 million investment underscores our shared vision to build a pan-African battery-swapping infrastructure that empowers riders with reliable, sustainable energy and mobility across the continent.”

Professor Benedict Oramah, President of Afreximbank, highlighted the investment’s broader economic impact, noting that it supports local manufacturing, strengthens regional trade, and creates employment opportunities, while reducing reliance on imported vehicles.

Gagan Gupta, Founder of Spiro, added that FEDA’s backing will accelerate the company’s growth in energy distribution and mobility solutions, while Marlene Ngoyi, CEO of FEDA, said the investment reflects the strong demand for sustainable mobility solutions across Africa.

Founded in 2022, Spiro’s vision is to build a pan-African mobility ecosystem integrating battery swapping and affordable electric motorcycles. The company’s operations have already enabled over 800 million kilometers of low-carbon travel, replacing fossil fuel-based transport with cleaner alternatives.

Unlike typical real estate projects designed for quick sales, Fortis Green is pursuing a build-to-rent model aimed at fostering long-term community living. Of the total units, 302 apartments, consisting of one-, two-, and three-bedroom options in ground-plus-three buildings, will be retained, owned, and managed by the developer for rental. In addition, 51 single-family homes, including twins, duplexes, or semi-detached units with one shared wall, and 33 townhouses will be available for purchase.

Managing Director Jonathan Shafer said the strategy aligns with market realities and Rwanda’s surging demand for rental housing.

“Our research found that around 95% of homes sold in Kigali are immediately rented out,” he noted. “Homeownership remains difficult due to financing barriers. So we want to own and operate these units long-term to provide stable, well-managed housing communities.”

The remaining homes, including three- and four-bedroom single-family houses priced between $120,000 and $135,000, target middle-income buyers seeking more flexible financing options. Discussions are ongoing with banks and potential investors to introduce lease-to-own arrangements in future phases.

The entire three-phase project is valued at approximately $25 million (Rwf 36 billion).

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Masaka Views is designed as an EDGE-certified eco-estate, promoting lower carbon emissions, energy efficiency, and water-saving techniques. The project includes a living fence, fruit trees, public green spaces, and a community garden to support wellness and environmental engagement.

According to the Managing Director, the Fortis Green Wellness Initiative will provide residents with access to programmes that promote both physical and mental well-being. These will include fitness activities, gardening workshops, and community support services designed to foster a healthy and balanced lifestyle.

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Speaking at the ceremony, which was also attended by the United States Ambassador to Rwanda, Eric Kneedler, Rwanda Development Board (RDB) Chief Investment Officer Michelle Umurungi said the project reflects the country’s urbanisation priorities.

“Housing remains a critical need for our population. Kigali’s rapid urbanisation presents both a challenge and an opportunity. We’re delighted to see investors like Fortis Green Holdings stepping into this opportunity, meeting the growing demand by designing communities that are greener, smarter, and more resilient,” she said, praising Fortis Green for its confidence in Rwanda’s investment environment.

The project is financed through a mix of U.S. investment capital and local banking partnerships. Most building materials will be sourced from Rwandan manufacturers to support the local construction ecosystem.

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Phase 1 of the development includes the construction of 51 single-family homes, 33 townhouses, and 88 apartments, with the first units expected to be handed over in early 2026. The entire phase is planned for completion within approximately 13 months, after which Phase 2 will begin, keeping construction continuous until the full project is delivered in about two and a half years.

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Kigali is projected to need over 30,000 new housing units per year, driven by a rising urban population and increasing demand for home financing. Investors say this reality signals strong long-term returns for rental-focused developments.

Early buyer interest supports this view. One future resident, Beatrice Hariri, said flexible payment terms and environmental commitment influenced her decision.

“It’s a welcoming community that aligns with Rwanda’s priorities. The affordability and flexible payment options made it possible for me,” she said.

As ground breaks in Masaka, Fortis Green plans additional estates both within and outside Kigali, signalling continuation of its long-term strategy.

“We want to create communities that improve lives,” Shafer said. “Kigali’s growth story is only getting started, and we’re here for the long run.”

This represents a 22.5 percent increase compared to the previous year. Together, they account for 67.4 percent of all regulated financial assets, meaning the banking sector controls roughly two-thirds of the country’s financial system and remains central to Rwanda’s financial stability and growth.

At the core of this expansion are Rwanda’s nine commercial banks: I&M Bank Rwanda Plc, Bank of Kigali Plc, BPR Bank Rwanda Plc, GT Bank Plc, Ecobank Rwanda Plc, Access Bank Rwanda Plc, Equity Bank Rwanda Plc, BOA Rwanda Plc, and NCBA Rwanda Plc. Combined, they manage assets valued at Frw 7.7 trillion.

Their growth has been driven by strong lending activity and solid deposit mobilisation, reflecting a buoyant domestic economy. Customer deposits rose by 27.7 percent to Frw 6.1 trillion, providing a stable funding base for lending. Using these funds, banks expanded their net loans to customers by 17.8 percent, reaching Frw 4.8 trillion.

This sustained credit flow is supporting households and businesses in key sectors such as construction, trade, manufacturing, transport, and hospitality, helping to fuel economic activity across the country.

Rwanda’s banks have also strengthened their financial foundations. Liquidity positions improved significantly, with cash holdings up by 48.1 percent, balances in other banks rising by 39.8 percent, and reserves at the National Bank of Rwanda increasing by 30.4 percent. These indicators point to improved resilience and the ability to withstand potential financial shocks.

The sector’s capital position is also stronger. Total shareholders’ funds rose by 36.1 percent to FRW 1.8 trillion, driven by a 73.1 percent increase in reserves and a 21.6 percent rise in profits, which reached Frw 161 billion. This capital growth enhances lending capacity and provides an important buffer against possible economic disruptions.

While commercial banks dominate in size, specialised institutions continue to play a critical role. The Cooperative Bank, ZIGAMA CSS, manages Frw 1.1 trillion in assets and supports community-based financial services.

The Rwanda Development Bank (BRD) also expanded its balance sheet to Frw 902.6 billion as it focuses on financing large-scale and long-term investment projects. Together, these institutions complement the commercial banks’ activities and contribute to a more inclusive financial ecosystem.

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The banking sector is also benefiting from improved monetary conditions. Following recent reductions in the Central Bank Rate, the weighted average lending rate dropped by 37 basis points to 15.93 percent, making credit more affordable for businesses and households. This has encouraged borrowing and stimulated investment across multiple sectors.

Rwanda’s banking industry is therefore not only expanding in size but also building greater financial strength. With strong deposit growth, rising loan portfolios, and a solid capital base, the sector is well-positioned to support the country’s ongoing economic transformation. These 11 institutions are shaping Rwanda’s financial landscape and powering its ambition for sustained and inclusive growth.

The $274.5 million transaction, initially announced in May 2025, transfers ownership of approximately 1,467 tower sites across the country to Paradigm, establishing it as Rwanda’s leading independent tower operator. The sites underpin the mobile networks that connect more than 5.3 million Rwandans to essential services such as mobile money and digital communications.

Backed by a consortium of international investors, including Convergence Partners, British International Investment (BII), and Proparco, Paradigm Tower Ventures aims to enhance connectivity and lower the cost of cellular services across Rwanda and the region. The deal was arranged and financed by Rand Merchant Bank, a division of FirstRand Bank Limited.

Paradigm said the acquisition would help improve network quality and affordability, driving digital inclusion in line with Rwanda’s national digital transformation goals. Research indicates that a 10 percent increase in mobile penetration can raise GDP per capita by 2.5 percent in African economies.

Stephen Harris, co-founder and chairman of Paradigm, said the company was “delighted to be expanding into the Rwandan market,” pledging to improve infrastructure efficiency and sustainability.

“Our focus is to improve existing infrastructure to be more efficient and environmentally friendly, alongside facilitating the improvement of mobile network coverage and connectivity,” he said.

Andile Ngcaba, Founder and Chairman of Convergence Partners, said the investment represents “the kind of opportunity where shared conviction, capable partners and sound fundamentals come together to create lasting value across the Continent.” He added that the platform would serve as “a critical enabler” for emerging data, cloud, and AI-driven services in Africa.

Abhinav Sinha, Managing Director and Head of Technologies, Telecoms and Sustainable Industrials at BII, said the investment underscores a commitment to bridging Africa’s digital divide.

“By enabling affordable, high-quality connectivity, we’re helping unlock opportunities for millions, whether it’s a student accessing online learning, a small business owner using mobile payments, or a healthcare worker connecting with remote communities,” he stated.

Djalal Khimdjee, Deputy Chief Executive Officer of Proparco, said the transaction reflects the organisation’s “trust and continued support” for Convergence and its mission to expand digital coverage across Africa.

Paradigm’s entry into Rwanda reflects investor confidence in the country’s stable policy environment and strong demand for connectivity. Beyond this initial acquisition, the company plans to build and operate additional carrier-neutral tower assets, supporting mobile operators in expanding coverage and accelerating digital inclusion across Africa.

While the total value of all exports, including non-merchandise items, fell by 14.5 percent to USD 1,182.7 million, down from USD 1,382.7 million in the same period of 2024, the nation’s core merchandise export earnings grew by 6.2 percent, reaching USD 826.0 million from USD 777.7 million.

This growth was driven by gains in traditional crops and manufactured goods, highlighting a healthy shift in Rwanda’s export profile.

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Traditional exports, a cornerstone of the economy, led the momentum, with revenues increasing by 29.7 percent to USD 254.3 million, up from USD 196.2 million in the first half of 2024. These goods now account for 30.8 percent of total merchandise exports, up from 25.2 percent in the same period last year.

Coffee receipts soared by 159.1 percent, while mineral exports rose by 30.8 percent. These strong performances were supported by favourable weather and higher global commodity prices. Tea, however, recorded a 3.2 percent decline due to a 4.7 percent drop in unit prices, despite a modest 1.6 percent increase in volumes.

Non-traditional exports also gained traction, rising 22.7 percent to USD 212.2 million from USD 173.0 million, increasing their share of merchandise exports to 25.7 percent from 22.2 percent.

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Despite export gains, the overall merchandise trade deficit widened by 3.6 percent to USD 1,488.4 million, from USD 1,436.3 million in the first half of 2024, driven by a 4.5 percent increase in merchandise imports, which reached USD 2,314.3 million.

Rising imports reflect strong domestic demand for capital and intermediate goods. Consumer goods imports grew 18.9 percent in value and 12.6 percent in volume. Food imports rose 19.3 percent in value and 13.0 percent in volume, while non-food products increased 18.5 percent in value and 10.2 percent in volume.

Consequently, the export-to-import ratio fell to 45.3 percent, down from 49.1 percent, a 7.8 percent decline.

Re-exports fell by 17.6 percent to USD 277.4 million, reducing their share of total merchandise exports to 33.6 percent from 43.3 percent. Conversely, informal cross-border trade increased slightly to 9.9 percent, up from 9.2 percent.

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Rwanda recorded strong performance within the East African Community (EAC). Formal exports to the EAC surged 30.4 percent to USD 155.1 million from USD 118.9 million, driven by growth to the Democratic Republic of Congo (up 72.9 percent) and Uganda (up 26.4 percent).

At the same time, imports from EAC countries contracted 28.9 percent to USD 545.5 million from USD 767.4 million, mainly due to sharp declines from Kenya (84.5 percent drop) and Tanzania (25.4 percent drop). As a result, Rwanda’s trade deficit with the EAC narrowed by 39.8 percent, falling to USD 390.4 million from USD 648.6 million.

The Frw 2 billion bond marks the second tranche of Energicotel’s Long-Term Fixed Rate Bond Program, first introduced in 2021.

The listing highlights the growing role of Rwanda’s capital markets in financing private sector growth and supporting the country’s energy transition.

Energicotel, a leading Independent Power Producer (IPP) and energy solutions provider, plans to use proceeds from the bond to expand power generation capacity and implement energy efficiency projects.

At the listing ceremony, RSE CEO Pierre Celestin Rwabukumba commended Energicotel for its consistent performance and transparency.

“Energicotel is not just a power-producing company. With their work, they are powering progress and empowering people. Four years ago, they joined our fixed-income market after graduating from the Capital Market Investment Clinic, and today they are back to list the second tranche, a testament to sustained growth and investor confidence,” he said.

The RSE boss noted that the company’s journey, which began with its participation in the Capital Market Investment Clinic in 2021, exemplifies how Rwandan firms can leverage capital markets to fund expansion and gain credibility.

“Capital markets don’t just offer capital; they provide visibility and trust for companies to operate and compete in today’s business landscape”.

Capital Markets Authority CEO Thapelo Tsheole said the listing reflects strong collaboration between market participants and growing citizen engagement in Rwanda’s capital markets.

“This achievement shows the strength of our partnerships and the growing participation of citizens in our market. We are committed to building on this momentum to deepen market confidence and drive economic growth,” Tsheole stated.

Ivy Hesse, Acting Managing Director at BK Capital, the transaction advisor and lead arranger, highlighted Energicotel’s disciplined preparation.

“The universe doesn’t give to those who just want, but to those who prepare. From the beginning, Energicotel prepared itself by joining the investment clinic, setting clear intentions, and proving its commitment. Investors responded by giving them the capital to bring their vision to life,” she said

Access to Finance Rwanda CEO Jean Bosco Iyacu described the oversubscription as a sign of Rwanda’s maturing capital market.

“When we first engaged Energicotel in 2021, they were among the first SMEs to take the leap into the bond market. Today’s listing shows how far we’ve come,” he said

Energicotel Executive Director Ferdy Turasenga thanked investors and partners for their faith in the company’s vision.

“When the government focuses on providing essential needs like electricity and water, businesses like ours find an opportunity to contribute. Our investments create jobs for engineers, bankers, and communities, and their impact will last for generations,” he said.

He noted that Energicotel’s mission extends beyond profits to long-term socioeconomic transformation.

“Wherever we invest, we plant seeds for young engineers and innovators who will carry this work forward. Investing in engineering is not just a financial return, it’s a social return,” he said.

Rwanda’s capital market currently lists over 100 instruments, including 86 government bonds, seven corporate bonds, sustainability-linked and green bonds, and 10 equities.

The successful Energicotel listing affirms the country’s commitment to a dynamic and inclusive capital market that channels private investment into national development.

A staff-level agreement was reached between IMF officials and the Government of Rwanda on Friday after a mission held in Kigali from September 29 to October 10, 2025.

The program, launched in 2022, was designed to help Rwanda safeguard macroeconomic stability, strengthen policy credibility, and advance structural reforms without involving direct financial assistance.

According to the IMF mission, Rwanda has met all quantitative targets under the PCI despite facing consecutive global and domestic shocks. According to the IMF, the revised economic growth averaged 7.2 percent in both 2024 and the first half of 2025, supported by strong performance in services, construction, and coffee exports.

Additionally, inflation remained within the National Bank of Rwanda’s (NBR) target range of 2 to 8 percent, while international reserves provided coverage for 4.8 months of imports.

Albert Touna Mama, IMF Mission Chief, commended Rwanda’s achievements, affirming continued partnership with Rwanda.

“Rwanda’s economy has proven to be remarkably strong, even in the face of global challenges. The government’s consistent and well-planned policies have been key to this success. This partnership has helped lay a solid foundation for continued stability and growth, and the IMF remains a committed partner to Rwanda.”

The final review highlighted continued progress in fiscal and monetary policy reforms. A newly adopted tax package is expected to place the tax-to-GDP ratio on an upward trajectory, enhancing domestic revenue mobilisation and reinforcing debt sustainability.

While borrowing for the construction of the New Kigali International Airport in Bugesera is projected to raise debt levels in the near term, the project is considered a strategic investment with long-term benefits.

Minister of State for National Treasury Godfrey Kabera emphasised the importance of the program, noting that the partnership has provided a valuable roadmap for Rwanda’s economic policy.

“By focusing on raising our own revenues, spending wisely, and strengthening our institutions, we have built a more resilient economy. As we complete this program, our focus remains on ensuring that our growth is strong and inclusive,” Kabera stated.

The IMF also emphasised the importance of continued fiscal consolidation, prudent expenditure management, and proactive, data-driven monetary policy to maintain stability. Draft amendments to strengthen the NBR’s mandate are expected to be submitted to Cabinet as part of ongoing institutional reforms.

The IMF Executive Board is scheduled to consider the review in December 2025, marking the official completion of Rwanda’s three-year PCI.

Dr. Gasore made the remarks on Thursday, 9 October 2025, following a meeting with senators from the Committee on Foreign Affairs, Cooperation and Security, where strategies to reduce road accidents were also discussed.

“The construction is progressing well. Our target is to complete the airport by 2027 and have it operational by mid-2028,” Dr. Gasore said.

He added that once operational, the new airport will serve all major domestic and international flights, while Kanombe airport will be repurposed for other uses.

“Large passenger and cargo aircraft will no longer use the Kanombe facility. We will explore alternative ways to utilise it productively,” he said.

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Dr. Gasore also highlighted plans to build roads connecting the new airport to Kigali and other parts of the country, noting that at least three main routes are envisaged.

“These include a road linking Masaka to the airport, another connecting the southern part of Bugesera, and a major route from the Kicukiro bridge to the airport,” he said. While feasibility studies are complete, the minister did not disclose the construction budget, though he confirmed works are expected to begin in early 2026.

The new airport being constructed in a partnership with Qatar Airways, is designed to handle seven million passengers per year, with plans for a second phase to expand this to 14 million passengers annually by 2032.