Category: Business

IGIHE has learned that the experienced banker has been confirmed for the position and will begin her new role in August 2024. She will be based at NCBA Group’s headquarters in Nairobi, Kenya.

NCBA Group operates as an investment company with a presence in Kenya, Rwanda, Uganda, and Tanzania.

Higiro’s appointment is part of NCBA Group’s strategy to streamline operations across all its banks, benefiting both employees and customers. This approach allows employees to move between branches or to the headquarters, based on their skills and expertise.

Since 2018, under Higiro’s leadership, NCBA Bank Rwanda has experienced significant growth in assets and client loans. When she took over, the bank was grappling with a loss of Rwf2.5 billion but within three years, she transformed the bank into a new phase of profitability.

Statistics indicate that from 2019 to 2023, NCBA Bank Rwanda’s assets increased from Rwf35 billion to Rwf205 billion. Loans to clients rose from Rwf19 billion in 2019 to Rwf103 billion in 2023, while client deposits grew from Rwf21 billion to Rwf140 billion over the same period.

In March 2023, NCBA Group’s Chief Financial Officer, David Abwoga, noted that their fastest-growing bank is in Rwanda, with assets increasing by 56%.

Higiro played a crucial role in this growth by focusing on technological advancement and establishing effective operational frameworks that enhanced employee productivity.
Her leadership also emphasized employee satisfaction, including providing maternal and partenal leave and creating a supportive work environment for mothers.

NCBA was the first bank to introduce a daycare and a mother’s room for breastfeeding, allowing mothers to work comfortably.

Similarly, fathers were granted 14 days of paternity leave, instead of the seven days mandated by law, which many employees say improved their ability to care for their families and increased workplace productivity.

She also launched the ‘Man Enough’ program, encouraging male employees to advocate for gender equality, making NCBA Bank Rwanda Plc the first to implement this initiative.

Recognizing the importance of mental health for productivity, Higiro initiated a program to support employees’ mental well-being, offering free services and access to psychological counsellors as needed.

In March 2023, NCBA Bank was awarded by the Government of Rwanda for its efforts in promoting gender equality and inclusivity among its employees.

In July 2023, Higiro introduced the need for mental health support programs for women in all workplaces to address issues such as gender-based violence and job loss due to pregnancy.

Higiro founded the Women In Finance Rwanda (WIFR) organization and serves as its CEO. The first WIFR agreement was signed in 2023 with the Chartered Institute for Securities & Investment (CISI) in the UK, providing scholarships to over 50 women.

WIFR also signed a partnership agreement with the Uganda Institute of Banking and Financial Services (UIBFS) in June 2024, aimed at training women in the financial services sector in Rwanda.

Higiro noted that this agreement would benefit over 13,000 women by providing essential knowledge.

In 2021, Higiro was among the top three finalists for the Angaza Award, recognizing women for impactful and skilled leadership in banking and financial services.

With extensive experience in banking operations, Higiro previously served as Chief Operating Officer at AB Bank Rwanda and Head of Planning and Marketing at I&M Bank.
From 2007 to 2011, she served as Head of Banking Services for small and medium enterprises at Guaranty Trust.

Higiro holds a Master’s degree in Business Leadership from the University of Liverpool in the UK, a Bachelor’s degree from North-West University in South Africa, and a diploma in Business and Communication from Ryerson University in Canada.

The number of property developers and architecture firms registered in the country over the last decade has grown significantly as property entrepreneurs seek to capitalize on this promising sector.

Johnson Bigwi is the founder of Futuristic Design Group (FDG) Africa, a local company which offers engineering services with a special focus on urban development. He told IGIHE in a recent interview that the sector has experienced exponential growth over the last decade, particularly in the architectural design of buildings emerging in Kigali and other parts of the country.

A graduate of Jomo Kenyatta University of Agriculture and Technology (JKUAT) in Nairobi, Bigwi ventured into real estate in 2014. At the time, he observed that most buildings shared a similar aesthetic design and this presented him with an opportunity.

“This gave us the chance to offer alternative, well-orchestrated designs and we have since grown to offer other services, including surveying and construction, to cater for the growing demands on the market,” Bigwi said.

Despite the setbacks brought about by the Covid-19 pandemic, Rwanda’s economic is on a steady trajectory. This has led to a rising middle class with increased disposable income, creating a fertile ground for diverse real estate investments.

Boris Muhirwa, a project manager for DND Developers in Kigali, concurs that the demand for luxury apartments is on the rise.

A civil engineer with close to 15 years of experience, Muhirwa is currently overseeing the refurbishment of the Royal Golf View Apartment Hotel in Kigali’s upscale Kacyiru neighborhood. The 10-storey structure will encompass residential apartments, retail spaces, and a hotel upon completion.

He revealed that while the project is only a month old and has a two-year timeline, several clients have already placed bookings.

“Previously, people were hesitant to pay upfront for something they had no input be it with design or execution. However, the industry has evolved, and clients now have more confidence in developers, allowing for installment payment plans,” Muhirwa said.

Beyond the traditional residential and commercial infrastructure, the Rwandan real estate market is experiencing robust growth fueled by a number of factors such as increased accessibility to financing through local financial institutions.

Government policies

Prince Hoffman Banamwana, a real estate marketer and founder of Quick Homes Rwanda, believes that investor-friendly policies and unmatched security have been instrumental in attracting foreign investment, thereby stimulating growth in the sector.

“The government policies have ensured one thing beyond reasonable doubt– safety,” says Banamwana, a social sensation renowned for his vibrant YouTube channel where he showcases houses for potential clients to buy.

According to him, once people feel safe, they are bound to stay or even engage in productive activities in a given area.

Government advertising initiatives such as Visit Rwanda have also opened up Rwanda’s tourism sector, promoting the hotel and hospitality industry.

“The government is doing us a great service by advertising the country through Visit Rwanda campaigns, such as the partnership with Arsenal and other teams, which attract people to visit. Once here, they often fall in love with the country and want to stay,” he added.

Banamwana observed that infrastructure development makes Rwanda an attractive destination for real estate investors. Investments in transportation, energy, and telecommunications are improving the business environment and supporting real estate development.

Beyond the current improvements, there is widespread consensus that there are substantial investment opportunities for real estate developers, particularly in affordable housing and high-rise buildings.

“The current market is unaffordable. It’s expensive across the board. Anyone investing in affordable housing here would tap into a significant market that could be supported by government initiatives,” Banamwana stated.

By and large, there’s a growing need to explore high-rise buildings due to limitations of available land, the demand for modern and amenity-rich living spaces, and the desire for efficient and sustainable urban development.

This prestigious recognition highlights the quality, dedication, and innovation that characterize Silverback Tea, making it stand out in the global tea market.

Tea has been a significant part of Rwanda’s economy since its introduction in the 1950s. The country’s ideal climate, fertile volcanic soil, and high altitude create perfect conditions for cultivating premium tea. Over the decades, Rwandan tea has gained international acclaim for its unique flavour profiles, vibrant colour, and health benefits.

Named after the majestic mountain gorillas that inhabit Rwanda’s volcanic ranges, Silverback Tea embodies strength, resilience, and the natural beauty of Rwanda. Established to produce high-quality tea that honours its origins, Silverback Tea’s, mission is to share the joy of the finest from Rwanda with the world.

Silverback Tea Company sources its tea from some of the top Rwandan tea gardens, namely Rugabano, Gisovu, and Pfunda. Each garden possesses a unique attribute suited for the production of high-quality tea that is rich, flavorful, complex, and full of character.

Awards and Recognition

Some of the notable awards and recognition that Silverback Tea company has received include:

1. Rugabano Tea Company PvT Ltd: Currently holds the highest average made tea selling price in Rwanda as of May 2024, at 3.96 USD per Kg, according to NAEB’s data.

2. Gisovu Tea Company Ltd: Awarded the 1st Factory of the Year 2024 trophy during the International Tea Day Celebrations in Rwanda.

3. Pfunda Tea Company Ltd. D1: Recognized as the Best D1 in its category during the National Tea Tasting event, facilitated by NAEB, and awarded a trophy.

4. Gisovu Tea Company Ltd. PF1: Recognized as the Best PF1 in its category during the National Tea Tasting event, facilitated by NAEB, and awarded a trophy

5. Pfunda Tea Company Ltd: Honored to host the International Tea Day Celebrations in Rwanda.

6. Gisovu Tea Company Ltd: Recognized by the East Africa Tea Trade Association (EATTA) as the top producer in terms of average price per year in 2023, according to the EATTA annual report.

7. Pfunda Tea Company Ltd: Ranked 8th top producer in terms of average price per year in 2023 by EATTA.

8. Gisovu Tea Company Ltd: Recognized by EATTA for having the highest-priced tea in 2023, at 6.84 USD per Kg, an achievement shared with another top Rwandan garden.

9. All Silverback Tea Gardens: Recognized by the Gender Monitoring Office of the Republic of Rwanda, the Private Sector Federation, UNDP, and UN Women for promoting gender accountability through the Gender Equality Seal Certification Programme.

Quality and Sustainability

Silverback Tea’s commitment to quality begins at the very source—the tea gardens. The company employs sustainable farming practices to ensure that the tea is not only of superior quality but also environmentally friendly. The handpicked leaves are processed using traditional methods combined with modern technology, preserving the rich flavours and aromas that distinguish Silverback Tea.

One of the key reasons Silverback Tea has garnered such high praise is its distinctive flavour profile. The tea is known for its bright, brisk character with a harmonious balance of sweetness and astringency. The high-altitude growing conditions impart unique notes of floral and citrus, making each sip a delightful experience. Whether enjoyed as a morning energizer or a calming evening brew, Silverback Tea which is rich in theanine offers a versatile and exquisite taste.

Recognition by NAEB

The National Agricultural Export Development Board (NAEB) plays a crucial role in promoting Rwanda’s agricultural products on the global stage. Each year, the NAEB evaluates the country’s agricultural exports, recognizing the finest products that meet stringent quality and sustainability standards.

Impact on the Local Community

The company’s success translates into economic benefits for the farmers, providing better livelihoods and supporting community development projects. Silverback Tea invests in local education through ECDs and infrastructure, tea tasting events which are open tea enthusiasts fostering a sustainable and prosperous future for its workers and their families.

Availability in Local Markets

Silverback Tea has expanded its availability in local markets. Tea enthusiasts can now purchase Silverback Tea at several prominent retail locations, including Simba Supermarket, Tuma250, The Hut Supermarket, Silverback Kigali office and other supermarkets across Rwanda. This increased accessibility allows more people to enjoy the unique flavours and superior quality of Silverback Tea.

For those seeking a tea that is not only delightful in taste but also rooted in a story of dedication and excellence, Silverback Tea stands as the finest choice.

“Silverback tea greatly appreciates the business-friendly climate of Rwanda which allows us to thrive and focus on delivering the highest quality tea,” affirms Mr. Rudra Chatterjee, the Chairman of Silverback Tea Company Ltd.

Travel is a cornerstone of Rwanda’s economic growth and employment, with the sector contributing a record $620 million in revenue to GDP in 2023, a substantial 36% increase from 2022 according to the Rwandan Development Board. Travel and tourism remain the largest source of foreign exchange earnings, and according to a forecast by World Travel and Tourism Council, will contribute 10% to Rwanda’s GDP by 2033, creating over 200,000 new jobs.

Capuano applauded Rwanda’s rapid progress and President Kagame’s leadership in supporting the travel sector. “Rwanda is undergoing an economic transformation, and we are proud to be a part of it,” said Capuano. “We are dedicated to positioning Rwanda as a premier global travel destination and will continue to showcase the country’s breathtaking natural beauty, national parks, and dynamic cultural attributes to attract visitors. Additionally, we are committed to delivering career opportunities locally and supporting sustainable development.”

Marriott’s presence in Rwanda dates to 2016, when it opened the Kigali Marriott Hotel – one of the country’s largest properties – further enhancing Kigali’s reputation as a hub for conferences and conventions. The company’s second property, Four Points by Sheraton Kigali, has also played a pivotal role in fueling economic growth, supporting local employment, and attracting tourists to the region.

Underscoring Rwanda’s goal of bolstering its core industries, including travel and agriculture, both Marriott properties have worked with community-based organizations to provide career opportunities and source from locally produced goods. These properties have also forged strong collaborations with local schools, non-profit organizations, and universities, equipping youth with hospitality skills in areas like catering and engineering. Since 2019, these initiatives have benefited more than 530 Rwandans, enabling them to participate as professionals in tourism and associated sectors.

Capuano’s visit also included a tour of the Kigali Genocide Memorial Centre to commemorate the 30th anniversary of the 1994 Genocide against the Tutsis. In support of Rwanda’s ongoing reconciliation and peacebuilding efforts, Marriott International has committed funding to The Aegis Trust, an organization that works to prevent genocide and support recovery efforts in affected communities.

As the first public listed company in Rwanda since 2011, shareholders were delighted to participate in a physical meeting to discuss the company’s 2023 business performance and future strategic plans.

Below are the event’s pictorial highlights.

Nvidia’s shares rose by 3.5 per cent to $135.58 on Tuesday as the demand for chips for artificial intelligence (AI) software continues to increase.

The share price now values the company at $3.34 trillion against Microsoft’s 3.32 trillion, with the price having nearly doubled since the start of 2024. Eight years ago, the stock was worth less than 1 percent of its current value.

Nvidia’s new gains come just days after the company overtook Apple to become the world’s second most valuable company, while Apple and Microsoft’s shares dropped by 1.1 percent and 0.45 percent respectively.

Nvidia, whose graphics processing units (GPUs) are integral to the development of AI, supplies tech giants such as Microsoft, Meta and Google.

The company was founded on April 5, 1993, by Jensen Huang, Chris Malachowsky, and Curtis Priem, with a vision to bring 3D graphics to the gaming and multimedia markets.

In the 2000s, Huang, the company’s CEO, led the company in the development of GPUs for use in applications besides gaming, positioning it to benefit from the emergence of AI.

With the stunning rise of the company’s market value, Huang has become the 11th richest person in the world. The CEO’s net worth has increased by more than $4 billion to $119 billion.

In an interview with the Financial Times, RwandAir Chief Executive Officer (CEO) Yvonne Makolo expressed optimism that the talks, which have been ongoing for about five years, would soon yield the desired results.

“It’s been going on for a while; we have been discussing it for almost five years. So, now, we’re really at the tail-end of it,” Makolo told the British daily.

Senior executives close to the negotiations intimated to the publication that the agreement could be executed as early as next month – July.

The deal is expected to help RwandAir expand its operations, including increasing the number of aircraft and destinations, as well as enhancing the skills of its employees.

It will also help Qatar Airways increase the number of flights it operates in Africa.

“We access over 70 points on their network, and they access a number of points, especially in central Africa, where they don’t have a presence,” Makolo added.

Officials say the deal between RwandAir and the Qatar-based airline was partly delayed by the COVID-19 pandemic and by Qatar hosting the FIFA World Cup.

Codeshare deal

But the two airlines have been working together since late 2021 when they signed a codeshare agreement aimed at offering travelers more choice, enhanced service, and greater connectivity to more than 65 destinations across Africa and the rest of the world.

As part of the agreement, the state-owned carrier launched non-stop flights between Kigali and Doha.

“This codeshare agreement will give our customers significantly more choice and flexibility, allowing RwandAir to strengthen its global presence and build on its strong and loyal African customer base. As we continue to grow out of the pandemic, this partnership represents yet another extremely important step on our recovery runway, and we hope to deliver more commitments like this to our customers in the very near future,” Makolo stated while welcoming the partnership in October 2021.

In a separate agreement reached in 2019, Qatar Airways agreed to take a 60 percent stake in Bugesera International Airport in Kigali, being built at a cost of $1.3 billion.

Makolo says the new airport, expected to be operational in 2027 and have an initial capacity for eight million passengers, would turn Kigali into “a major transit hub” on the continent.