The FiRe Award, presented by the Capital Markets Authority Kenya, Institute of Certified Public Accountants of Kenya, Nairobi Securities Exchange, Public Sector Accounting Standards Board – Kenya, and the Retirement Benefits Authority, celebrates organisations that demonstrate outstanding integrity, clarity, and responsibility in reporting.
Now in its 18th edition, the platform is widely regarded as the region’s benchmark for best practice in financial reporting.
Speaking after the announcement, Bank of Kigali’s Chief Finance Officer Anita Umuhire said the recognition affirms the bank’s commitment to openness and professionalism.
“Winning the FiRe Award reflects the professionalism that define everything we do at Bank of Kigali,” said Umuhire. “It’s a recognition that our commitment to transparency not only strengthens trust with our customers but also sets a benchmark for the Rwandan financial sector and beyond.”
Chief Executive Officer Dr. Diane Karusisi described the win as a reflection of the dedication of staff, partners, and regulators.
“We dedicate this award to our dedicated teams, regulators, partners, and every customer whose confidence inspires us to raise the bar every year. This recognition motivates us to continue leading with excellence in all we do,” stated Dr. Karusisi.
The recognition comes on the back of a solid half-year performance. The bank reported a Profit After Tax of Rwf 52.2 billion for the first half of 2025, a 12.9 percent increase from the previous year. Growth was supported by a loan book expansion of more than Rwf 231 billion, improved asset quality, and an increase in customers.
Total assets rose to Rwf 2.6 trillion, while loans reached Rwf 1,75 trillion, underscoring the bank’s central role in financing Rwanda’s economic activity. SMEs accessed Rwf 238 billion in credit, retail lending climbed to Rwf 313 billion, and agribusiness financing increased sharply to Rwf 95 billion, one of the fastest-growing segments.
Corporate and institutional lending rose to Rwf 1.1 trillion, supporting investment across infrastructure, transport, tourism, health, and education. A newly introduced Institutional Banking segment has also begun enhancing service delivery to NGOs and faith-based organisations.
Established in 1966, Bank of Kigali is Rwanda’s largest commercial bank and serves more than one million customers nationwide. Its performance has earned repeated international accolades, including multiple honours from Euromoney Awards for Excellence and Global Finance Magazine.
Speaking across several high-level panels, the Chief Executive Officer of the Capital Market Authority (CMA), Thapelo Tsheole, positioned institutional investors, pension funds, insurers, collective investment schemes, and banks as the bedrock of Rwanda’s next growth phase. With long-term horizons and sizeable asset bases, these investors offer the stability and scale required to support market depth and sustained capital formation.
Tsheole acknowledged the challenges of deploying long-term capital in frontier markets, noting the need for strong governance, technical capacity, and robust risk frameworks to safeguard investors’ interests while driving productive investment.
He also emphasised Rwanda’s regulatory model, rooted in clarity, predictability, and investor protection. The CMA follows a consultative approach and in 2025 engaged more than 700 enterprises nationwide to ensure that regulation remains proportionate, practical, and responsive to a rapidly evolving market landscape.
Regionally, Rwanda continues to collaborate through the East African Securities Regulatory Authorities (EASRA), advancing cross-border listings, shared innovation frameworks, and harmonised oversight standards. This enhances market connectivity and widens access to capital across East Africa.
On foreign participation, Tsheole pointed to the Multicurrency Securities Directive as a breakthrough for diaspora and international investors. Rwanda’s diaspora remits between USD 600–800 million annually, roughly 6% of GDP. New instruments such as diaspora bonds and digital savings products aim to channel a portion of these flows into long-term national investment priorities.
The move positions Rwanda as an emerging motorsport hub on the continent, strengthening its capacity to develop new riding disciplines, nurture local talent, and ultimately host international motorcycling events.
During the Assembly, FIM President Jorge Viegas welcomed Rwanda into the global motorcycling community, describing the nation’s admission as an important addition to the federation’s expanding membership.
Christian Gakwanya, President of the Rwanda Motorsport Federation, represented the country at the Assembly and hailed the milestone as a transformative moment for the sector.
“We are extremely happy for this achievement. Motorcycling has been part of our motorsport activities for years, and with the support and guidance of our government through the Ministry of Sports, we have developed a new roadmap focused on diversification, capacity building, and the ambition to host international events, including major motorcycling competitions,” he said.
Gakwanya extended gratitude to member federations for their support, adding that Rwanda looks forward to active collaboration within the FIM community.
The achievement builds on Rwanda’s rising global profile in motorsport, coming just one year after the country successfully hosted the FIA General Assembly and Awards in Kigali, a historic event that reinforced international confidence in Rwanda’s organisational capacity and commitment to motorsport development.
Following the admission, beginning January 2026, Rwanda’s national motorsport calendar will expand to include new disciplines such as motocross, enduro, and trials, opening pathways for new riders and elevating local competition standards.
{{Rwanda’s push for Formula 1
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Rwanda’s motorsport ambitions extend beyond motorcycling. On December 13, 2024, President Paul Kagame announced that the country is formally bidding to host a Formula 1 Grand Prix, a move that would bring the world’s most prestigious racing series back to Africa for the first time since 1993.
The initiative follows months of discussions between Rwandan officials and Formula 1 leadership, including CEO Stefano Domenicali, with the nation positioning itself as a strong candidate to revive Africa’s presence on the F1 calendar.
“I am happy to formally announce that Rwanda is beginning to bring the thrill of racing back to Africa by hosting the Formula 1 Grand Prix,” President Kagame said during the FIA General Assembly in Kigali. “We are approaching this opportunity with the seriousness and commitment it deserves. Together, we will build something we can all be proud of.”
The bid aligns with Rwanda’s broader strategy to attract major global sporting events and strengthen its reputation as a dynamic, forward-looking sporting destination.
In a social media post shared on Monday, December 8, 2025, Flamini reflected on his recent visit to the country, a journey that blended conservation, culture, and community engagement.
Flamini, now CEO of GFBiochemicals and widely recognised for championing environmental innovation, was invited by the Government of Rwanda in his capacity as an Arsenal ambassador. His visit highlighted Rwanda’s growing reputation as a global model for sustainability and eco-tourism.
During his stay, Flamini attended the 20th edition of the Kwita Izina baby gorilla naming ceremony, held on Friday, September 5, 2025, at the foothills of Volcanoes National Park in Kinigi, Musanze District. Thousands of Rwandans, conservation partners, international guests and friends of Rwanda gathered for the annual event, which celebrates the protection and expansion of Rwanda’s mountain gorilla population.
Flamini had the privilege of naming a baby gorilla Rubuga, a male born on November 30, 2024. The name means “platform”, symbolising a foundation for growth and progress, values closely tied to Rwanda’s conservation journey.
Other international stars who joined the ceremony included Argentine and PSG legend Javier Pastore, Grammy-nominated Nigerian Afropop singer Yemi Alade, UNDP Goodwill Ambassador and award-winning actress Michelle Yeoh Todt, and former Arsenal defender Bacary Sagna.
Flamini said his time in Rwanda left a lasting emotional impact, particularly his close encounter with Rambo’s gorilla family inside Volcanoes National Park.
“Spending a day with Rambo’s gorilla family, just a meter and a half from a silverback, was a calm, powerful reminder of our place in nature and our responsibility to protect it,” he wrote.
He highlighted the extraordinary dedication of Rwandan communities who have transformed tourism into a sustainable, community-driven economy.
Rwanda’s monthly nationwide community service day, Umuganda, also caught his attention as a powerful cultural practice shaping the country’s environmental leadership.
Flamini was also received by President Paul Kagame, with whom he discussed Rwanda’s long-term sustainability strategy, environmental protection efforts, and the country’s forward-looking approach to green growth.
“Rwanda’s leadership in addressing climate change left a strong impression on me,” he noted. “It’s an approach many countries could learn from.”
In his reflection, Flamini emphasised that what moved him most was the spirit of the Rwandan people, their unity, resilience, and remarkable journey of rebuilding.
“A nation that has faced immense hardship now stands as a testament to resilience and unity,” he said.
“The warmth and openness of its people left me with a quiet but lasting sense of hope.”
Flamini closed his message by thanking President Kagame, Arsenal Football Club and the people of Rwanda for making his experience meaningful.
“Rwanda will forever hold a place in my heart.”
His words add to the growing international voices recognising Rwanda as a leader in conservation, sustainable tourism, and community-centred development and reaffirm the global significance of initiatives like Kwita Izina in shaping a greener future.
The ceremony, held at the newly inaugurated United States Institute of Peace, brought together US President Donald Trump, President Paul Kagame, DRC President Félix Tshisekedi, African leaders, and diplomats from around the world.
The accord formalises commitments first outlined in June, including a permanent ceasefire, disarmament of non-state armed groups, the return of refugees, and mechanisms for accountability for atrocities committed in eastern Congo. Trump hailed the moment as “a great day for Africa, a great day for the world, and a great day for these two countries.”
But while Thursday’s signing was historic, an interview recorded with President Kagame ahead of the signing ceremony offers a deeper and more cautious view of what lies ahead.
{{Nothing like this before
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Speaking to Al Jazeera’s Steve Clemons, Kagame said the US-led initiative marked an unprecedented level of focus and political weight behind attempts to resolve the Rwanda–DRC conflict.
“We have never had anything like this, where there is focus, there is attention, to this level, where the two leaders of Rwanda and the DRC meet the President of the United States, who has paid attention to this problem,” Kagame said.
“The visibility, energy, maybe pressure, it has never been like this before.”
For Kagame, the strength of the accord lies in its three-pillar design: political, security, and economic. These components, he said, “capture everything” required to address the root causes of instability, though implementation remains the difficult part.
Asked what distinguishes the Trump administration’s engagement, Kagame contrasted traditional Western rhetoric on democracy and human rights with what he described as Trump’s more results-oriented posture.
“You have the theory of democracy, human rights, but in practice, people’s lives don’t improve,” Kagame argued.
“Then you have the other, which focuses on some tangible things, if it is trade, different economic interests, how they translate into improvements of people’s lives, and focusing on the real things… I think, in my personal opinion and experience from our own situation, I prefer the latter.”
President Kagame emphasised that African governments must ultimately shoulder responsibility for their own governance and peace, saying he does not want to “blame others” for Africa’s unresolved problems.
He also acknowledged Qatar’s role in mediating the conflict, particularly in the dispute between M23 and the DRC government.
Kagame clarified that it was President Tshisekedi, not Rwanda, who requested that aspects of the mediation be moved to Doha.
“People were blaming Rwanda for leaving African initiatives and going to Qatar or Washington. But it was Tshisekedi who initiated that,” Kagame said.
He accused the Congolese leader of hoping to manipulate both the Washington and Doha processes “in his favour,” but said the separation ultimately sharpened the negotiations.
Kagame credited Qatar for its continued “availability and resources” in facilitating peace efforts across the region.
{{Trust, uncertainty, and the ‘devil in the details’
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With the accord now signed, Clemons pressed Kagame on whether he trusts Tshisekedi to enforce the agreement, given a long history of stalled or reversed commitments.
Kagame was diplomatic but frank: “First things first, we are here, and we are agreeing to sign. That is important. But we have had experiences where DRC has been reaching an agreement with different parties, including ourselves. And the next day, after agreeing, they are saying the opposite. And it has happened not once, not twice, not three times, but more.”
Despite this, Kagame said both the US and Qatar are now invested in monitoring compliance and should be equally vocal if either party deviates from what was agreed.
{{Minerals, geopolitics, and accusations of blame
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The interview also touched on the global scramble for critical minerals, tin, tungsten, tantalum, and lithium, resources that are increasingly strategic to US–China competition.
Kagame dismissed longstanding accusations that Rwanda’s exports originate from Congolese smuggling networks, calling them part of an international “blame game” tied to historical narratives about the region.
“Tungsten, tin, tantalum, all of these exist in Rwanda, and of super quality. What we have has nothing to do with DRC,” Kagame insisted.
He argued that Rwanda’s stability and growth have made it a target for simplified narratives that drag the country into their problems for geopolitical ends.
{{A Nobel Prize for Trump?
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When asked whether President Trump or regional leaders deserved consideration for a future Nobel Peace Prize, Kagame brushed off the idea for himself.
“Others could be considered, not myself. I don’t think I’m there yet.”
Pressed on Trump, Kagame didn’t rule it out.
“Why not? Given what he has done in a short time, trying to stabilise things… But he cannot deliver results alone. If we fail to solve this conflict, you don’t blame the one trying to help.”
He added that Trump’s focus on outcomes rather than rhetoric gives this mediation a stronger chance of success than past attempts.
Sixteen Rwandan exporters, supported by the National Agricultural Export Development Board (NAEB), the Rwanda Development Board (RDB), the Private Sector Federation (PSF), and the Embassy of Rwanda in Morocco, are showcasing the country’s finest coffees and teas, products increasingly recognised for their quality, traceability, and smallholder-driven production.
{{Strong early interest from Moroccan buyers
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RDB reported highly encouraging early engagements with prospective buyers, noting that several exporters held constructive and forward-looking discussions. According to RDB, these interactions “signal significant potential for establishing new trade partnerships within the Moroccan market.”
The strong interest comes as Rwanda posts rising export revenues. Tea earned $114.88 million in 2023/2024, a 7.1% increase from the previous year, while coffee revenues surged 47.4% in the 2024/2025 season to $116.1 million. NAEB projects coffee earnings could reach $192 million this year, driven by expected exports of 32,000 tonnes.
{{Rwanda showcases quality, consistency and farmer-centred production
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Rwanda’s speciality profile was highlighted throughout the festival. NAEB CEO Claude Bizimana, speaking during the opening engagements, underscored Rwanda’s reputation for excellence:
“Rwanda is internationally recognised for producing some of the finest Arabica Bourbon coffees, grown at high altitudes and known for their sweetness, bright acidity, and exceptional body.”
Rwanda’s coffee sector is sustained by around 400,000 farmers, each tending an average of 300 trees. Together, they produce 330,000–380,000 bags annually, equivalent to 20,000–23,000 metric tons.
To meet the needs of speciality buyers, Rwanda has diversified its processing methods, offering fully washed, honey, natural, and increasingly anaerobic coffees. These innovations have strengthened Rwanda’s competitiveness in premium markets.
Bizimana added that Rwanda’s tea sector remains equally strong, producing high-grade CTC, orthodox teas, and growing volumes of green tea. “Rwandan tea ranks among the best in international auctions, and we are eager to bring more of it to the Moroccan market, where quality is highly valued,” he noted.
{{Morocco is a gateway market
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The Private Sector Federation (PSF) sees the festival as a strategic entry point into Morocco’s dynamic food and beverage landscape.
Speaking at the event, PSF Chief Operations Officer Faustin Karasira highlighted the readiness of Rwandan companies to scale up commercial engagement.
“The Moroccan market has shown remarkable openness toward Rwandan products. We see strong potential for partnership with the Chamber of Commerce, Industry and Services of Marrakech, especially in strengthening trade missions and creating sustainable supply chains,” Karasira noted.
He emphasised that Rwanda’s traceable, speciality-grade coffees and teas align well with shifting consumer preferences in Moroccan hotels, cafés, and retail chains. PSF confirmed that discussions with CCISM will continue, including plans for reciprocal trade missions and market access initiatives.
{{Production expansion to meet rising demand
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Rwanda’s growing visibility is supported by investments aimed at increasing production. NAEB plans to plant 2.9 million new coffee seedlings across 1,043 hectares this year, while rejuvenating 443 hectares of ageing trees, building on last year’s 1.3 million seedlings planted. Tea production, meanwhile, is projected to reach $164 million by 2029, supported by rising factory capacity and expanded plantations.
{{A gateway to North Africa
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For Rwandan exporters, the festival’s B2B platforms offer the chance to secure distribution channels, explore joint ventures, and better understand Morocco’s hospitality and retail ecosystem. Many see Morocco as a natural gateway to the broader North African market, where demand for high-quality coffees and teas is increasing.
“We are here not just to exhibit, but to build bridges. Morocco has welcomed us with warmth and professionalism, and we look forward to turning these engagements into concrete business partnerships,” Karasira concluded.
As the guest country of honour, Rwanda has a platform to deepen partnerships, attract buyers, and negotiate export and processing deals. Visitors can access traceable micro-lots and products tailored for international markets. Morocco, with its growing demand for fine coffee and tea, is a strategic market for Rwanda.
Rwanda’s presence also positions East Africa as a source of exceptional speciality beverages, highlighting a shift toward quality, innovation, and sustainability in African agriculture.
Seidou made the remarks after a group of soldiers announced earlier in the day on state broadcaster Benin TV that President Patrice Talon had been “removed from office.”
According to the minister, the armed forces and their command, “faithful to their oath,” responded in a republican manner and were able to keep the situation under control, thwarting the attempt. The government called on the public to continue their activities as normal.
Speaking separately to the French weekly magazine Jeune Afrique on Sunday morning, Romuald Wadagni, minister of state in charge of economy and finance, said the situation was “under control.”
“The mutineers are trapped. We are clearing the area, but it is not over yet. We are safe.” He said, adding that helicopters were patrolling the city and that the central Cotonou was heavily secured by the armed forces.
Local residents told Xinhua that in Cotonou, the country’s economic capital and largest city, and its surrounding areas, armed soldiers were mainly deployed at key intersections, while residents continued their daily activities and major markets remained open.
Earlier Sunday, the group of soldiers, identifying themselves as the “Military Committee for the Refoundation (CMR),” convened and decided that “Mr. Patrice Talon is dismissed from his functions as president of the republic.”
Gunshots were reported at Camp Guezo, near the president’s residence in Cotonou, and local media said the soldiers had taken control of the state broadcaster. However, the Presidency said the president is safe and that government forces have regained control of the situation.
Benin, located in West Africa, covers an area of about 112,000 square km and has a population of roughly 14 million.
Historically considered one of the more peaceful and stable countries in the region, Benin has nevertheless experienced several coups and attempted coups following gaining independence from France in 1960.
Political stability has largely been maintained since 1991, after the two-decade rule of Mathieu Kerekou, who had renamed the country the People’s Republic of Benin.
Talon first came to power in March 2016 and was re-elected in April 2021. He was scheduled to step down after the presidential election in April 2026. Wadagni had been widely regarded as the frontrunner, while opposition candidate Renaud Agbodjo was barred by the electoral commission due to insufficient sponsorship.
In November, the national legislature approved an extension of the presidential term from five to seven years, while retaining the two-term limit.
The current events in Benin come amid a wave of military takeovers in West Africa. Just in late November, a coup in Guinea-Bissau ousted President Umaro Embalo following a disputed election in which both the incumbent and opposition declared victory.
The decision was taken during an extraordinary district council meeting held on Sunday, December 7, 2025.
According to reliable sources, the officials were removed after failing to address pressing issues affecting residents, particularly in the Ndego and Mwiri sectors. Communities in the areas have faced severe food shortages due to prolonged lack of rainfall. Reports indicate that while government food supplies were available, delays and mismanagement in distribution left residents struggling to meet basic needs.
The council also cited frequent disagreements among the leadership, with officials reportedly clashing over key decisions multiple times, contributing to governance challenges within the district.
John Bosco Nyemazi was elected Mayor in December 2021. Hope Munganyinka joined the district’s executive committee in 2018 and was later re-elected. Jean Damascene Harerimana was elected Vice Mayor in 2016 and re-elected in 2021.
Kayonza District has faced ongoing challenges related to drought, despite the implementation of major irrigation projects, including KIIWP1, KIIWP2, and others, with investments totalling over 100 billion Rwandan francs. However, residents in Ndego and Mwiri continue to experience hardships each year, prompting repeated complaints.
Identifying themselves as the “Military Committee for the Refoundation (CMR),” the soldiers said they convened on Sunday and decided that “Mr. Patrice Talon is dismissed from his functions as president of the republic.”
Gunshots were reported at Camp Guezo, near the president’s residence in the largest city of Cotonou, and local media said soldiers had taken control of the state broadcaster.
However, the Presidency said the president is safe and that government forces have regained control of the situation.
The current events in Benin come amid a wave of military takeovers in West Africa. Just in late November, a coup in Guinea-Bissau ousted President Umaro Embalo following a disputed election in which both the incumbent and opposition declared victory.
In a statement released on December 6, 2025, AFC/M23 clarified that the movement does not claim any territory outside the DRC and has no ambitions in Burundi, despite the country’s ongoing involvement in destabilizing eastern DRC.
“The world has witnessed the extensive destruction caused by bombs launched from Burundian territory by Burundian forces: roads and bridges destroyed, schools damaged, health centres affected, and homes and places of worship destroyed,” the statement read.
“These attacks, carried out from beyond our borders, continue to harm our communities, spread fear, and force thousands of families to flee their homes.”
The statement also highlighted that Burundian forces, armed and supported by the Kinshasa regime, are being used to target Tutsi Banyamulenge populations in Minembwe. AFC/M23 pledged to stand by civilians and urged residents to remain calm while continuing daily activities.
The call for Burundian withdrawal comes amid heavy fighting in South Kivu. Over the past five days, clashes between DRC forces and AFC/M23 have intensified in areas including Kamanyola, Kaziba, and Rurambo in Uvira territory. AFC/M23 fighters have captured Rurambo and are attempting to seize Lubarika, while DRC forces try to regain control of Katogota and Kamanyola.
Reports indicate heavy shelling in Kamanyola originating from Luvungi, while other shells have fallen in Luvungi from Kamanyola. Civilian homes and infrastructure, including schools, have been destroyed, leaving many dead or injured and forcing thousands to flee.
A displaced resident from Kamanyola recounted the harrowing experience: “They were firing shells that landed in houses. People were dying, others were injured, houses were burning. I have a family of seven: my husband, five children, and I. We fled the war.”
Burundi’s forces have been implicated in the cross-border shelling. AFC/M23 condemned the attacks and vowed to continue protecting civilians, while elite fighters reportedly launched a major counterattack on December 4 against Burundian army positions in South Kivu, killing multiple soldiers, including Lt. Col. Athanase Minani, and taking others captive.
Burundian forces have been openly operating in South Kivu Province since 2022, after Burundi and the DRC signed a military cooperation agreement in an attempt to neutralise M23 rebels.
