The flight will arrive from Frankfurt in Nairobi at 20:30 hours and the returning flight will depart each evening from Nairobi at 22:25 (local time). It arrives the next day in the morning at Frankfurt, with all options for onward connections during the day.
The additional flights between Nairobi and Frankfurt are already bookable through all available sales channels.
“Kenya remains a focus market for Lufthansa in East Africa and the decision to maximise our offering into the country is largely driven by the significant increase in demand and resurgence in travel, coupled with the immense support of the local community within the region”, says Kevin Markette, General Manager East Africa, Lufthansa Group.
Lufthansa was one of the first airlines to restart regular commercial flights to Kenya directly after the Covid-19 pandemic, signifying the important commercial and economic ties between the two countries, as well as Lufthansa’s commitment to maintaining a direct connection for our customers in Kenya and Germany.
{{Eurowings Discover increasing capacity to five weekly flights to Mombasa}}
Not only is East Africa a popular destination and gateway amongst business travellers, but the region is also well known by those travellers seeking an idyllic holiday destination to unwind and relax. For this reason, the Lufthansa Group has decided to enhance the Eurowings Discover flight schedule to Kenya, by increasing the current four weekly flights between Frankfurt and Mombasa, to five weekly flights starting 20 June until 12 September 2023.
The additional capacity to Mombasa comes just in time for the peak travel season and will allow Eurowings Discover to offer holidaymakers the much needed flexibility and choice, when booking their flights.
{{Brussels airlines offering daily flights to Entebbe as well as five weekly flights to Kigali}}
As the Lufthansa Group continues to invest in expanding its network in Kenya through its premium Lufthansa product and its leisure carrier Eurowings Discover, the importance of growing in the entire East African region remains a high priority.
Therefore, a noteworthy highlight is the current capacity increase from four to five weekly Brussels Airlines flights between Brussels and Kigali, which was originally planned to be a seasonal increase, shall now continue all throughout the winter season of 2023.
This capacity adjustment comes on top of the daily flights offered by the airline between Brussels and Entebbe and it complements the existing twice-weekly flights between Brussels and Bujumbura, of which Brussels Airlines proudly remains the only European airline to offer flights to this East African City. With the additional frequencies, the Lufthansa Group is further cementing its commitment to growing in the region and on the African continent.
{{Lufthansa Group committed to sustainability and providing a consistent, high quality travel offer}}
Until 2030, the Lufthansa Group airlines will have at least 190 newly delivered and fuel-saving aircraft in service. This major investment in the future will reduce kerosene consumption and therefore CO₂ emissions by up to 30 percent on each flight.
Leading aviation into a sustainable future and to become carbon neutral by 2050 is the goal of the Lufthansa Group.
“We believe that sustainable aviation will continue to enable us to benefit from a connected world and by expanding the various airline schedules of the Lufthansa Group, we are maintaining a solid foundation and presence within East Africa. Our passion for connecting people, cultures and economies, thus bringing the world within reach, together with providing our customers a consistent, high quality travel offer across an extensive route network remains a top priority for the Lufthansa Group”, adds Kevin.
The Institutional Support for Digital Payments and e-Commerce Policies for Cross-Border Trade Project (IDECT) will evaluate policy gaps in the digital trade and e-commerce ecosystems of Côte d’Ivoire, Benin, Ghana, Liberia, Uganda, South Sudan, Zimbabwe, the Republic of Congo, São Tomé and Príncipe, and the Democratic Republic of Congo.
The project will see to the implementation of regional training and capacity-building programs focusing on cross-border e-payment and e-commerce for governments, private sectors, and Small and Medium Sized Enterprises (SMEs).
These programs are expected to reach 600 participants, with 60% being women and youth. Additionally, a certified gender-sensitive e-learning training program addressing the unique challenges faced by women in digital trade and e-commerce, will be developed and disseminated to 2,500 participants, of whom 60% will be women.
The agreement was signed on Tuesday, 25 April, a day ahead of the 2023 Transform Africa Summit which takes place in Victoria Falls, Zimbabwe, from 26-28 April.
African Development Bank Director General for Southern Africa Region Leïla Mokaddem, described the IDECT as a pivotal step towards strengthening Africa’s digital trade and e-commerce landscape.
“This initiative will bolster the development of harmonized e-payment policies, capacity building, and gender-sensitive frameworks, ultimately fostering a digital trade ecosystem that generates employment opportunities across the continent,” she said.
Lacina Koné, CEO of Smart Africa, said: “The IDECT project demonstrates our commitment to fostering digital transformation and economic growth in Africa. By addressing policy gaps and promoting gender-sensitive training, we are laying the foundation for a thriving digital trade and e-commerce ecosystem.”
{{About the African Development Bank Group}}
The African Development Bank Group is Africa’s premier development finance institution.
It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states.
The Loan Repayment Feature on the BK App is designed to provide customers with an exceptional banking experience. The app’s functionality is intuitive and easy to use, ensuring that customers can effortlessly manage their loan repayments on-the-go. The loan amount and schedule adjust automatically, providing customers with real-time updates on their loan status. This transparency ensures that customers stay in control of their finances and make informed decisions about their loan repayment journey.
According to the lender’s management, the BK App’s Loan Repayment Feature aligns with its commitment to delivering convenience and accessibility to its customers.
The bank’s CEO, Dr. Diane Karusisi, has been a driving force behind Bank of Kigali’s digital transformation, making it a “Home Bank” for Rwandans.
With the development and launch of new digital products, such as the BK App’s Loan Repayment Feature, the bank continues to demonstrate its unwavering commitment to transforming lives and fostering financial inclusion.
The launch of the Loan Repayment Feature is a significant step towards providing customers with a secure and accessible way to manage their loans. By eliminating the need for branch visits and offering real-time updates on loan status, Bank of Kigali is revolutionizing the way customers interact with their loans. This feature is an example of the bank’s dedication to digital transformation, through its investments in infrastructure, partnerships, and innovative products.
{{About Bank of Kigali Plc}}
Bank of Kigali Plc is the largest commercial bank in Rwanda, by total assets. In 2017, Global Credit Ratings affirmed Bank of Kigali’s long-term and short-term national scale ratings of AA-(RW) and A1+(RW) respectively with a stable outlook.
It has won several back-to-back international and regional banking awards from Euromoney, The Banker, Global Finance Magazine, and EMEA Finance. Bank of Kigali has been recently awarded “Best Bank in Rwanda 2023” by Global Finance Magazine.
The Bank is a licensed commercial bank in Rwanda, with leading market share over 30% across key metrics. The Bank has a distribution network comprising of 68 branches, 13 outlets, 9 mobile vans, 3,044 agents and serves over 361,595 individuals and over 27,117 business entities.
Global Finance, an international magazine with over 35 years of experience in financial reporting, attributed this recognition to the bank’s exceptional customer service, innovative products, and strong financial performance.
The CEO of Bank of Kigali attributed the award to the bank’s commitment to excellence and its unwavering determination to provide customers with top-notch services.
“We are honored to receive the Global Finance Award for the third consecutive time, and we are grateful to our customers, staff, and stakeholders for their continued support,” she noted.
Dr. Karusisi also emphasized that the bank remains focused on driving financial inclusion and contributing to Rwanda’s economic growth and development.
“We will continue to innovate and adapt to meet the evolving needs of our customers,” she reiterated.
Bank of Kigali experienced several significant developments over the past year, which played a critical role in securing the award for the third consecutive year.
These include the release of the new BK Mobile App, the acquisition of the BK Arena naming rights, the establishment of both the Mortgage Center and the SME Center, as well as the introduction of the IKAZE Feedback platform.
In addition, the bank saw a 15.1 percent increase in net profit worth Rwf59.7 billion in 2022 from Rwf51.9 billion in 2021, mainly driven by the 25 percent increase in non-funded income.
This achievement marks another cause for celebration at Bank of Kigali.
The bank’s total operating income also increased by 16% to Rwf72 billion compared to Rwf61 billion in 2021, due to revenue growth in interest income and containment of interest expense. The bank’s loan book grew by 27%, reaching Rwf456 billion in 2022, driven by investments made in manufacturing, trade, and construction.
BPR Bank’s Managing Director, Patience Mutesi, attributed the performance to the consolidation of gains from the merger of the former KCB Rwanda and Banque Populaire du Rwanda, as well as providing customer-centric products and services while implementing technological advancements.
The bank’s Chairman of the Board of Directors, George Rubagumya, noted that the results were achieved through sound financial management, the introduction of new products and services, and a keen focus on customer satisfaction metrics.
BPR Bank has reiterated its commitment to offering quality services in public and private investments, payments, and savings for customers.
Fees and commissions also saw a 20 percent increase year-on-year, attributed to the proper execution of revenue-generating strategic initiatives and digital transactions’ continued growth. Foreign exchange activities revenue also increased by 25 percent due to the increase in volume.
Despite the increase in operating expenses to Rwf25.6 billion from Rwf20.7 billion, I&M Bank’s loan book grew by 4 percent, closing at Rwf231.7 billion, while customers and other financial institutions’ deposits closed at Rwf357.4 billion. The bank’s NPL ratio was well managed at 4.2 percent, resulting in a loan-to-deposit ratio of 63.2 percent.
I&M Bank CEO Robin Bairstow attributed the bank’s success to the I&M Group’s ability to manage various economic challenges while leveraging digital capabilities to provide exceptional customer experiences. He emphasized the bank’s dedication to being a dependable and trusted financial partner for growth while navigating macroeconomic headwinds with resilience and soundness.
I&M Bank’s good performance also earned it the Gender Equality Seal and the Best Bank in Rwanda award for the second year in a row by Capital Finance International (CFI). The bank plans to continue investing in technology to enhance its customer experience and improve operational efficiency.
Based on the financial performance, the board recommended the payment of Rwf1.84 dividends per share, a 55 percent increase compared to the previous year.
The bank’s commitment to creating long-term value for all stakeholders, including customers, shareholders, and the broader community, continues to be a top priority.
These solid results were supported by a growth in voice, data and mobile financial services underpinned by good operational momentum. Our subscriber base grew by 381,000 subscribers to 6.8 million. The Active data user base grew 9% compared to the previous year, with 191,000 new active data customers added to the MTN customer base in 2022. This growth was driven by the addition of over 308,000 new smartphones to the network, increasing smartphone penetration by 3.4%.
Speaking on these achievements, Mark Nkurunziza, MTN Rwanda Chief Finance Officer, highlighted “We are thrilled to announce these strong results for 2022. The renewal cost for our individual license in 2021 for Rwf 91 billion was amortised over 10 years, which impacted finance and amortization costs resulting in a 12.8% decrease in net earnings. Our Earnings Before Interest Tax Depreciation and Amortization (EBITDA) grew by 20.8% compared to the previous year, closing 2022 with an EBITDA margin of 48.3% that came in 0.6pp stronger than 2021. The margin improvement was primarily a result of strong revenue growth as well as a yearlong focus on expense efficiencies to contain operating expenditure growth.”
Anchored on one of our Ambition 2025 pillars, to build the largest and most valuable platforms, our subsidiary Mobile Money Rwanda Limited (MMRL) recorded an increase in the active Mobile Money subscriber base to 4.3 million users from 3.7 million users with an exponential increase in MoMo Pay merchants to 141,222 from 47,678 active merchants in 2021. Additionally, Mobile money revenue continued its strong trajectory closing at 48.4% growth compared to 2021.
“We are pleased to see that the adoption of our mobile money services by our customers and the drive from our partners, MoMoPay merchants, has translated into such strong results. This year, we are even more committed to introducing products and services that will propel financial inclusion across the nation, leaving no one behind,” commented Chantal Kagame, Mobile Money Rwanda Limited Chief Executive Officer.
Mapula Bodibe, MTN Rwanda Chief Executive Officer expressed that “These results are a testament to the hard work and dedication of our employees and the continued support of our board of directors, and stakeholders as well as the continued loyalty of our customers. We would like to thank and appreciate all our customers and stakeholders without whom we wouldn’t have been recognized as the 2022 top performing MTN operation across the MTN Group footprint of countries in the MTN Group ‘Million Dollar Challenge’, announced a few weeks ago. Also noteworthy, Mobile Money Rwanda Limited emerged as the overall winner of the Build the Largest and Most Value Platforms: Fintech award, being the best performing Fintech operation across the MTN Group footprint.
In 2022, we also continued our focus on investments in a sustainable future through our strategic priority Environmental, Social and Governance (“ESG”) programme, aligned to the MTN Group commitment to achieve zero net carbon emissions by the end of 2040. MTN Rwanda launched a pilot grid-connected solar system at our data centre as a proof-of-concept project, under the localised Project Zero umbrella, for which we foresee expansion in the coming years.
Building on our commitment to “Lead Digital Solutions for Rwanda’s Progress”, MTN Rwanda in partnership with our telecom tower provider IHS Rwanda Ltd donated laptops and subsidized data to schools for the second year in a row as part of the ongoing nationwide school digitization programme.
“This year, we are excited to be celebrating twenty-five years of operation in Rwanda. Our journey in this nation of a thousand hills has been one of growth and innovation. We are looking forward to celebrating this milestone throughout the year. There’s a lot in store for our customers under the theme “Tubitayeho” including a number of events and giveaways, appreciating all our stakeholders and partners for their continued support and trust over the years,” added Bodibe.
Looking ahead, we are at the mid-way point of the execution of the MTN Group Ambition 2025 strategy and the beginning of the implementation of Rwanda’s new broadband policy, which presents even more exciting growth prospects for MTN Rwanda. We are focused on delivering on the policy expectations which are in line with MTN’s ambition to lead digital solutions for Rwanda’s progress.
“We look forward to building on the success we achieved in 2022. The Company is well-positioned for future growth, with plans to introduce new products and services, underpinned by a continued focus on improved network and customer experience,” concluded Bodibe.
{{About MTN Rwandacell Plc}}
MTN Rwandacell Plc (MTN Rwanda) is the market leader in mobile telecommunications in Rwanda. Since 1998, it has continuously invested in expanding and modernising its network.
MTN Rwanda offers various services to subscribers, including innovative propositions such as personalised voice and data offers with MTN Irekure. The company is also the front runner in mobile financial services in Rwanda with Mobile Money, MoMoPay and MoKash Loans and Savings.
A trust company is a legal entity that acts as a fiduciary, agent, or trustee on behalf of a person or business for the purpose of administration, management, and the eventual transfer of assets to a beneficial party.
According to a statement released by the company’s management, MLCS has been added to the list of first approved Rwandan owned Trust and Company Service Providers in accordance to the regulation N° 52/2022 of 01/09/2022 of the National Bank of Rwanda governing Trust Company Service Providers.
The company got the approval on 6th February 2023. Apart from the licensing, MLCS has so far joined different associations including the Kigali International Financial center’s Club; European Business Chamber of Rwanda and the American Chamber of Rwanda.
MLCS operates in the financial non-banking sector targeting corporate and private clients who require a fast and professional range of corporate, fund and fiduciary services by providing administrative, accounting, taxation, legal and compliance services.
It is headed by Headed by its Founder and Managing Director, Ms. Lydie Murorunkwere and a team of experienced professionals who combine the latest technologies and data analytics with their experience in law, finance, accounting, taxation, human resources and business to ensure that investor’s organizations will run smoothly at all times.
Lydie Murorunkwere is a strategic senior executive leader with more than 20 years of experience in senior roles with a focus on business development for organizational success.
She has built a strong institutional relationship while working in the Rwandan banking system at the Commecial Bank of Rwanda (I&M) and BPR (Atlas Mara), proving an ability to resolve multiple and complex issues related to sales, legal, financial and operational administration.
Alongside setting up and incorporation of companies and structures, MLCS will also share expertise in the areas of Corporate Secretarial and Administrative services; Corporate governance, Legal and compliance Assistance, Taxation and Accounting; Private Notary services, intellectual property, Assets Management and Administration for real Estate as well as Venture Capital and Private Equity Services.
In order to support the Rwandan government efforts to establish a strong financial center in Rwanda, attracting investment funds and innovative financial services, MLCS is proposing a suite of tailored trainings for corporate, public institutions and learning partners.
The trainings will be provided in the specific sectors of Corporate and Investment Law; Risk Management, Compliance and Regulation; Marketing and Customer Care; Entrepreneurship and data protection; Accountancy and taxation; Climate Change and Renewable Energy Finance; Investment analysis, Project finance and Capital Markets.
The ABH Prize Competition held for the fourth consecutive time this year, is a philanthropic initiative sponsored by the Jack Ma Foundation and Alibaba Philanthropy.
The 10 entrepreneurs were selected from over 21,000 applications across all 54 African nations after six months’ rigorous evaluation by over 230 judges.
They hail from eight African countries including Cameron, Egypt, Ethiopia, Ghana, Kenya, Rwanda, South Africa and Tanzania. Their start-ups have been drawn from a wide variety of industries including agriculture, consulting, energy, environmental protection, healthcare, information & communication technology (ICT), and retail.
These outstanding entrepreneurs share a common trait of having a deep commitment to creating a positive impact on their communities, such as empowering disadvantaged groups, increasing access to digital commerce for businesses in Africa and leveraging technology to improve agricultural efficiency for small-holder farmers.
All finalists won a share of the competition’s US$1.5 million grant. Elia Timotheo, Founder and CEO of East Africa Fruits Co. emerged the overall winner and walked away with US$300,000.
Tesh Mbaabu, Co-Founder and CEO of Marketforce Technologies (Kenya) and Nadia Gamal El Din, Founder and CEO of Rahet Bally (Egypt) won the second and third place respectively and received a prize share of US$250,000 and US$150,000.
Each of the finalists other than the top three received US$100,000 in prize funding, and an additional US$10,000 will be allocated to each of the top ten finalists for immersive training program(s) and community gathering activities.
The remaining seven entrepreneurs include Cameroonian Flavien Kouatcha Simo, Managing Partner of Save Our Agriculture Sarl; Egyptian Amena Elsaie, Co-Founder of Helm Consulting; Ethiopian Amadou Daffe, CEO/Co-Founder of Gebeya Inc. Addis Ababa; Ghanaian Prince Agbata, Co-founder and CEO of Coliba Waste Management Services Limited; South African Shona Mcdonald, Founder and Executive Director of Shonaquip Social Enterprise; South African Elmarie Pereira, Chief Operations Executive, Co- Founder & Acting CEO of Memeza Shout (PTY) Ltd and Rwandan Francine Munyaneza, Founder of MUNYAX ECO.
Rwanda has been participating in ABH each year since its inception in 2019 and has highly benefited as 4 entrepreneurs from Rwanda have so far emerged among top 10 winners for the year 2019, 2021 and 2022 respectively. Overall, to date, Rwanda has won a total grant of over US$385,000 (equivalent to over 406 million Rwandan Francs).
IGIHE has sat with Rwandan Munyaneza to tell us more about what this continent-wide competition has been like, how she made it to the top, her innovation which is solving a major continental problem in the energy sector and what her win means to her business.
She also shared the key lessons Rwandan and African entrepreneurs can learn from the ABH initiative and how she plans to spend the grant.
{{Excerpts:}}
{{1. Kindly tell us briefly about your project?}}
{{Francine Munyaneza: }} My projects are diverse and I can’t talk about them without mentioning MUNYAX ECO because this is where all are being implemented!
So, MUNYAX ECO is a promising company specialized in solar energy where we provide affordable green energy solutions such us: PV systems, SWH, SSL, SHS, Solar pumping, Solar cold chains (freezers & cold room), plus energy consultancy services (like energy auditing) while fostering women empowerment and leadership.
Our slogan is: Save Energy, Save Money, Save the Planet!
{{2. Which lessons have you learnt from participation in the Africa’s Business Heroes Prize Competition?}}
The first lesson I have learnt from the Africa’s Business Heroes prize competition is that technology holds the future. Whatever solution you are providing, for you to be competitive, your project needs to be very scalable. It has to be adapted to this century’s dynamicity and lifestyle.
Another lesson is that African entrepreneurs are doing great works in their respective fields, some of them are widely known and others only locally known due to limited financial means, but still the brains are sharp with strong desire to contribute to the overall development of our continent.
{{3. To what efforts do you attribute the selection among top ten winners of the 2022 Africa’s Business Heroes Prize Competition?}}
-* To personal determination and desire to contribute on the development of my country & Africa in general,
-* To the clear vision; business model; and impact of the company,
-* To Team work spirit (strong, experienced, enthusiast, and dedicated team members _ board members, employees, and business partners)
-* The correct and sincere explanation of my business during preliminary selections (pitches)_presentation skills,
{{4. Your company targets to solve Rwanda’s energy challenges in rural and urban areas by providing solar equipment made and tested in Africa. What are your long-term goals and how far have you gone with attaining the same?}}
{{My long-term goals to this matter lay within other big and exciting projects in pipeline! }}
-* MUNYAX ECO is planning to extend its activities in Africa.
-* I have an ambitious project of starting a manufacturing firm starting with Solar Water Heater (SWH) Systems. This project is going to include the existing recycling department (we currently make furniture and building materials from old/defected products). This will reduce importation expenses (shipment & clearance cost, waiting time, other risks) to enhance the affordability of our products.
-* The Second project is about opening a gender sensitive training centre. This project will train skillful employees to the previous one!
{{Where we are on this point:}} There is no time MUNYAX Eco has been operating without interns/apprentice. We always offer to the youth (especially young women) apprenticeships and internships opportunities to sharpen their practical skills.
{{5. What has been the impact of your project to the community, particularly, Rwandans?}}
I might have mentioned some of the impacts briefly, let me elaborate!
-* Munyax eco is contributing to the achievement of most of the Sustainable Development Goals (SDGs).
-* More households (Rwandan) are getting access to clean and affordable energy solutions _SDG 7,
-* Job creation (income generating of course to reduce poverty) and most of the employees are Rwandans part of the community _ I must highlight that for new job or field activities which do not require special skills, we always employ locals (many cases on cold room and SHS), _SDG 1 and 8,
-* Gender inclusion though women empowerment (those are Rwandan women, who are basic foundation of the community) _SDG 5
-* Contribution in quality education (Munyax Eco has provided lighting and SWH to different schools (eg: Juru Primary school, Kibihekane TVET, St.Joseph Nyamirambo, etc _SDG 4
-* By providing PV system, SWH, and filtered drinking water to 2 health centres (Gahanga and Gitarama), we contributed to both _SDG 3, most of the patients and employees at those health centres lives in nearby community.
-* Our solar pumping solution contribute to agriculture productivity to beat hunger when it’s done for irrigation _SDG 2, and contribute to the supply of safe drinking water where water is being pumped from wheel and filtered for consumption _SDG 6 (partenering also with Water Access’ kiosks in Rwanda).
-* Our partnership with Solaris Kit, IPRC and SOS Rwanda is also providing skills to young Rwandans as we already have 4 interns from both last institutions _SDG 17,
-* Reduced Co2 emission (5000 tons per yesr) by providing environmentally
-* friendly energy solutions which is a contribution to climate action _SDG 13.
{{6. What can other entrepreneurs especially Rwandans learn from your project? }}
-* I would advise other Rwandan entrepreneurs to believe in themselves first.
-* Align your business with local and global agenda/policies,
-* Always remember why they started their ventures and let the purpose drive them,
-* Stay updated, information is the key!
-* Think out of the box, look beyond their current struggles, take risks worth taking.
-* You must have a qualified team & constantly give them opportunity to grow (eg: trainings)
-* Learn from others (advanced business advisors or fellow business owners),
-* Build partnerships that would add value or expand your business (In innovation, scalability or technology)
{{7. How do you intend to spend the ABH prize share to make Munyax Eco more meaningful to communities surrounding your operations? }}
The ABH prize share is mainly going to be used in cold chain technology, and we believe to become a success given the fact that we provide solar cold rooms and solar freezers on reasonable lease agreement.
New cold rooms will create new job opportunities for locals during construction and operation later, local farmers will benefit by storing they production while waiting for buyers which reduce post-harvest losses.
{{8. What message do you have for budding and existing entrepreneurs across Rwanda and in the region who have not yet participated in this competition? }}
I would tell them that knocking on a door doesn’t cost anything but if you don’t do it, you may never get in!
ABH is a big and powerful competition for African entrepreneurs. There is no condition about business stage; age limit; gender or any other thing. The most important thing is your business model, it’s scalability and impact.
Please try your chance, follow ABH website to get updates regarding next competitions.
You never know how life-changing this competition can be, a break through window that lead you to an open platform where growth opportunities are shared amongst those who manage to make it to the top 10 finals, living alone the prize.
It’s possible. If I did it, If Munyax did it, you can do it too!
BK Group Plc is the mother company of four subsidiaries including Bank of Kigali, BK General Insurance, BK TechHouse and BK Capital Ltd.
As per released figures, the lender recorded Rwf134.8 billion total operating income and Rwf43.5 billion after-tax profit in the first nine months.
As for the third quarter, the group registered Rwf15.2 billion after-tax profit.
Commenting on the performance, the CEO of BK Group Plc, Béata Habyarimana said: “BK Group Plc recorded strong results in Q3 and first nine months of 2022; reporting a net income of Rwf43.5 billion. We are happy to see improvement in asset quality despite a turbulent macroeconomic environment. We remain Rwanda’s leading financial group with over 30% market share on all key metrics teams remain committed to delivering great results and we are confident and optimistic that we will continue to meet shareholder’s expectations.”
{{Subsidiaries’ performance in the first nine months}}
{ {{Bank of Kigali Plc}} }
As at September 2022, the bank served 439,690 Retail customers and over 21,561 corporate clients, expanded the Agency Banking Network to 4,086 agents and processed over 1.8 million transactions worth Rwf357.0 billion.
The lender has 68 branches, 13 outlets, 9 mobivans; 97 ATMs and 3,197 POS terminals that accept most international cards including VISA and MasterCard.
Among others, retail clients’ balances and deposits reached Rwf309.3 billion as at September 30th, 2022 while business banking clients’ balances and deposits were Rwf818.0 billion as at September 30th, 2022.
BK Quick now has 125,112 registered customers and has disbursed over Rwf1.8 billion as at September 30th, 2022 while IKOFI wallet has registered over 1,853 agro-dealers/agents and over 264,082 registered farmers.
{ {{BK General Insurance}} }
As one of BK Group’s subsidiaries, BK Insurance registered a profit of Rwf2.1 billion in quarter three compared to Rwf1.8 billion registered in same period last year, representing 15% growth in profitability.
Gross Premium decreased from Rwf10.4 billion in the third quarter of 2021 to Rwf8.9 billion in 2022 reflecting a growth of 15%.
Underwriting profit grew from Rwf1.7 billion to Rwf1.9 billion year-on-year, which represents a 12% growth.
Total assets also increased by 9% y-o-y from Rwf21.7 billion to Rwf23.5 billion.
{ {{BK TecHouse}} }
As for the performance of BK TecHouse, sales revenue grew from Rwf735.7 million to Rwf867.2 million; representing an 18% increase while Net Operating Income reached Rwf1.1 billion; representing a 37% growth.
{ {{BK Capital Ltd}} }
The company’s total revenues for the period stood at Rwf677.0 million. Assets under management grew by 128.3% YTD to Rwf2.4 billion; mainly due to improving product awareness, investment returns and consistent customer service.
With RSE Market Share of 36.6%; the subsidiary sustained market share growth attributed to deepening client relationships and growth in related businesses.
