Category: Business

Addressing a press conference attended by shareholders and key stakeholders on Thursday, March 27, 2025, BPR Bank Rwanda Managing Director Patience Mutesi said the impressive profit growth was driven by a 23% increase in net interest income, which rose to Frw80.3 billion.

The bank also recorded a 13% rise in customer deposits, reaching Frw757.1 billion, while net loans and advances increased by 8% to Frw620.6 billion. Total assets grew to Frw971.8 billion, demonstrating strong financial stability.

“Our financial results reaffirm our strong market position,” said the MD. “Profit after tax of Frw29.7 billion represents robust growth across our business segments. This performance was driven by a 23% increase in net interest income, growth in our SME lending portfolio, and investments in key earning assets.”

Mutesi further noted that the bank has been at the forefront of digital banking advancements, successfully rolling out a Unified Omni-channel banking platform that integrates mobile, internet, and USSD banking to enhance customer experience.

Additionally, the bank has strengthened its sustainability agenda through green finance initiatives, supported by partnerships such as a $40 million (Frw53.8 billion) financing package from the International Finance Corporation (IFC) to enhance SME lending and support Rwanda’s economic diversification.

As part of its commitment to youth empowerment and entrepreneurship, the bank launched the BPR Igire Alumni Club, which has supported over 1,000 young entrepreneurs, with 40 businesses receiving seed capital.

Owing to its strong performance, the bank has proposed a 13.7% dividend payout to shareholders, subject to approval at the upcoming Annual General Meeting (AGM).

Speaking on the proposed dividend payout, George Rubagumya, Chairman of the Board of Directors, stated, “From a shareholder perspective, our solid financial performance has enabled the Board to propose a dividend payout of 13.7% of profit after tax for approval at the AGM. We have always believed in delivering consistent returns to our shareholders while retaining sufficient capital for future investments.”

One of the key milestones the bank celebrated in 2024 was its 50th anniversary, marking five decades of banking excellence in Rwanda. The milestone was commemorated with multiple stakeholder engagements, culminating in a grand gala scheduled for August 4, 2024.

Looking ahead, the bank affirmed that it remains committed to sustained growth, financial innovation, and economic impact through its strong financial foundation, digital transformation, and environmental, social, and governance (ESG) initiatives.

The tariffs, scheduled to take effect on April 2 for vehicles and later for parts, are part of Trump’s broader strategy to boost American manufacturing and protect domestic industries. However, the decision has drawn sharp criticism from global trade partners, industry leaders, and economic analysts.

Trump has framed the tariffs as a measure to stimulate domestic car production and create jobs in the United States.

“If you build your car in the United States, there is no tariff,” Trump stated during a press conference, emphasizing his goal to encourage companies to shift operations to American soil.

He further claimed that the policy would lead to “tremendous growth” in the domestic car industry.

However, experts predict a different outcome. Analysts warn that the tariffs could disrupt the industry, increase vehicle prices, and temporarily shut down car production lines due to the reliance on foreign-made parts.

A study by the Anderson Economic Group estimates that the cost of vehicles in the U.S. could rise between $4,000 and $10,000 per car. The tariffs are expected to impact both foreign automakers and American manufacturers who depend on imported components.

The U.S. imported approximately eight million cars in the last year, accounting for $240 billion in trade.

The top suppliers of vehicles to the U.S. include Mexico, South Korea, Japan, Canada, and Germany. Additionally, many U.S. automakers have significant manufacturing operations in Mexico and Canada, benefiting from long-standing trade agreements.

While tariffs on Canadian and Mexican car parts will be temporarily exempted as the U.S. Customs and Border Protection establishes a duty assessment system, the move still threatens trade relations between the nations.

Market response

Following the announcement, shares in major automakers fell sharply. General Motors’ stock slid by roughly 3%, while Stellantis, the parent company of Jeep and Chrysler, dropped by 3.6%. The Japanese auto industry also took a hit, with shares in Toyota, Nissan, and Honda all declining amid uncertainty over potential retaliatory actions.

Tesla CEO Elon Musk acknowledged that the tariffs would also impact his company, stating on social media that “the tariff impact on Tesla is still significant.”

Industry leaders, including the American Automotive Policy Council, have urged the administration to reconsider, warning that higher production costs could lead to job losses and decreased consumer demand.

International leaders have condemned the tariffs. Canadian Prime Minister Justin Trudeau labeled them a “direct attack” on Canada’s auto sector, while European Commission President Ursula von der Leyen stated that the European Union would review the measures before deciding on a response. Japan’s Prime Minister Fumio Kishida suggested that his government would explore “all options” in reaction to the tariffs.

For American consumers, the tariffs are expected to result in higher car prices. Industry experts predict that dealerships may increase prices on existing stock, even before new tariff-affected vehicles arrive.

Additionally, a decrease in vehicle availability due to reduced production could drive prices up further, mirroring trends seen during past supply chain disruptions, such as the 2021 semiconductor shortage.

Located in the city center, Greenland Plaza is situated in the Nyarugenge District, Muhima Sector.

Xiao Ben, the investor and owner of Homart Group, revealed that his company continues to invest in residential housing, noting that since his arrival in Rwanda in 2009, he has increasingly invested due to the country’s security, cleanliness, and good governance.

Over the past years, his company has invested more than $200million (close to Frw300billion) in various projects, including the construction of factories like Kigali Ceramics and Kigali Plastics, as well as residential buildings such as Phoenix Plaza, Rose Garden, and Elizabeth Golf apartment , all of which have already been sold.

In 2021, construction began on Greenland Plaza, a project that started during the COVID-19 pandemic. Despite the challenges, Xiao explained that they were determined to see it through as promised to their clients.

Greenland Plaza has two phases each with 84 units, in total 168 units out of 168 units, 130 were already sold out. The apartments include one, two and three-bedroom units.

The Greenland project has successfully completed Phase 1, which is currently operational. Construction for Phase 2 is underway, with plans for it to be functional in the near future. Additionally, Phase 3 is set to begin construction soon, marking the continued progress and expansion of the development.

Xiao confirmed that many investors, particularly from China, choose to invest in and purchase properties in Rwanda due to the country’s safety and rapid development. He said, “I have lived in over 27 African countries, but I chose to invest in Rwanda because it is a country with a promising future.”

Simon Lee, the CEO of Homart Group, thanked their partners and customers, stating that the trust they have from clients helps the company achieve its goals.

“The housing sector in Rwanda is growing every day, and we expect to see more developments. Our partners, coming from over 40 countries, show the confidence they have in Rwanda’s housing market,” he said.

He emphasized that investing in Rwanda is a unique opportunity that should not be missed, adding that purchasing an apartment at Greenland Plaza is an excellent choice, as the apartments are modern, well-equipped, and offer 24-hour security.

One of the buyers at Greenland Plaza, Philbert Bimenyimana, who won a car as a prize, expressed his happiness with the reward, highlighting that it showed how Homart Group values its customers and that their efforts are yielding positive results.

Marie Solange Muhirwa, the Director of Planning in Kigali, thanked Homart Group for its investment in various development projects that benefit the country, assuring them of continued collaboration in future endeavors.

Homart Group has become a prominent player in construction, with projects in ten African countries, including Tanzania, Kenya, Rwanda, Burundi, Uganda, Malawi, Ethiopia, Côte d’Ivoire, Mali, and the Democratic Republic of Congo (DRC).

Speaking on Sanny Ntayombya’s “Long Form” podcast, Sellars shared insights from his global career and recent research in Rwanda. He offered a roadmap for leaders to harness the potential of this new generation while addressing entrenched habits holding the country back.

Sellars, who has led teams across Australia, Asia, the U.S., and Switzerland, founded T.E.S. to distill decades of leadership lessons into practical tools.

In Rwanda, he has worked with 33 leaders across the banking, construction, and health sectors, surveying 200 peers and reports. His findings reveal that Rwandan leaders excel in people-oriented skills like achievement, self-actualization, humanism, and affiliation, surpassing global averages.

“These leaders are well above the world averages,” he said, attributing this to “a level of awareness of others and a consciousness of what needs to be done.”

He, however, noted that some leaders’ reluctance to take risks could hinder the government’s broader agenda to transform Rwanda into a regional economic powerhouse.

Sellars observed that Gen Z—a generation he describes as opinionated, emotionally intelligent, and eager for happiness—has much to offer. According to him, Unlike their predecessors, who were shaped by fear and survival, these young Rwandans enter the workforce with security and ambition.

“They’re probably the first generation to have that since God knows when,” Sanny interjected, noting their contrast with leaders “trained by trauma.”

Sellars sees opportunity here, but it demands adaptation. “They get bored quickly,” he said. “If you don’t challenge them, they’ll check out or leave.”

So, how can Rwandan leaders turn Gen Z into an asset? “Delegate effectively,” Sellars advised.

“Set clear expectations upfront, not late-stage control. Move people across functions. A cameraman in marketing brings fresh visuals, while a marketer in sales crafts better messaging.”

He emphasized accepting failure without punishment. “Magic happens between silos, but it requires risk,” he said.

For a generation that doesn’t defer to authority—“they don’t call you sir, they don’t title emails properly”— he emphasizes that leaders must let go of their egos.

“The most effective leaders are incredibly hard to offend,” he said.

This shift, Sellars argues, could also ease another Rwandan leadership trap, which he describes as overworking.

“The most senior people are working 12-hour days, most of the weekend,” he said. “My hope is that the message I’m sharing is: You are doing a great job—slow down. Those extra 20 hours destroy more value than they create.”

His own sabbatical story drives this point home. After leaving his Australian team for three months, he returned to find them delivering their best performance yet.

“You created a team that was independent and brilliant,” his boss told him, giving him the highest rating of his career.

Sellars’ recent research highlights Rwanda’s strengths and weaknesses. While aggressive styles like competition and opposition, common in the U.S. and Australia, are less prevalent in Rwanda, he notes that passivity remains a persistent challenge.

“The most effective leaders in Rwanda are the ones investing heavily in helping their people succeed,” he said.

Sellars tested his ideas at leadership retreats in Nyamuhazi last year, and he believes they worked. Leaders opened up about their struggles, and one even reported that her team performs better now that she’s stopped micromanaging.

Looking ahead, Sellars connects Rwanda’s future to its leaders and how they tap into Gen Z’s potential.

“Build a space where they can grow, even if they’re not ready to do it themselves,” Sellars advised.

The leadership guru believes Gen Z’s tech skills and confidence can thrive if leaders guide them the right way.

Watch the full interview below:

The finalists were shortlisted from a pool of more than 500 applicants and will be competing for a share of 50 million Rwanda Francs in grants, along with mentorship and business development opportunities.

Launched in 2023 as part of Heifer International’s AYuTe Africa NextGen initiative, the challenge identifies and supports young Rwandan agritech entrepreneurs developing scalable solutions to benefit smallholder farmers.

This year’s competition seeks to empower the next generation of agritech leaders by equipping them with financial support and expert guidance.

The Bootcamp serves as a critical stage in the competition, allowing the ten finalists to refine their ideas and engage with industry experts.

Participants are eager to leverage the platform to expand their businesses and increase their impact on Rwanda’s agricultural sector.

“I’m here at Bootcamp because I want to see how we can scale our idea to have a bigger impact across the country. We aim to grow our business from a small to a major player in the sector,” said Kayitare Gisa Patrick of Eco Green House.

Another finalist, Sabina Mari Rose from Green Energy Technology, expressed enthusiasm about the mentorship opportunities: “During this Bootcamp, I hope to learn from the mentors and coaches, refine my idea, and network with fellow entrepreneurs.”

Beyond the financial grants, AYuTe Africa Challenge Rwanda provides participants with business development training, networking opportunities, and a pathway to compete at the regional level. This holistic support framework ensures that young innovators can transform their ideas into sustainable ventures.

Verena Ruzibuka, Country Director of Heifer Rwanda, emphasized the challenge’s importance in agricultural transformation.

“At Heifer Rwanda, we believe that young innovators can play a key role in transforming the agriculture sector in Rwanda.. This Bootcamp is not just a competition; it is about equipping the next generation with the skills, knowledge, and support to drive meaningful change,” she said.

We are excited to see the innovative ideas that will emerge and how they will contribute to a more resilient and prosperous agricultural future for Rwanda,” she added.

The AYuTe Africa Challenge aligns with national efforts to encourage youth participation in agriculture. While the sector employs over 60% of Rwanda’s workforce, young people’s engagement remains limited. By providing a platform for agritech and social enterprise development, the competition inspires more young Rwandans to explore agriculture as a viable career path.

With the competition heating up, all eyes are on the top ten agripreneurs as they refine their innovations and prepare to compete for the top prizes. The winners will not only receive financial backing but also critical support to scale their businesses, ultimately benefiting smallholder farmers and strengthening Rwanda’s agricultural sector.

The rise in prices was primarily driven by increases in transport, food, and hospitality costs.

The report highlights that urban inflation, which is the headline index for monetary policy, saw a notable uptick, reflecting the ongoing economic dynamics.

“Urban CPI increased by 6.3 percent on an annual basis (February 2025 compared to February 2024) and by 0.7 percent on a monthly basis (February 2025 to January 2025),” the report states.

Among the key contributors to the inflation surge were transport costs, which rose by 17.4% year-on-year, and restaurant and hotel prices, which climbed by 11.6%.

The price of food and non-alcoholic beverages increased by 4.5%, while housing, water, electricity, gas, and other fuels saw a 2.9% rise.

Rural areas, however, experienced a milder price increase, with rural CPI rising by 2.2% annually and 1% on a monthly basis. This resulted in an overall national inflation rate of 3.8% year-on-year.

The NISR compiles Rwanda’s CPI using price data from over 1,622 products across the country, tracking inflation trends that impact households and businesses.

With inflationary pressures persisting, policymakers and businesses will be closely monitoring economic trends in the coming months.

This year’s Level Up Your Biz edition empowered 40 MTN Agents with essential business skills to enhance their operations. Among them, 10 MTN Agents stood out with the most outstanding solutions to real distribution channel challenges, with the top three winners securing the highest recognition.

Mapula Bodibe, CSI Chairperson and MTN Rwanda Chief Executive Officer highlighted that, beyond providing communication and internet services, the initiative aligns with the telecom’s committment to contributing to Rwanda’s Vision 2050 of becoming a high-income country, .

“By equipping our agents with the necessary training, we empower them to become job creators, driving economic growth and transforming their lives. Inclusion is at the heart of what we do, and we believe that by working together, we can build a future that benefits all Rwandans,” she said.

Bayigana Alexis from Gasabo District clinched first place, winning Rwf 5 million in float, while Dusabimana Adelphine from Rulindo District secured second place with Rwf 3.5 million in float. Tuyishime Baraka from Nyamasheke District earned third place, receiving Rwf 2.5 million in float.

Beyond their cash prizes, the top three winners will also benefit from a revamp of their current working environment, further enhancing their business operations. The remaining seven MTN agents were each awarded Rwf 500,000 in float, reinforcing MTN Rwanda’s commitment to supporting and uplifting its agents.

“At Inkomoko we believe Solutions can be found here. The solutions to many challenges will be found by entrepreneurs on this continent. We are tremendously proud of the 10 agents from the pool of 5,000 who made it out. Our biggest wish is that your businesses will reach a new level and thrive and that this program will change your life,” said Helle Dahl Rasmussen, Business Growth Director, Inkomoko Rwanda.

MTN Rwanda is encouraging organizations across the country to join efforts in advancing Rwanda’s National Strategy for Transformation, playing an active role in driving sustainable development and achieving the Vision 2050 goal of becoming a high-income nation.

By creating jobs, the people of Rwanda are empowered with economic opportunities that improve their livelihoods, enhance financial inclusion, and drive innovation. This collective effort not only strengthens local businesses and industries but also contributes to a more resilient and self-sustaining economy, paving the way for long-term national prosperity.

About MTN Rwandacell

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 and leading digital solutions for Rwanda’s progress.

The telecom offers various services to subscribers, including innovative propositions such as personalised voice and data offers for individuals and corporates with a clear vision to lead the delivery of a bold, new digital world to customers with a belief that everyone deserves the benefits of a modern connected life.

About Inkomoko

Inkomoko is a consulting firm that supports micro and small enterprises across Africa so that they can grow to create jobs, improve livelihoods, and create thriving communities. It started its work in Rwanda eleven years ago and has now opened offices in Kenya, Ethiopia, South Sudan and Chad.

The new service aims to provide fast and convenient financing to salary earners without requiring collateral. Customers can apply through the BK Mobile App or Internet Banking platform and receive funds in record time.

“We understand that when opportunities arise, speed matters. “By digitizing BK QUICK +, we empower our customers to take charge of their financial goals and contribute to Rwanda’s growing economy,” said Desire Rumanyika, Chief Retail and Digital Banking Officer at Bank of Kigali.

The application process is simple and takes only a few minutes. Customers need to log in to their BK Mobile App or Internet Banking, select “Loans” then “BK QUICK +”, submit the required documents, and wait for the system to assess their eligibility.

If approved, a loan offer is sent digitally, and once the customer signs the contract electronically, the funds are transferred to their account within 15 hours. The loan offers flexible repayment terms of up to five years.

This initiative aligns with Bank of Kigali’s commitment to advancing financial inclusion in Rwanda. By providing quick, secure, and fully digital loans, the bank aims to support Rwandans in meeting their personal and professional financial needs.

Bank of Kigali continues to position itself as a leader in digital financial innovation, simplifying access to essential financial products. With BK QUICK +, customers can now fund major purchases, cover emergencies, or pursue new opportunities without the traditional waiting periods.

Interested customers can apply for BK QUICK + today through the BK Mobile App or Internet Banking platform and receive funding in just 15 hours.

The payment gateway was among the products showcased during the Inclusive FinTech Forum (IFF), held in Rwanda from February 24 to 26, 2025.

The three-day forum, opened by President Paul Kagame, brought together global leaders, entrepreneurs, and innovators, providing a platform to explore solutions for the continent’s economic challenges through digital finance.

How IremboPay works

IremboPay simplifies electronic payment collection for businesses of all sizes, from large corporations to small enterprises, significantly boosting operational efficiency. The platform was developed by Irembo, a leading tech company in Rwanda renowned for its role in transforming government services digitally through its IremboGov platform.

By integrating diverse payment methods into a single, secure, and intuitive platform, IremboPay eliminates the need for time-consuming manual reconciliation, reducing financial complexities and minimising errors.

The platform processes millions of transactions annually, empowering businesses to save valuable time and enhance their overall financial management.

IremboPay’s Business Lead, Vanitah Gatana, explained how the platform simplifies financial management and drives business growth.

“Time spent on reconciliation and lack of revenue visibility can significantly slow down a business,” Gatana stated.

“Our system integrates all payment sources, giving business owners a clear picture of their income and facilitating informed growth decisions.”

IremboPay offers several key benefits to businesses, including efficient payment processing that ensures fast and secure transactions and reduces administrative workload.

The platform employs advanced security measures such as encryption and fraud prevention to ensure safety and confidentiality.

IremboPay also provides multi-currency convenience, supporting Rwandan Francs (RWF), US Dollars (USD), Euros (EUR), and British Pounds (GBP), facilitating international trade.

Additionally, it features multi-language accessibility, available in English, French, and Kinyarwanda, making it more user-friendly for diverse businesses. The system also delivers user-friendly financial reports with valuable insights to inform strategic business decisions and performance tracking.

One of IremboPay’s standout features is its ability to integrate effortlessly with existing accounting and business management systems. Real-time transaction tracking allows businesses to monitor finances with ease, reducing manual bookkeeping efforts.

Looking ahead, IremboPay is set to integrate with Rwanda Revenue Authority’s Electronic Billing Machine (EBM) system, enabling businesses to automatically generate official invoices upon receiving payments.

IremboPay caters to a wide range of industries, including tourism and hospitality, where it simplifies check-ins and payments through its Payment Links solution. In education, it streamlines fee collection for schools and universities.

In the transport sector, it enables real-time payment processing for transport services. Manufacturing businesses can use it to efficiently manage transactions, while software and IT companies benefit from its integrated digital payment solutions.

Businesses interested in adopting IremboPay can start by visiting the IremboPay.com website or contacting the sales team. After an initial consultation to discuss specific business needs, a customized payment solution is developed.

The setup process is quick and easy, allowing for seamless integration with existing systems. Businesses also receive continuous support to ensure smooth financial operations.

With its user-friendly interface, secure transactions, and comprehensive reporting, IremboPay is streamlining digital payments in Rwanda. As more businesses embrace digital transformation, IremboPay stands out as an essential tool for growth, efficiency, and financial clarity.

The signing of the project, dubbed Africa’s Next-Gen Digital Payment Infrastructure, took place on Tuesday, February 25, at the Inclusive Fintech Forum 2025.

Also known as Project 54, the initiative marks a significant step toward integrating Africa’s financial ecosystem.

GFTN is a not-for-profit organisation established by the Monetary Authority of Singapore (MAS) in 2024 to expand Singapore’s fintech ecosystem globally. Its partnership in the initiative underscores Africa’s growing significance in the global digital economy.

Outgoing Central Bank Governor John Rwangombwa participated in the signing ceremony, praising the initiative for its potential to address the high costs and inefficiencies of cross-border transactions, thereby enhancing trade and financial inclusion.

The project was conceived through discussions at key global forums, including the 3i Africa Summit in Accra, the Zurich Point Zero Forum, and the Singapore FinTech Festival.

Recognising Africa’s dynamic financial landscape, stakeholders sought to develop a solution that enables seamless cross-border transactions, ultimately benefiting small businesses, entrepreneurs, and financial institutions.

The implementation of Africa’s Next-Gen Digital Payment Infrastructure is built on four fundamental pillars, each essential to creating a robust and future-ready financial system.

A strong governance framework is at the core, establishing clear scheme rules, dispute resolution mechanisms, and liability structures. This also includes enhanced local currency settlement models, ensuring stability and reliability across cross-border transactions.

Technology integration and advancement play a pivotal role, with a focus on innovations such as tokenisation and digital currency applications. By embracing these emerging technologies, the initiative aims to future-proof Africa’s financial sector and enhance efficiency.

A sustainable pricing model underpins the initiative, promoting financial viability through cost-effective solutions tailored for both high-value and low-value transactions. This ensures accessibility and affordability while maintaining long-term operational stability.

Equally important is the engagement of key stakeholders, including regulators, financial institutions, fintech innovators, and investors. By fostering collaboration, the initiative seeks to build a resilient digital payments ecosystem that aligns with the needs of Africa’s evolving financial landscape.

Bank of Ghana Governor Johnson Asiama described the launch as a milestone toward an integrated African capital market, offering new opportunities for entrepreneurs and small businesses.

“The pursuit of a safe, affordable, and efficient cross-border regional payment architecture, backed by a licence passporting framework, represents another significant step forward,” he said.

With Africa’s fintech industry projected to generate $40 billion in revenue by 2028, overcoming regulatory and infrastructure challenges remains crucial. Project 54 aims to bridge this gap, unlocking new pathways for inclusive financial growth and positioning Africa at the forefront of global digital payments innovation.