Mega Global Link has announced plans to establish a branch of its ‘Mega Global Market’ in New York, USA. The new branch will include both an office and a store, designed to make it easier for customers to access a wide range of products and services.
Mega Global Market operates as both an online market and a physical store, offering a variety of products sourced from factories in China, the United States, and India.
Dr. Francis Habumugisha, CEO of Mega Global Link says the company’s ongoing expansion efforts are aimed at ensuring faster service delivery and creating new business opportunities.
“We are excited to bring Mega Global Market to the United States, offering our top seven products just as we have in Canada, Rwanda, and soon in Europe,” Dr. Habumugisha stated. “This expansion includes seven premium services and state-of-the-art body workout machines.”
The company’s offers range from leisure travel and study abroad programs in the US, Canada, and Europe to work-related travel and medical tourism. Mega Global Market also provides opportunities for individuals to engage in business ventures, including the chance to represent the brand and sell its products in different cities or countries.
Dr. Habumugisha further explained that individuals have the option to create their own branded products through a notarized agreement with the company. The African headquarters for Mega Global Market is located in Rwanda, where the company offers seven original nutritional supplements certified by global standards organizations.
Additionally, Mega Global Market provides advanced equipment designed to improve health and well-being, including foot and full-body massage machines, chairs that align the spine, equipment to support muscles, bones, and joints, and other modern implements.
Despite these challenges, EGH achieved a 6% growth in its balance sheet, surpassing the 4% inflation rate, bringing total assets to Kshs 1.75 trillion (about Rwf18 trillion). The Group’s regional subsidiaries played a significant role, contributing nearly half of the total assets.
The Group’s deposit franchise grew by 11% year-on-year to Kshs 1.3 trillion (over Rwf13 trillion), driven by an expanding customer base now totaling 20.7 million. This increase in deposits has strengthened the Group’s liquidity, with cash and cash equivalents up by 55% to Kshs 341 billion (around Rwf3.5 trillion), and investment securities reaching Kshs 459 billion (approximately Rwf 4.7 trillion). The Group’s liquidity position remains robust at 57%.
Commenting on the development; Dr. James Mwangi, Managing Director and CEO of Equity Group Holdings, expressed confidence in the Group’s future saying, “We are optimistic that the strong liquidity of the Group has positioned us to effectively support our customers as the economy starts showing signs of improvement in the key markets we operate in.”
He also highlighted the Group’s strategic decision to reduce leverage by Kshs 75 billion (around Rwf770 billion) of expensive borrowings, further strengthening its financial position.
Among others, shareholders’ funds saw a 13% increase to Kshs 220 billion, boosting the Group’s capacity to support private sector initiatives like the Africa Resilience and Recovery Plan (ARRP). Interest income rose by 22% to Kshs 84.8 billion (around Rwf870 billion), despite challenges from inflation and interest rate fluctuations.
EGH’s diversification strategy continues to yield results, with its subsidiaries accounting for 47% of total loans and contributing 51% of the profit after tax. The Group’s operations in the Democratic Republic of Congo (DRC) and Rwanda have gained momentum, while the contribution from Kenya’s banking subsidiary slightly decreased.
The Group’s prudent management of non-performing loans (NPLs) has resulted in a coverage ratio of 70%, with an NPL ratio of 12.9%, lower than the industry average.
However, loan loss provisions increased by 35% as the Group remained cautious in light of global economic uncertainties.
Equity Group has expanded its insurance offerings, recently acquiring a general insurance license to complement its life assurance services. The Group now provides a wide range of financial services, including life, health, and wealth protection, and has issued over 12 million life policies.
The Group is also embracing technology, with 84% of all transactions now occurring through digital channels, reflecting its commitment to enhancing customer experience.
In addition to its financial successes, Equity Group is leading in climate action and sustainability. The Group has planted 29.5 million trees and provided significant climate finance, demonstrating its dedication to environmental stewardship.
Through its Equity Leaders Program (ELP), the Group continues to invest in education, recently awarding scholarships to 113 students from Kenya, Rwanda, Uganda, and DRC, further contributing to the development of future leaders.
As Equity Group Holdings Plc navigates the complexities of the global economic landscape, it remains committed to delivering value to its shareholders, customers, and communities, positioning itself for continued success in a challenging environment.
For nearly five hours, ever since he opened the stall at around 10:00 a.m., he has been tirelessly welcoming customers. And the genuine smile on his face reveals just how much he enjoys his work, finding joy in every interaction.
Twenty-four-year-old Mugisha Djuma is among the hundreds of youths helping various traders showcase and sell their products at the 27th Rwanda International Trade Fair (RITF 2024). A substantial number of such youths are working with foreign traders, some of whom are showcasing their products in Rwanda for the first time.
Djuma tells me that he met his current employer on the first day of the expo, just as the Ugandan trader was about to stock her stall.
“We met on the first day at the main gate. We talked briefly, and she said she needed someone to help sell her products. I told her I was available, and that’s how she hired me,” Djuma explains.
Although IGIHE arrived after the trader had left to attend to other business engagements, Djuma told us that it was her second time at the trade fair.
“From my conversations with her, she enjoys coming to Rwanda,” Djuma shared.
Next to Djuma’s stall is Muhammad Saleem, a businessman from Pakistan who is selling kitchen accessories.
Saleem, trading under Omar Trading Company, is showcasing and selling saucepans and pots. The unique kitchen items can prepare rice, meat and other foods within 20 minutes without using any oil or butter.
He reveals that the pots, which use steam to prepare delicious food, can help people ‘shed excess weight without dieting.’ As he explains how the technology works, a young lady and man are busy attending to other customers who are eager to try the pots.
“It’s truly a gift for people concerned about weight and those with cardiovascular conditions,” he explains.
At the end of his three-minute demonstration, Saleem confirms that the two young women are locals whom he hired when the expo started.
As I tour the expo further, I learn that tens of other young people have benefitted from similar job opportunities at the trade fair.
Enatha Uwase, 20, helps an Egyptian national sell luxurious perfumes at the expo, while another young man, who only identified himself as Nestor, sells leather shoes for another Egyptian family at an adjacent stall.
The businessmen prefer to hire locally to overcome language barriers and ensure a deeper understanding of the local market dynamics and consumer preferences.
The young people I spoke to said that, besides providing them with a source of income, the expo also offers an opportunity to learn invaluable entrepreneurship skills from established business people.
I quickly learn that some of the vendors showcasing their products in Rwanda for the first time are interested in establishing local businesses. This presents the young people an opportunity to be retained even after the three-week expo closes on Thursday, August 15.
Organized annually by the Private Sector Federation (PSF), the expo draws participants from different countries. This year’s expo brought together more than 700 exhibitors from Egypt, Italy, Pakistan, the United Arab Emirates (UAE), Mozambique, Uganda, Kenya, and Tanzania, among other countries across the globe.
The expo provides a platform for businesses, professionals, and potential partners to meet, exchange ideas, and build relationships. This networking can lead to new partnerships, collaborations, and business opportunities.
Mozambique government official Adeline Balate observed that the expo offers the country excellent brand exposure for its products.
“We are here to expose the potential of our country in order to attract new investors to invest in different sectors such as agriculture, tourism, energy, infrastructure and mining,” he stated.
“We are also seeking to enter into partnerships with local companies who wish to import our products and supply the local markets,” he added.
Mozambique produces various food crops such as maize, sorghum, millet, beans, and groundnuts.
Besides the exposure, participants in such events can learn about the latest industry trends, technological advancements, and emerging innovations.
Egyptian national Adel Kamel, who sells gold-plated jewellery, has attended numerous expos in Rwanda over the past seven years. The 49-year-old has visited six other countries in Africa, but his experience in Rwanda remains unique.
“I love this country and its people. It is very safe and very clean. You have a kind President. I would like to do business here,” he revealed adding that he comes to Rwanda three times a year.
Some of the local companies that showcased their innovations at Expo 2024 include Irembo, which is responsible for building and maintaining the government’s one-stop service portal.
Irembo showcased its world-class, all-in-one service management platform and payment solution as it aims to expand the value these tools provide across different regions around the world.
Irembo has in the recent past established significant strategic partnerships to broaden its service offerings and reach new markets.
One major collaboration is the partnership with Old Mutual Rwanda, which aims to create an easy-to-use online platform where people can explore and purchase insurance products without the need for in-person consultations.
The firm reports that Rwanda has overtaken Tanzania and Kenya to offer the cheapest rates in the region comprising eight member states.
Data published by the firm shows that residents of Rwanda are paying a monthly average of $43.22 for broadband internet this year, down from $60.96 last year. This translates to a 29.1% year-on-year drop in the prices.
Conversely, Tanzania, which previously topped the affordability chart, has seen a slight increase in average costs, now at $43.44 per month. Meanwhile, Kenya’s broadband prices have dipped slightly from $49.13 to $47.73 per month.
This shift in internet rates reflects a competitive landscape where consumer prices are directly shaped by market forces and regional rivalry.
Rwanda has in recent years adopted advanced technologies and infrastructure improvements that reduce internet costs. Both public and private investments in fiber optic networks and innovations in mobile internet technology have contributed to lower prices. The government has also encouraged competition among service providers, which often leads to lower costs for consumers.
The cost of broadband internet remains high in Burundi and the Democratic Republic of Congo (DRC), averaging $304.57 and $170.97, respectively.
In Uganda, the average cost of broadband internet is $52.59, whereas in Somalia, it is slightly higher at $54.58.
Meanwhile, residents of Sudan continue to pay the lowest monthly broadband internet rates globally, at $2.40, despite the country’s infrastructure limitations.
“Despite poor telecommunications infrastructure and improving take-up of mobile broadband services, where available, fixed-line broadband remains cheap in Sudan, if not particularly affordable by the general population,” Cable said.
Other countries on the top 10 list include Argentina ($5.17), Belarus ($7.03), Ukraine ($7.35), Egypt ($8.31), Romania ($8.60), Vietnam ($8.72), and Kazakhstan ($9.08).
In a public notice issued on Thursday, July 8, 2024, the Board said the suspension follows reports of illegal mining and trading of the commodity.
The Board also cited cases of social unrest and conflict as the reason for the suspension which takes effect immediately.
“Rwanda Mines, Petroleum and Gas Board (RMB) hereby informs the general public and all mineral exporters of the immediate suspension of beryllium exportation until further notice,” the Board announced.
During the suspension period, the Board said it would conduct a comprehensive review of the reported cases of illegal activities and implement improved export procedures to streamline the beryllium business.
“In accordance with Law nº 072/2024 of 26/06/2024 on mining and quarry operations, specifically Articles 64 and 65, all mineral exporters are strictly required to purchase minerals only from licensed mining companies,” RMB added.
Beryllium is a silver-grey metallic element that occurs naturally in several minerals. It has primarily been identified in the Ngororero District of the Western Province.
The commodity has a wide range of applications across various industries. Its lightweight and high strength make it an ideal material for manufacturing aircraft components, missiles, and satellites in aerospace and defense applications.
The electronics industry also benefits from beryllium’s properties, as it is used in electronic devices due to its high thermal and electrical conductivity.
Other minerals found in Rwanda include tin, coltan, tungsten, and gold, making the mining sector a key component of its export economy. Mineral export earnings have more than tripled over the last seven years, rising from $373 million in 2017 to over $1.1 billion in 2023.
Irembo is showcasing its world-class, all-in-one service management platform and payment solution as it aims to expand the value these tools provide across different regions around the world.
The company is also presenting its impressive achievements in business growth, strategic partnerships, and exciting future plans at the expo, which is scheduled to close on August 15, 2024.
In the recent past, Irembo has established significant strategic partnerships to broaden its service offerings and reach new markets.
One major collaboration is the partnership with Old Mutual Rwanda, which aims to create an easy-to-use online platform where people can explore and purchase insurance products without the need for in-person consultations.
According to the management, the collaboration with the insurer represents Irembo’s significant move into the private sector, which focuses on providing digitized insurance services.
“Irembo’s partnerships, like the one with Old Mutual Rwanda, are crucial in our mission to expand and diversify our services,” said Noella Dushime, Director of Business Development at Irembo.
“These collaborations allow us to offer more comprehensive solutions to our users, aligning with our vision of a digitally inclusive Rwanda.”
The company is renowned for building and maintaining the Rwandan government’s one-stop service portal.
By digitising essential services, Irembo supports the government’s goals of enhancing efficiency, transparency, and convenience for citizens. The platform’s easy access to a wide range of services helps create a more efficient and inclusive society.
Looking ahead, Irembo plans to integrate cutting-edge technologies to further improve service delivery. These advancements aim to provide users with more streamlined, effective, and secure access to services, solidifying Irembo’s position as a leader in digital transformation.
As part of its expansion strategy, Irembo is exploring opportunities to enter neighbouring countries, introducing its innovative solutions to new markets and contributing to regional growth.
At Expo 2024, the company will be connecting with other exhibitors to demonstrate how IremboPay works and to onboard new clients.
In a statement released on Wednesday, August 7, 2024, RURA Director General Evariste Rugigana said petrol will retail at Rwf1,629 per litre, down from Rwf1,663, while diesel will remain at Rwf1,652 per litre.
The new fuel prices will come into effect from 7:00 PM on August 7, 2024, for two months.
“These adjustments are based on recent fluctuations in international petroleum product prices,” Rugigana explained.
This marks the second time in a row the price of petrol has decreased since April when RURA reviewed the prices of fuel upwards.
Before the review of the prices in April, a litre of petrol cost Rwf 1,637 while diesel cost Rwf 1,632.
Among those celebrated was Peter Asiimwe from Uganda. He won a big award for his work in helping his community and showing great leadership.
Also in the spotlight was Rwanda’s own Isimbi Alliance, also known as Alliah Cool. She’s a well-known actress and social media influencer who received an award for her efforts in promoting change and entertaining people.
The event wasn’t just about handing out awards. There was a big dinner with lots of food and drinks that reflected the diverse tastes of Africa. Everyone enjoyed themselves, chatting and laughing through the evening.
The entertainment was just as diverse. There were cultural dances and music that got everyone’s attention, showcasing the rich traditions of different African cultures.
What’s even more exciting is that this event will happen in Kigali for the next three years. It’s a big win for the city to continue hosting such important gatherings.
As everyone headed home, there was a strong feeling of unity and hope. The night was not just about recognizing what has been achieved but also looking forward to what can be done in the future.
This event promises to keep highlighting and supporting the leaders who are making a difference across Africa.
The Norwegian firm sold its 54% stake in the project to Fortis Green Fund I Rwanda Holdings Ltd and Axian Energy Green Ltd.
According to the company, the transaction marks Scatec’s exit from the Rwandan market and is part of its broader strategy to optimize its investment portfolio.
“We continue to deliver on our strategy to consolidate our portfolio through divestment of assets in non-core markets, and recycling capital into new investments in renewable energy. We are very satisfied with the closing and would like to thank the teams in Scatec, Fortis, Axian, and other parties involved for a successful transaction.
“We are confident that the new owners will take good care of the solar power plant and continue to deliver clean renewable energy to the Republic of Rwanda for many years to come,” Scatec CEO Terje Pilskog stated.
The buyout supports Fortis Green’s Green Fund I and marks AXIAN Energy’s entry into the Rwandan market.
Fortis Green’s Managing Director, Benito Grimaudo, noted that the acquisition will contribute to development of green energy in Africa. AXIAN Energy’s CEO, Benjamin Memmi, said the acquisition is part of the company’s strategy to diversify its renewable energy assets and contribute to sustainable energy solutions.
The three companies signed the buyout agreement in December 2023, and the deal was scheduled to close before the end of 2024.
The solar power plant, located at the Agahozo-Shalom Youth Village in Rwamagana, began operations in 2014.
The project includes over 28,000 solar panels on a 50-acre site and has significantly improved access to clean energy in Rwanda, serving approximately 140,000 residents.
The generated power was sold under a 25-year Power Purchase Agreement with the state-owned utility, Electricity, Water and Sanitation Authority (EWSA).
In the past two years, Imara Properties has successfully delivered 5,000 square meters of prime villas and apartments, contributing to Kigali’s housing market. As the city experiences unprecedented urban growth, the demand for quality housing is soaring, spanning all market segments.
David Benazeraf, Managing Director of Imara Properties, attributes the company’s accomplishment to its commitment to quality and community.
“We are dedicated to creating not just homes, but thriving communities where residents can enjoy a high quality of life,” he states.
{{Completed Projects: A Testament to Quality and Community
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Imara Properties has earned a reputation for completing projects on time and with constant communication with owners. Notably, all of its projects have been sold out before completion, highlighting the demand for properties.
The developments in Rebero, in particular, showcase Imara Properties’ approach to community-focused design. Isange Estate Rebero (Phase 1) consists of 15 villas with shared common spaces and a swimming pool, delivered in July 2022.
Residents have praised the development, with one homeowner commenting, “Nice design and great professionalism in responding to concerns.”
Building on this success, Isange Phase 2 was fully handed over in January 2024 with a swimming pool and fitness room, delivered on time after just 14 months of construction.
The timely completion and seamless handover process have reinforced Imara Properties’ reputation for reliability and efficiency. Currently, some units from this phase are available for rental, providing more opportunities for residents to join this thriving community.
{{Looking Ahead: Exciting New Developments
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Imara Properties is not resting on its laurels. The company has several new projects in the pipeline, each promising to enhance Kigali’s urban landscape further.
Isange Apartments Kibagabaga: Set for completion in mid-2025, this project will feature 11 premium apartments and studios. Located on a tarmac road close to shops and Kibagabaga Hospital, the development will include a swimming pool and a rooftop shared fitness area. Booking rate has already reached 50% of available units.
Ituze Village Kanombe: Offering flexible living spaces, this project will feature four-bedroom houses that can be customized into two or three-bedroom layouts, catering to diverse family needs.
Isange Phase 3 in Rebero: this phase will introduce 20 premium 3 and 4-bedroom villas, continuing the tradition of quality and community that defines Imara Properties with modern design, premium finishes, a swimming pool, fitness, and children’s playground.
Benazeraf emphasizes the company’s forward-thinking approach, “Our projects are designed with the attention to detail, ensuring that every resident feels at home from the moment they move in.”
{{A Growing Legacy in Kigali
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Imara Properties has quickly become synonymous with quality and community in Kigali’s real estate market. As Kigali continues to grow and evolve, the company’s developments offer more than just housing—they provide a sense of belonging and community. By managing the common areas and maintaining constant service, Imara Properties ensures that its developments remain desirable and well-maintained.
In a city where the demand for housing is constantly rising, Imara Properties is setting a standard for what modern urban living can be. Their projects are not just about providing a place to live but about creating environments where residents can thrive. As David Benazeraf succinctly puts it, they build more than properties, they build communities.
