Category: Business

He said this during an exclusive interview with IGIHE where he highlighted Rwanda’s rapid progress under the leadership of President Paul Kagame.

“Rwanda’s transformation in the real estate sector is nothing short of remarkable,” Dr. Moses said.

“The strategic vision that has guided this nation’s development, particularly in infrastructure and urban planning, has not only attracted global attention but has also established Rwanda as a model for sustainable growth in Africa,” he emphasized.

Dr. Moses, originally from Edo State, Nigeria, and now based in London, has built a successful career in property investment and wealth creation. His recent focus on Rwanda signals his recognition of the country’s success in creating a stable and attractive environment for real estate development.

This follows his recent appearance on Rwanda’s National Broadcasting Network (RBA), where he first expressed his admiration for the country’s progress. However, his engagement with Rwanda extends beyond this.

On August 4, 2024, Dr. Moses was honoured as a keynote speaker at the 100 Most Notable Icons event held in Kigali, where he received the International Business and Property Developer of the Year award.

This recognition highlights his growing involvement in the African real estate market and his interest in contributing to Rwanda’s continued success.

Moses elaborated on his future plans in Rwanda, including a sensitization workshop scheduled for December 2024 in Kigali. The workshop aims to empower local real estate professionals and investors with insights and strategies for success in the sector.

“I see tremendous potential in Rwanda, and I am committed to contributing to the growth of its real estate market,” Moses stated. “This workshop is just one step in what I hope will be a long-term partnership with the country.”

Moses also expressed his admiration for Rwanda’s consistent policies that foster growth while ensuring that development benefits the broader population.

“Rwanda’s success in the real estate sector is a testament to what can be achieved with visionary leadership and strategic planning,” he noted.

Underscoring Moses’s deepening connection to Rwanda and his belief in the country’s potential, his plans for future investments and initiatives are seen as a vote of confidence in Rwanda’s economic stability and its prospects for continued development in the real estate sector.

As Rwanda continues to position itself as a leading destination for real estate investment in Africa, Moses’s involvement is an indication of a critical role in shaping the market’s future.
His upcoming workshop and potential investments are anticipated to not only enhance the local real estate industry but also contribute to the broader economic landscape.

This highlights the importance of Rwanda’s achievements in real estate and the growing interest from international experts who are eager to be part of the country’s success story.

As per statement issued by the bank on Friday 23rd August 2024, this initiative aligns with global trends towards responsible investment and sustainable development, reinforcing BRD’s commitment to environmental protection and economic growth.

“This second bond issuance will raise Rwf 30 billion, with an additional option to issue up to additional Rwf5 billion. It is part of BRD’s broader Rwf 150 billion Medium Term Note [MTN] program,” reads part of the statement.

The Rwanda Capital Market Authority has approved this issuance, highlighting the strong regulatory support for innovative financial instruments that promote sustainability.

Building on the success of BRD’s first SLB, the bank states, this second issuance will further strengthen its focus on environmental, social, and governance (ESG) initiatives. It is also expected to improve access to capital for key sectors such as women-led businesses and affordable housing.

By tying the bond’s performance metrics to specific sustainability targets, BRD is setting a new standard for responsible investment and positive societal impact. The first SLB, issued last year, was oversubscribed by 110.59%, raising Rwf 30 billion. This success has given BRD the confidence to continue using capital markets to fund its growth initiatives.

“By issuing our second sustainability-linked bond, we reaffirm our commitment to incentivizing borrowers to set meaningful sustainability targets while maintaining the innovative step-down coupon from the first tranche,” said Kampeta Sayinzoga, CEO of BRD. “Investors are increasingly looking for opportunities that offer both financial returns and positive societal impact. With this SLB, BRD aims to attract responsible investors who share the principles of sustainable finance.”

Like the first issuance, this bond is part of the World Bank’s lending operation to the Government of Rwanda through Hatana- Economic Recovery Fund (ERF2). The bond structure includes a partial credit enhancement, and it comes with a 7-year tenor.

The offer will open on September 2nd, 2024, and close on September 20th, 2024, with a minimum subscription of Rwf 100,000. Investors are encouraged to take part in this unique opportunity that promises both financial returns and positive environmental and social outcomes.

Once the offer opens, the Prospectus and Pricing Supplement will be available for download on BRD’s website: https://www.brd.rw. Hard copies may be requested or obtained free of charge at BRD’s offices.

BRD is Rwanda’s foremost development finance institution, dedicated to supporting the country’s socio-economic development by providing long-term financing to key sectors of the economy.

Established in 1967, BRD has been instrumental in financing projects that drive Rwanda’s growth, particularly in infrastructure, agriculture, affordable housing, and export sectors. BRD is committed to sustainable development and continues to innovate in providing financial solutions that support Rwanda’s Vision 2050.

Dubbed the Global AI Summit on Africa, the event will be held on the 8th and 9th of October 2024 and will be hosted by the Centre for the Fourth Industrial Revolution Rwanda, in collaboration with the World Economic Forum.

According to the organizers, the summit will bring together distinguished government and business leaders, along with experts from academia and civil society, to engage in an in-depth, collaborative dialogue on AI’s transformative role in shaping Africa’s future.

The summit will be held under the theme ‘AI and Africa’s Demographic Dividend: Reimagining Economic Opportunities for Africa’s Workforce.”

The Centre for the Fourth Industrial Revolution Rwanda explained that the theme underscores the urgency of leveraging AI to bolster the productivity of Africa’s youthful workforce, unlock new economic opportunities, and foster inclusive growth across the continent.

“Home to the largest and fastest-growing workforce in the world, Africa is poised to play a consequential role in shaping the global AI agenda. Maximising the benefits, and mitigating the risks, will require multi-stakeholder engagement and inclusive dialogue. This summit aims to advance an ambitious vision for Africa’s leadership in the age of AI,” the organisers said in a statement.

The summit is expected to offer a platform for the exchange of practical insights, collaborations, and the showcasing of innovative AI applications.

“Participants will have the opportunity to interact with cutting-edge technologies and chart an actionable roadmap for the continent,” the statement adds.

“The objective is to translate discussions into tangible actions that can bring about real-world impact, benefiting Africa’s industries, economies, and societies.”

Rwanda has become a hub for high-profile conferences in recent years. Last year alone, the country hosted 165 conferences, attracting over 65,000 delegates from around the world.

The annual Africa CEO Forum is one of the high-level conferences that have been held in the country this year. Hosted in May, the event brought together more than 2,000 business leaders from over 75 countries.

The Rwanda Development Board (RDB) co-hosted the event alongside the International Finance Corporation (IFC), a member of the World Bank Group focused exclusively on the private sector in developing countries.

Luke Lundberg, CEO of Masaka Farms, states that the company employs over 40 Deaf individuals, who make up 60% of the workforce.

“Since the company was founded in 2016, we have intentionally provided employment to the Deaf community and now have over 40 Deaf employees,” Lundberg emphasized, affirming the company’s commitment not only to continuing its inclusive workforce culture but also to delivering quality dairy products in Rwanda.

This inclusive workforce has not only enriched the company’s operations but also set an example worth emulating for the entire corporate community.

Serge Ndabikunze, an Assistant Production Manager at Masaka Farms, confirms that the lives of employees with disabilities have significantly improved since joining the company located in the Kigali Special Economic Zone.

“Some of us are now able to rent houses, and those who were living in difficult conditions are now able to improve their lives. Thanks a lot to Masaka Creamery,” Ndabikunze revealed.

Masaka Farms values the skills and contributions of hardworking employees like Ndabikunze, who play a vital role in ensuring the quality and innovation of their products. The company promotes continuous development for these employees by offering advanced training and educational opportunities.

The company’s commitment to an inclusive work environment has not only made it a household name but also earned it several prestigious awards, including the UNHCR Gold Seal for Gender Equality and recognition as Disability Advocate of the Year.

As Masaka Farms continues its impressive growth, Brand Marketing Specialist Peace Tumusiime told IGIHE that the company is rebranding to reflect its growth, innovation, and commitment to offering high-quality products.

The rebranding will include a new logo, updated packaging, and the introduction of new flavours to their line of dairy products. Currently, the company produces yogurt (flavoured, plain, and Greek), fresh cream, sour cream, mascarpone, butter, cow ghee, and fermented milk products.

“The rebrand represents an evolution of the company’s identity as it expands its product range beyond dairy,” Tumusiime revealed.

She added, “The updated brand aims to connect more deeply with consumers by showcasing a fresh, modern look and emphasizing quality, inclusivity, and local heritage.”

IGIHE understands that the rebranding is also a strategic move to strengthen Masaka Farms’ presence in the market, ensuring that its products resonate with both existing and new customers.

With the rebranding, Gilbert Abagiraneza, Sales and Business Development Manager at Masaka Farms, assures that the company will continue delivering new and high-quality products traditionally imported from abroad.

The grant, offered by the Organisation of African, Caribbean, and Pacific States (OACPS) will benefit agripreneurs from dozens of other states on the African continent.

“Through our Matching Grant Fund (MGF), you can secure funding to realize your project idea. For all MGF projects, the maximum contribution provided through Agri-Business Facility (ABF) can cover up to 50% of the total project budget, with contributions reaching up to €100,000,” the organization said in a statement.

OACPS noted that while all its 79 member states are eligible to apply, priority will be given to projects from countries with no or few previously selected projects to ensure regional balance.

Agripreneurs from Rwanda stand a better chance of receiving the grant, as no project has been selected from the country before.

Seventy-one projects have been awarded the fund previously. Some of the countries that have benefited from the funding before include Tanzania (9 projects), Democratic Republic of Congo (6), Kenya (5), Côte d’Ivoire (5), Zambia (5), Uganda (4), and Nigeria (2).

To qualify for the grant, the submitted idea should aim to make the sector more inclusive, particularly for women and youth.

Who Can Apply?

OACPS encourages group applications, as single-applicant submissions will only be considered in exceptional cases.

According to the organization, lead applicants must be legally registered private sector entities, such as processing companies, agricultural producers/farmers’ organizations, or national and international retailer companies.

Additionally, consortium partners may include private sector foundations, qualified NGOs, training or research institutions, or extension agencies.

Interested agripreneues are required to submit their applications, comprising a concept note, letter of intent and proof of legal registration of the lead applicant by 12:00 pm on August, 18, 2024. The application documents should be submitted via email using the address abf-fund@giz.de.

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.

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).

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