In a statement shared on X, the partners said the first U Express outlet is scheduled to open in early 2026. It will be located within Inzovu Mall, a 40,000-square-meter mixed-use development in Kigali’s Kimihurura business district. The mall sits strategically near the Kigali Convention Centre and is being constructed on the former site of Rwanda’s Ministry of Justice and Supreme Court.
Construction spearheaded by Groupe Duval began in August 2023, with the development expected to be completed by September 2025 and open to the public in December 2025. The total project cost is estimated at $68–71 million, financed through a combination of Groupe Duval’s investment and external loans from the International Finance Corporation (IFC) and Proparco, each contributing $17.5 million.
The mall aims to attract both international and local brands. The U Express store will span 3,000 square meters, providing consumers with quality products at fair prices and closer links to local producers.
{{Economic impact and job creation
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The partnership is expected to generate significant employment opportunities. Groupe Duval estimates that the U Express stores will create over 500 jobs, while the Inzovu Mall development will support more than 700 positions during construction and operation. The project is also expected to boost Rwanda’s retail sector, contribute to tax revenues, and support local infrastructure.
Inzovu Mall is being developed as a high-end, mixed-use hub that combines retail, leisure, hospitality, and office spaces. The mall will offer between 21,000 and 26,000 square meters of retail and leisure space, hosting restaurants, entertainment facilities, and anchor tenants such as Intermarché and a BUT store.
A four-star Odalys hotel, covering 5,000 square meters and featuring 95 rooms, will be integrated into the development, allowing guests to access the mall directly from their rooms.
The project also includes 6,000 square meters of Grade A office space and extensive parking facilities, with between 400 and 667 spaces, including a basement accommodating 450 vehicles.
Sustainability is a core component of the development, with energy-efficient lighting, solar power, water recycling systems, and other green technologies. Inzovu Mall is targeting IFC EDGE certification, which recognises environmentally sustainable building practices.
He was speaking at a press briefing on Wednesday, where RSSB officials presented the institution’s overall performance from 2021 to 2025.
Rugemanshuro highlighted that RSSB’s total assets have doubled in five years, climbing to Frw 3 trillion as of June 2025.
The return on investment also rose sharply, moving from 1.4 percent in 2021 to 14.2 percent in June 2025.
Investment portfolio increased to Frw 2.846 trillion in 2024/2025, translating into an increase by 16.7 percent compared to the previous year.
“Over the last five years, RSSB has reshaped its investment approach by focusing on long term income and making sure every new investment goes thorough strict viability test,” Rugemanshuro said. “The results are clear, and this is the strategy we intend to maintain.”
He added that in addition to reviving underperforming assets, the institution successfully exited certain investments at a profit.
Rugemanshuro also dismissed past criticism that RSSB was operating at a loss, saying current results demonstrate sound financial management.
“This confirms that members’ contributions are being well protected, invested for their benefit , and used to support job creation and national development,” he emphasized.
The report further showed an expansion in healthcare partnerships. The number of health facilities working with RSSB under the Community-Based Health Insurance scheme (Mutuelle de Santé) increased from 953 in 2021 to 1,182 in 2025, while those under the Rwandaise d’Assurance Maladie (RAMA) scheme rose from 810 to 1,152.
RSSB indicates that although investments in real estate are still generally lagging behind, they account for 10% of its total investments.
“This is an area where we need to intensify efforts. Despite achieved progress, delays in project implementation remain an issue, from project initiation to completion, due both to follow-up capacity and needed improvements in the construction sector,” he said.
Among the ongoing projects is Heza Estate, where 70 percent of the houses have already been reserved by buyers even as works near completion.
RSSB is also planning to expand developments on land near the Kigali Golf Course, with plans including a five-star hotel and other projects in collaboration with private investors.
Rugemanshuro concluded that, while there is room for improvement, the last five years have shown remarkable progress,with significant contribution to Rwanda’s broader development goals.
The launch event, held at the Marriott Hotel, brought together key stakeholders, including regulators, industry leaders, and Apex Group executives, to celebrate the company’s commitment to Rwanda and its role in supporting economic growth and innovation across East Africa.
The event featured remarks from prominent figures, including Alan Keet, Regional Head of Africa for Apex Group, Soraya Hakuziyaremye, Governor of the National Bank of Rwanda (BNR), Hortense Mudenge, CEO of the Kigali International Financial Centre (KIFC), and a video message from Peter Hughes, Apex Group’s Founder and CEO.
Apex Group, with a global presence spanning 52 countries and 112 offices, services over $3.4 trillion in assets and employs more than 13,000 people worldwide. The opening of its Kigali office, the seventh in Africa alongside locations in Botswana, Namibia, and South Africa, marks a key expansion of the company’s footprint on the continent.
“It makes me tremendously proud that we have expanded now into Rwanda… It shows Apex’s commitment to Africa, which, as Africans, is a real feather in our cap,” Alan Keet, the Apex Group’s Regional Head of Africa, stated.
The Kigali office will offer a comprehensive suite of services, including Fund Administration, Corporate Services, Compliance Solutions, and Environmental, Social, and Governance (ESG) advisory services, pending regulatory approval.
The services cater to a broad range of fund structures, from private equity and real estate to open-end funds like Exchange-Traded Funds (ETFs) and mutual funds, as well as innovative digital finance solutions such as tokenisation and digital ledger technology.
Keet emphasised the company’s ability to address complex challenges, noting, “We are yet to find a conundrum or a challenge that we can’t solve within the Apex Group globally.”
The launch of Apex Group’s office aligns with the ambitions of the Kigali International Financial Centre (KIFC), which aims to position Rwanda as a leading hub for cross-border investment and sustainable finance.
Hortense Mudenge, CEO of KIFC, described the event as “a pivotal moment in Rwanda’s journey of becoming a key financial hub on the continent.”
She highlighted the full-circle nature of Apex’s entry, which began with discussions in late 2024 and culminated in the office opening, signalling growing confidence in Rwanda’s progressive business environment.
Soraya Hakuziyaremye, Governor of Rwanda’s central bank, delivered a keynote address in which she echoed this sentiment, stressing the country’s strategic efforts to build a robust financial ecosystem.
“You can’t have a financial centre if you don’t have international players,” she said, noting Apex’s role in complementing traditional banking and pension funds with innovative services.
She also praised Rwanda’s macroeconomic stability and digital ambitions, stating, “The use of technology and digitally-driven financial services… is something that we value, as Rwanda is ambitiously aiming to become a digital hub for the continent.”
{{Investing in local talent
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Apex Group officials emphasised that its entry into Rwanda is not only about expanding its global footprint but also about investing in local talent and contributing to economic development. With approximately 1,200 of its 13,000 employees based in Africa, the company affirmed its commitment to creating employment opportunities and upskilling local professionals.
Keet praised Emma Msowoya, the Country Head of Apex Group in Rwanda, for her “tenacious, well-organised, and great people skills,” which he believes will drive rapid growth in the region. KIFC’s Mudenge also highlighted the opportunities for local professionals, noting Apex’s focus on “upskilling, capacity building, and talent development.”
Peter Hughes, in his video message, underscored the strategic importance of the Kigali office, which he said will deliver “world-class asset servicing across both traditional assets and DeFi assets.”
He highlighted Emma’s 15 years of experience at Apex and her role leading the Rwanda operations, emphasising the company’s intent to leverage experienced talent to expand its presence and strengthen Rwanda’s financial ecosystem.
{{A collaborative future
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The launch event also highlighted the collaborative spirit between Apex Group, KIFC, and Rwandan regulators. Governor Hakuziyaremye expressed confidence that Apex’s presence would attract more global asset management players, stating, “You can count on our support and our engagement in the different forums that we organise.”
KIFC CEO Mudenge added, “As much as you have expectations of us, we also have expectations of you to leverage and use Rwanda as the base to support further investment and capital deployment, not just in Rwanda, but in the region as a whole.”
In a communiqué issued on Friday, RURA said the revised tariffs will take effect from September 6, 2025, at 6:00 AM. The maximum retail price for gasoline (petrol) has been set at Frw 1,862 per litre, up from Frw 1,803, while diesel will retail at no more than Frw 1,808 per litre, up from Frw 1,757.
RURA explained that the adjustments were necessary in response to rising international petroleum prices. The regulator emphasised that the Government of Rwanda continues to implement measures to mitigate the impact on consumers.
“In response to rising pump prices influenced by global trends, the Government of Rwanda has continued to strengthen fuel reserves and prudent macroeconomic management to protect consumers and maintain market stability,” RURA Director General Evariste Rugigana stated.
The new price caps will remain in effect until the next scheduled review in two months.
In an advisory issued on Tuesday, September 2, MINICOM encouraged businesses to view the championship as an opportunity to boost trade and deliver high-quality services to participants, visitors, and cycling fans from around the world.
“Your active participation and preparedness are essential to the success of this world-class event,” the advisory reads in part.
Businesses were advised to stock up goods in advance to avoid disruptions during temporary road closures, and to schedule deliveries during night hours when roads will be open. Truck drivers will also be facilitated during night operations, the ministry added.
The 2025 championship will mark the first time the prestigious global cycling event is held in Africa, positioning Rwanda as a hub for international sporting activities and sports tourism.
To ensure smooth logistics, the government has announced temporary road closures along designated race routes during specific hours. Alternative and detour routes will be clearly marked in coordination with traffic authorities. Fan Zones will also be set up across Kigali, allowing residents and visitors to follow the action up close.
Further measures include the closure of schools across Kigali City during the competition, coordinated by the Ministry of Education, and a shift to remote work for public servants and private institutions where possible. Essential services will continue uninterrupted.
The UCI Road World Championships is one of cycling’s most prestigious annual competitions, bringing together national teams from across the globe under the Union Cycliste Internationale (UCI). First held in Copenhagen, Denmark, in 1921, the championship most recently took place in Zürich, Switzerland, in 2024.
Rwanda’s edition is expected to attract a large influx of athletes, delegations, and fans, alongside visitors keen to explore the country’s tourism offerings. Authorities say the event is not only a milestone for sports but also an opportunity for local businesses to showcase Rwanda’s hospitality and entrepreneurial spirit.
The deal, signed with Global Tungsten and Powders (GTP), part of the Plansee Group in Pennsylvania, and Trinity’s offtake partner Traxys, marks a major step in establishing a reliable supply of high-grade tungsten from the Great Lakes region of Africa to the U.S. market.
GTP, with over a century of experience, is one of the world’s largest tungsten processors, producing tungsten and tungsten carbide powders as well as heavy alloy powders for the aerospace and defence industries.
Shawn McCormick, Chairman of Trinity Metals, highlighted the significance of the agreement for both the company and the U.S. market.
“As the largest producer of tungsten on the continent, we are very pleased to be working with both Traxys and America’s largest tungsten refiner, GTP, on this historic agreement, which marks the first time that a consistent and reliable supply of this high-grade mineral from the Great Lakes region of Africa will flow to the United States.”
Eric Rowe, Plansee Group Director of Global Raw Materials, added that the agreement strengthens American national security by adding responsibly produced tungsten to the U.S. industrial base.
“We are very pleased to be partnering with Trinity Metals, which has strong support from both the United States and Rwandan governments,” he remarked.
Traxys CEO Mark Kristoff described the partnership as a model of aligned corporate values and long-term commitment.
Trinity Metals, established in 2022 through the merger of the Nyakabingo Tungsten Mine, Rutongo Tin Mine, and Musha Tin and Tantalum Mine, is Rwanda’s largest producer of these three critical minerals.
The latest agreement follows a related development in May 2025, when Trinity Metals signed a letter of intent with U.S.-based metals firm Nathan Trotter to export Rwandan tin to the United States for the first time under this framework.
The signing took place at the U.S. Department of State and was witnessed by Kim Harrington, Acting Principal Deputy Assistant Secretary in the Bureau of Energy Resources.
The initiative aims to develop a sustainable, transparent supply chain for Rwandan tin, classified by the U.S. as a critical mineral, in support of national security and economic objectives.
These agreements come amid growing economic cooperation between Rwanda and the United States, reinforced by Rwanda’s recent engagements in [regional partnerships->https://en.igihe.com/news/article/inside-the-rwanda-drc-economic-integration-framework] with the Democratic Republic of Congo (DRC). The deals signal the U.S’ increasing interest in securing strategic mineral inputs from Africa to support domestic manufacturing in sectors ranging from electronics to electric vehicle batteries.
The closure, which followed customer complaints about poor service and negligence during a wedding ceremony in early July, surprised many, who questioned how a hotel that had been in operation for years could continue without proper authorisation.
At the time of the announcement, RDB warned that if the hotel continued operating beyond July 22, 2025, it would be in violation of national laws, a breach that could attract heavy penalties. The agency further explained that reopening would only be considered once the hotel had fulfilled all requirements to obtain an operating license in the tourism sector and complied fully with the relevant laws.
The revelation that such a prominent establishment lacked a valid operating license shocked the public, given that the hotel was well-known and had been welcoming guests for some time.
Speaking to IGIHE, Irène Murerwa, Chief Tourism Officer at RDB, explained that the situation was not unusual, pointing out that Rwanda’s 2014 Tourism Law allows investors to begin their projects while still working toward fulfilling conditions for an operating license, depending on the type of investment.
She clarified that beginning operations does not automatically mean an establishment is licensed in the tourism sector.
“In this case, the issue is not complicated. Registering an investment is simple and can be done online within six hours. But the key question is: what type of investment is it? A hotel, a restaurant, a nightclub, or apartments? The license granted depends on the category, and in their case, they were operating without ever applying for the proper license,” Murerwa said.
She added that although RDB was aware of the hotel’s investment activities, the owners had not completed all requirements needed to secure a tourism license.
“Anyone could see their doors open and assume they were licensed. Of course, RDB knew about them, just as we know many investors. We don’t close businesses the moment they open. We first conduct visits, hold discussions, and agree on timelines. Some investors fulfil requirements quickly, while others encounter delays. That was the case here,” she explained.
According to Murerwa, after an establishment begins operations, RDB reviews whether it meets the standards required for its specific category of tourism business.
“When challenges are communicated, we listen and allow time to address them, because our role is both regulatory and developmental. But once the grace period expires and compliance is still lacking, then closure becomes necessary,” she said.
Murerwa confirmed that Château le Marara had been inspected several times and was repeatedly reminded of what it needed to comply with. However, despite discussions, the hotel continued to report difficulties in meeting the legal requirements.
“We visited them and held discussions. But at some point, it became clear they were not treating the requirements with the seriousness of legal obligations. People wondered how such a well-known hotel, recognised by the community and local authorities, could lack RDB approval. The truth is that while they had the right to invest, they did not have the license to operate in the tourism sector,” she said.
Currently, investors registering in the tourism industry are required to fulfil up to 22 conditions, in addition to specific requirements depending on the category of business. These include registering the investment, employing qualified staff, and adhering to hygiene, safety, and environmental standards, among others.
While she did not disclose which specific requirements Château le Marara had failed to meet, Murerwa emphasised that any failure to comply constitutes a violation of the law.
“In tourism, there are many conditions to meet. If out of more than 20, you have fulfilled only five, you are still violating the law. While much attention is on Château le Marara, many other establishments have not met all conditions, and these cases must equally be reported to the authorities,” she concluded.
According to RDB officials, an establishment may be suspended for several reasons, such as employing workers without contracts—which is prohibited by law—or when clients suffer health complications due to non-compliance with required standards.
By law, RDB may grant an establishment a grace period during which it continues to operate while working to meet the required conditions. However, if follow-up inspections reveal ongoing non-compliance and no valid justification is provided, the institution risks suspension.
Murerwa explained: “There are instances where, for example, an employee mistreats a guest. That alone does not immediately warrant closure. In such cases, we conduct visits, issue warnings, and give time for correction. But if a client suffers health complications because the establishment failed to meet hygiene or safety requirements, then it becomes a serious matter, and closure is enforced immediately.”
She emphasised that closure is not necessarily permanent. Once the owner fixes the violations and meets all required conditions, they may request reopening. The application is reviewed through an inspection by a joint team from RDB, the Police, and other relevant agencies. If the team confirms compliance, the establishment is granted a license to resume operations.
Currently, a tourism operating license issued by RDB costs 80,000 Rwandan francs, although the fee may change in the future as part of an ongoing legal review process.
Château le Marara is located in Karongi District, on the shores of Lake Kivu.
RDB clarifies the reasons behind the closure of Château le Marara.
A month has now passed since Château le Marara was ordered to close its doors
The lender confirmed it has secured ISO/IEC 27001:2022 for information security management and ISO 22301:2019 for business continuity management systems. The certifications were awarded by MSECB, an accredited global certification body operating under the International Organization for Standardization (ISO).
By attaining both standards, BRD becomes one of the few financial institutions in the region to meet such stringent global requirements, positioning itself as a leader in operational resilience and data protection.
For clients, the certifications translate into enhanced information security, continuity of services even in the face of disruptions, and increased confidence in the bank’s reliability.
“Our clients entrust us with what matters most—their financial information and access to essential services. These certifications confirm that BRD meets international standards for information security and service reliability,” said Kampeta Sayinzoga, the bank’s chief executive officer, in a recent statement.
“Clients can be assured that we are not only safeguarding their information but also strengthening the resilience of our systems so they can count on us anytime, anywhere.”
Securing the certifications followed months of preparation that included capacity building and a risk assessment of the bank’s systems, policies and procedures to ensure full compliance with international standards.
BRD described the achievement as a milestone in its ongoing digital transformation. With financial institutions across Africa increasingly adopting digital platforms and financial technologies, the bank says the recognition sets a benchmark for cybersecurity and service continuity in the region.
Founded in 1967, BRD has been central to Rwanda’s development financing, supporting projects in manufacturing, infrastructure, agriculture, energy, affordable housing and green finance. It continues to play a key role in driving the country’s long-term socio-economic transformation.
Data released on Tuesday, August 19, 2025, shows that between August 11 and 15, the country exported 8,182 metric tonnes of agricultural and animal products, with coffee leading the charge.
Coffee exports generated $4.27 million (Frw 6.18 billion) from 561 metric tonnes, cementing its role as Rwanda’s flagship crop. Tea followed closely with revenues of $1.51 million (Frw 2.18 billion), while diversified agricultural products – including cereals, roots and pulses – brought in $3.45 million (Frw 4.99 billion).
Other key earners during the week included vegetables ($403,772 / Frw 584 million), mainly exported to cross-border countries, India, United Arab Emirates, United Kingdom, United States and France. Fruits contributed $276,278 / Frw 400 million, with cross-border countries and the UAE emerging as the main markets.
Animal products generated $580,840 / Frw 840 million, largely destined for neighbouring countries. Flowers added $102,915 / Frw 149 million, shipped primarily to the United Kingdom and the Netherlands.
“Rwanda doesn’t just export commodities; we export quality,” the agency wrote in a post on X.
Rwanda’s agricultural sector has seen substantial growth in exports over the years, with total revenue reaching $3.2 billion (over Frw 4.6 trillion) between 2020 and 2024, according to figures released last year by NAEB.
By the end of June 2025, the bank’s total assets had risen to Frw 916 billion, reflecting a 12% increase since December 2024. Its loan portfolio expanded by 24% to reach Frw 440 billion.
Almost half of these loans were new, issued mainly through branches across the country, with a large portion allocated to first-time clients, demonstrating the growing confidence customers place in the bank.
Customer deposits also registered growth, rising 12% to Frw 737.7 billion by June 2025. This was largely attributed to branch network expansion and service improvement initiatives.
The bank reported effective cost management, with reduced cost-to-income ratio of 45%.
A substantial share of this spending went toward employee-focused programs, which increased by 27%, reflecting investment in staff training, welfare, and professional development.
According to the bank’s Chief Executive Officer, Benjamin Mutimura, the strong performance was the result of customer trust and the bank’s continued focus on market leadership, strategic partnerships, and a customer-first approach. He stressed that these priorities had consistently delivered positive results.
In addition to financial growth, the bank underscored its broader social contribution, noting that its initiatives had positively impacted the lives of more than 200,000 Rwandans.
Management emphasized that this progress reflects a commitment to inclusive development and shared prosperity, made possible through strong partnerships, employee dedication, and client loyalty. Looking ahead, the bank reaffirmed its focus on innovation, operational efficiency, and customer-centered growth.
Established in 1963 under the name Banque Commerciale du Rwanda (BCR), I&M Bank Rwanda is the country’s oldest commercial bank. It has been listed on the Rwanda Stock Exchange since March 2017.
