He made the remarks on June 6, 2026, during a press conference.
Rwanda’s current minimum wage was set in 1974 at Rwf100 per day for employees working in the formal sector.
The issue is frequently debated in public discourse, with concerns often linked to rising living costs, while incomes for many workers remain relatively unchanged.
Dr. Nsengiyumva noted that while workers naturally expect higher pay, employers view wage increases in relation to production costs and business sustainability.
“For workers, when the minimum wage is increased above prevailing market levels, it is seen as positive because they earn more. However, from the employer’s perspective, it increases the cost of producing goods and services,” he said.
He illustrated the impact with an example of a business currently paying Rwf50,000 per worker. If a minimum wage of Rwf80,000 were imposed, he said, the employer would have to significantly adjust operational costs.
“An employer who previously hired 10 workers may find it difficult to sustain all of them and may reduce the workforce to seven. As a country, we must ask whether we have truly benefited if three people lose their jobs,” he said.
According to him, while the remaining employees may earn more, the increase could simply reflect the redistribution of wages from those who were laid off.
He cautioned against focusing solely on nominal wage figures without considering broader economic dynamics.
“Increasing wages on paper while prices also rise achieves little. What matters is how we help workers become more productive. The key question is: how much value are we generating from the work being done? Employees should not rely on guaranteed wages alone while delivering low productivity, just as employers should not expect high output without fair compensation,” he said.
Dr. Nsengiyumva emphasised that productivity growth is the foundation for sustainable wage increases.
“If productivity increases, wage growth will follow naturally. Employers do not need to be reminded to increase wages when workers are generating higher value,” he added.
He also highlighted persistent productivity gaps in key sectors, particularly agriculture, where yields remain below potential. For instance, maize production may average around two tonnes per hectare, despite the capacity to produce significantly more under improved practices.
The government, he said, continues to prioritise investment in skills development and capacity building to enhance workforce productivity. He further noted that Rwanda is focusing on creating higher-quality jobs that require specialised skills and offer improved remuneration.
According to the National Institute of Statistics of Rwanda (NISR), 238,491 non-agricultural jobs were created in 2025, marking an 8.9% increase compared to the previous year.
Prime Minister Dr. Justin Nsengiyumva has said that discussions on the minimum wage should not be the primary focus, arguing instead that raising productivity is the sustainable path to higher incomes, as employers are more likely to increase wages when output improves.The PM made the remarks on June 6, 2026, during a press conference.
Under the revised prices, a litre of petrol will continue to retail at Rwf2,938, while a litre of diesel has increased from Rwf2,205 to Rwf2,927, representing a rise of Rwf722 per litre.
The new prices were announced on June 5 and will take effect from June 6, 2026, at midnight. The previous fuel price adjustment was made on April 16, 2026.
In a statement, RURA said the latest revision reflects developments on the international market while taking into account government measures aimed at maintaining stability in the petroleum sector and limiting the impact on the economy and consumers.
” Government interventions have helped moderate the increase in pump prices, keeping them below the level that would result from market conditions alone. This support is intended to cushion transport and freight services and reduces broader economic impact,” the statement reads.
The regulator also confirmed that fares for public transport services will remain unchanged.
“Public transport fares will remain unchanged. Government support measures will continue to assist public transport operators in managing high fuel costs and ensure affordable transport services for commuters,” RURA stated.
The authority added that it will continue monitoring developments in international and regional petroleum markets, while ensuring the reliable supply and distribution of fuel across the country.
The sharp increase in global fuel prices has largely been attributed to the ongoing conflict involving the United States, Israel and Iran, which began three months ago.
The conflict has disrupted traffic through the Strait of Hormuz, a critical shipping route through which about 20 percent of the world’s daily petroleum supply passes.
As of June 5, 2026, a barrel of crude oil was reportedly trading between $94 and $95.
The new fleet consists of fully electric buses, offering an alternative to diesel-powered vehicles at a time when fuel prices continue to rise. The buses are expected to help public transport operators lower operating costs while contributing to efforts to reduce carbon emissions.
Designed for long-distance travel, each bus can cover at least 400 kilometers on a single charge, allowing it to complete a round trip between Kigali and the Eastern Province without requiring recharging. The buses can accommodate 42 passengers and include dedicated luggage storage space.
While electric buses have become increasingly common in Kigali, BasiGo plans to deploy the new vehicles in the Southern, Northern, and Eastern provinces, expanding access to electric public transportation beyond the capital.
According to BasiGo Rwanda Managing Director Jones Kizihira, the buses have already arrived in Mombasa and are currently en route to Rwanda. He said the vehicles are expected to be operational in the country before the end of June 2026.
Kizihira noted that electric buses are becoming an increasingly attractive option for public transport operators due to their lower operating costs compared with diesel-powered vehicles.
“Fuel prices continue to increase, and these vehicles will help transport operators meet their operational targets while maintaining the profitability of their investments,” he said. “Most operators still rely heavily on diesel-powered fleets, but gradually introducing electric buses enables them to significantly reduce daily operating expenses.”
He also encouraged transport companies to embrace electric mobility, noting that confidence in the technology has grown as more operators experience its benefits.
“Electric vehicles are still relatively new, and some potential buyers initially have concerns,” Kizihira said. “However, those already using them have seen their advantages. As adoption increases, so too will local expertise in operating, maintaining, and servicing these vehicles.”
BasiGo Rwanda aims to have at least 100 electric buses operating in the country by the end of 2026. The expansion will be accompanied by workforce training programs for technicians and charging operators, as well as continued investment in charging infrastructure.
The company currently operates charging stations in Muhanga and Huye districts and plans to further expand its charging network to support the growing electric bus fleet.
The new fleet consists of fully electric buses, offering an alternative to diesel-powered vehicles at a time when fuel prices continue to rise.While electric buses have become increasingly common in Kigali, BasiGo plans to deploy the new vehicles in the Southern, Northern, and Eastern provinces, expanding access to electric public transportation beyond the capital.The buses are expected to help public transport operators lower operating costs while contributing to efforts to reduce carbon emissions.BasiGo Rwanda aims to have at least 100 electric buses operating in the country by the end of 2026.
The launch event brought together corporate executives, diplomats, transport operators, first-time car buyers, and automotive enthusiasts to witness the arrival of a vehicle that Akagera Motors believes will redefine perceptions of the Mahindra brand in Rwanda.
For more than two decades, Mahindra has built its reputation in Rwanda through rugged pickup trucks and heavy-duty SUVs known for their durability and reliability. The introduction of the XUV 3XO signals the company’s move into a new category aimed at urban motorists, young professionals, growing families, and technology-conscious drivers.
Speaking during the launch, Roopak Gorajia, Sales and Marketing Director of Akagera Motors, described the vehicle as a milestone for both Mahindra and the Rwandan automotive market.
“Most people know Mahindra as a pickup brand. We have been very strong with pickups and the big SUVs. Now Mahindra has introduced this compact SUV that is tech-savvy, rich in equipment, and updated to meet modern lifestyle needs. This is a game-changer for Mahindra as it enters a new segment they haven’t played in before in Rwanda,” he said.
The Mahindra XUV 3XO arrives with a long list of premium features rarely found in its price segment.
A technology-driven compact SUV
The Mahindra XUV 3XO arrives with a long list of premium features rarely found in its price segment.
Among its standout technologies is a 360-degree camera system, providing drivers with a complete view around the vehicle through cameras positioned at the front, rear, and side mirrors.
The vehicle is also equipped with Level 2 Advanced Driver Assistance Systems (ADAS), featuring automatic emergency braking, lane keep assist, lane change assist, adaptive acceleration and deceleration, and stop-and-go functionality. According to Gorajia, the system can automatically intervene to help prevent collisions with pedestrians, cyclists, or vehicles ahead.
Additional safety features include six airbags, blind-spot monitoring, electronic stability control, front and rear parking sensors, disc brakes on all four wheels, and an electronic parking brake with auto-hold functionality.
One of the vehicle’s most innovative features is its blind-view monitor. When the driver activates a turn signal, a live camera feed of the intended side appears directly on the digital instrument cluster, helping eliminate blind spots during lane changes and turns.
The introduction of the XUV 3XO signals the company’s move into a new category aimed at urban motorists, young professionals, growing families, and technology-conscious drivers.
Premium comfort and connectivity
Designed to appeal to modern consumers, the XUV 3XO combines advanced technology with premium comfort.
The compact SUV features dual 10-inch digital displays for the infotainment system and instrument cluster, wireless Android Auto and Apple CarPlay connectivity, online navigation, dual-zone climate control, wireless phone charging, and 65W USB-C fast charging ports capable of powering laptops.
Inside, passengers are welcomed by full leatherette seats, soft-touch dashboard and door trim materials, and a Harman Kardon premium audio system with seven speakers, amplifier, and dedicated subwoofer.
A panoramic skyroof further enhances the cabin experience, creating an open and spacious feel uncommon in compact SUVs.
On the exterior, the vehicle features full LED lighting, including LED signature daytime running lights, bi-projection headlamps, LED fog lamps, and LED tail lamps, complemented by 17-inch diamond-cut alloy wheels.
Designed to appeal to modern consumers, the XUV 3XO combines advanced technology with premium comfort.
Efficiency meets performance
Powering the XUV 3XO is Mahindra’s 1.2-litre turbocharged mStallion petrol engine paired with a six-speed automatic transmission.
The engine produces 82 kW of power and 200 Nm of torque while delivering fuel efficiency of approximately 18 kilometres per litre.
Gorajia noted that the timing of the vehicle’s introduction aligns with changing consumer priorities.
“Petrol prices have gone up, so fuel efficiency is critical. This 1.2-litre turbo petrol engine offers excellent mileage and allows customers to travel further using less fuel, making it ideal for the current economic environment,” he explained.
Competitive pricing and financing options
Akagera Motors announced a tax-free price of Rwf 27 million for the Mahindra XUV 3XO, while the fully tax-paid retail price stands at Rwf 39 million.
To improve accessibility, the company has partnered with several financial institutions, including Bank of Kigali, Ecobank, Equity Bank, Access Bank, GT Bank, and I&M Bank, to facilitate vehicle financing.
Customers can begin the financing process directly at Akagera Motors by selecting a vehicle and obtaining a proforma invoice before approaching their preferred bank for loan processing. The company also maintains a partnership with Mayfair Insurance to provide customers with preferential insurance rates.
Building on Mahindra’s Legacy
During the event, Senthil Ganesh Shanbagamoorthy, Managing Director of Akagera Business Group (ABG), emphasised that the XUV 3XO builds upon Mahindra’s long-established reputation for durability while embracing the expectations of today’s automotive buyers.
“For almost 30 years, Akagera Motors has been committed to bringing quality automobile solutions to the Rwandan market at accessible prices,” he said.
“What has made us stand out is our relationship with customers. In an industry where many competitors have come and gone, Akagera has remained a reliable and trustworthy partner. We stand behind every vehicle, every customer, and every promise we make.”
He described the XUV 3XO as a vehicle that combines modern design, advanced technology, safety, comfort, and value for money.
Senthil Ganesh Shanbagamoorthy, Managing Director of Akagera Business Group (ABG), emphasised that the XUV 3XO builds upon Mahindra’s long-established reputation for durability while embracing the expectations of today’s automotive buyers.
Mahindra’s next chapter in Rwanda
According to Gorajia, Mahindra’s reputation in Rwanda has been built on vehicles that remain operational for more than 15 years and frequently exceed 500,000 kilometres of service.
The XUV 3XO seeks to transfer that same reliability into a contemporary family SUV designed for urban lifestyles.
“It is for first-time buyers, young couples, new families, and anyone who wants more features with fewer problems,” he said. “The technology and mechanics are proven.”
The vehicle comes with a manufacturer’s warranty of five years or 150,000 kilometres, whichever comes first.
As Mahindra expands beyond its traditional workhorse image, Akagera Motors believes the XUV 3XO is well-positioned to capture growing demand for feature-rich, fuel-efficient compact SUVs in Rwanda.
The all-new Mahindra XUV 3XO at Akagera showroom in Kicukiro. The unveiling of the vehicle marks a major shift for the Indian automotive brand as it enters Rwanda’s growing compact SUV segment.
Beyond automobiles, Akagera Motors is part of the larger Akagera Business Group (ABG), one of Rwanda’s most diversified privately-owned conglomerates. Established in Rwanda in 1997 and transformed into Akagera Business Group in 2008, the company has expanded far beyond vehicle sales into multiple sectors serving consumers, businesses, and institutions across the region.
Today, ABG operates across ten major sectors of the consumer market: Automotive, Electronics, FMCG Trading, Media, Health, Construction, Industrial / Energy, HVAC, Security, and Hospitality. The group represents 150+ international brands and maintains operations throughout East Africa.
The launch of the Mahindra XUV 3XO comes as Akagera Business Group prepares to mark three decades in Rwanda.
“We are committed to Rwanda and Rwandans. We don’t come to make a quick profit, we bring quality products and stand by our customers for the lifetime of the product and the company,” Gorajia said.
The XUV 3XO seeks to transfer Mahindra’s reputation of reliability into a contemporary family SUV designed for urban lifestyles.
According to a notice issued by RRA, the products in question include 1,993,750 litres of fuel currently stored in bonded facilities operated by Yussa in Kabuye, Rubis Energy in Gatsata, and Oilcom in Jabana.
Diesel accounts for the largest share of the stock, with approximately 1.35 million litres. The remaining volume includes 641,055 litres of petrol and 5,065 litres of kerosene.
RRA said the fuel has exceeded the maximum storage period permitted under customs regulations and must therefore be processed and released onto the market.
The published list shows that the ownership of 791,832 litres of the fuel has not been identified. Among the companies holding the largest volumes are Mount Meru Petroleum with 368,998 litres, Kivu Energy Ltd with 120,361 litres, and Socit Sarl with 65,404 litres.
Other firms on the list include Ukod Oil Rwanda Ltd, Hashi Energy, China Road, Gulf Energy, Hunan Road and Job Petroleum, each holding varying quantities of fuel and diesel.
Bonded warehouses are used to store imported goods before taxes and duties are paid or before customs clearance is completed.
A source familiar with petroleum storage operations explained that fuel sometimes remains in storage after smaller companies cease operations.
Because warehouse operators do not own the products, they cannot place them on the market without authorization. In such situations, government intervention is required to facilitate their release.
RRA’s notice also lists several individual owners with fuel products in storage. The smallest quantity recorded belongs to an owner holding just three litres.
A source familiar with petroleum storage operations explained that fuel sometimes remains in storage after smaller companies cease operations.
The crisis severely impacted international transport routes, particularly flights to and from the Middle East. As security concerns escalated following U.S. military strikes on Iran late February 2026, airlines suspended numerous routes to destinations such as Qatar and the United Arab Emirates (UAE).
Early March, more than 21,000 flights to and from the Middle East were reportedly canceled. Major hubs, including Dubai International Airport, reduced operations significantly, while Rwanda’s national carrier, RwandAir, also suspended flights to the region.
The disruptions hit Rwanda’s horticulture sector hard. According to the Horticultural Exporters Association of Rwanda (HEAR), around 80 percent of exporters temporarily halted their activities as access to major markets such as Dubai and Abu Dhabi became difficult.
Association president Robert Rukundo said the suspension of flights created major challenges for exporters who depend on air transport, particularly RwandAir, to move fresh produce.
“The situation became very difficult. Air travel was suspended, maritime trade was also affected because the Strait of Hormuz was closed. Trade became complicated, and transportation costs increased as businesses searched for alternatives,” he explained.
Rukundo noted that some exporters attempted to redirect produce to neighboring countries or local processing industries, but many were unable to find viable alternatives.
The impact extended throughout the value chain, from exporters to farmers. Products such as avocados, one of Rwanda’s most important agricultural exports, were particularly affected.
Data from the sector shows that before the conflict, Rwanda regularly exported between 20 and 25 tonnes of fresh produce per flight, with exports taking place several times a week. However, volumes declined sharply once transport links were disrupted.
Between March 24 and 28, 2026, Rwanda exported 173 tonnes of fruits worth Rwf 235 million and 290 tonnes of vegetables worth Rwf 853 million. Some of these exports were destined for the UAE.
By comparison, during the week of February 16–20, before the conflict began, Rwanda exported 376 tonnes of fruits worth Rwf 471.7 million and 437 tonnes of vegetables valued at Rwf 569 million.
Rukundo said the crisis highlighted the country’s limited capacity to process and preserve agricultural products when export markets become inaccessible.
“When produce cannot reach the market, it becomes a major problem. We still lack sufficient facilities to add value, process products, and store them until market conditions improve,” he said.
Although Rwanda has some processing facilities capable of producing avocado oil, guacamole, soap, and other products, Rukundo said their capacity remains limited.
He added that, just as the COVID-19 pandemic exposed vulnerabilities in supply chains, the Iran conflict has shown the need for greater investment in value-addition industries.
RwandAir flights resume
In a positive development for exporters, RwandAir announced on May 29, 2026, that it would resume flights to Qatar and the UAE from June 1.
Rukundo welcomed the decision, saying it would help restore trade links, even though the peak avocado harvest season is nearing its end.
“We are very happy that the flights have resumed. This will help reconnect us with our markets and bring back customers. We hope it will also contribute to better prices,” he said.
However, he cautioned that higher fuel prices and increased transport costs could continue to affect profitability.
Avocados: Rwanda’s “green gold”
Avocados have emerged as one of Rwanda’s most promising export crops, driven by growing demand in the Middle East, Europe, and other international markets.
Rukundo described avocados as “green gold,” saying the crop creates opportunities across the entire value chain—from farmers and transporters to cold-storage operators, processors, and exporters.
“It is a crop that can transform livelihoods and create jobs at every stage of production and distribution,” he said.
The crop’s export potential continues to grow. Rwanda exported fewer than 1,000 tonnes of avocados in the 2018/19 season, earning just over $400,000. By 2024, exports had risen to 4,200 tonnes, generating more than $8 million in revenue.
Rwanda currently sells around 80 percent of its avocado exports to Arab countries, while also supplying European and regional markets.
The country recently signed agreements that will allow avocado exports to enter the Chinese market as well.
Figures released in November 2025 showed that Rwanda had more than 550,000 avocado trees.
Since most of these trees are still relatively young, production is expected to increase significantly in the coming years, strengthening the crop’s role in the country’s export sector.
Rwanda currently sells around 80 percent of its avocado exports to Arab countries, while also supplying European and regional markets. Middle East conflict has disrupted Rwanda’s horticulture export trade.
Building on the support of long- standing institutional partners such as FEDA, Spiro’s latest equity round draws global capital from Europe and Africa, confirming growing global confidence in scalable infrastructure-led business models across emerging markets.
Following years of optimization across its product portfolio, technology and energy ecosystem, Spiro has moved past the proof-of-concept phase and stands ready to execute its next chapter of pan-African expansion.
This investment will support the expansion of Spiro’s battery- swapping network, strengthen its industrial and assembly footprint, accelerate technology development and support the company’s entry into new high-growth African markets.
Global investors back Africa’s fast-growing mobility and energy transition
As Africa’s urban population and mobility needs continue to surge, electric vehicles and battery-swapping ecosystems are rapidly emerging as one of the continent’s most promising infrastructure and energy investment opportunities.
Reducing dependence on imported fuel, strengthening energy and industrial sovereignty and modernizing urban transport systems are becoming strategic priorities across the continent, positioning EV infrastructure as a key pillar of Africa’s economic resilience and industrial development.
Driven by rising fuel costs, increasing demand for affordable transportation and growing policy support for clean energy solutions, investors are increasingly backing scalable EV platforms capable of supporting Africa’s next phase of urban and industrial growth.
For riders, the economic impact is immediate as operating a Spiro electric vehicle can reduce daily mobility costs by up to 40%, generating savings of up to $2 per day compared to fossil- fuel motorcycles.
A recent third-party verified lifecycle assessment of Spiro’s operations in Kenya found that the company’s electric motorcycles reduce climate impact by 72% compared to fossil-fuel bikes, preventing an estimated 19 tonnes of CO₂ emissions over a vehicle’s lifetime.
The study also recorded an 80% reduction in ozone depletion potential and a 20% decrease in particulate matter emissions, highlighting the potential of electric mobility to improve air quality and reduce public health risks in rapidly growing African cities.
Spiro’s industrial footprint includes flagship manufacturing plants in countries including Kenya, Rwanda and Uganda.
Powering Africa’s mobility revolution at scale
With operations across 7 African markets (Kenya, Rwanda, Uganda, Togo, Benin, Nigeria, Cameroon) and further plans to expand local production and enter new markets such as DRC and Ethiopia, Spiro is building one of Africa’s most advanced EV and battery-swapping ecosystems.
Spiro’s industrial footprint includes flagship manufacturing plants in Kenya, Rwanda and Uganda, alongside a state-of-the-art battery recycling facility in Nigeria.
Combining locally adapted vehicle design, affordable battery-swapping infrastructure and integrated maintenance ecosystems, Spiro is making electric mobility commercially viable at scale for African riders.
Spiro’s technology platform is supported by its R&D center, 150+ engineers and 30+ proprietary patents.
The company is actively expanding beyond urban transport into a distributed clean-energy utility network that supports national renewable energy goals while reducing dependence on imported fossil fuels.
Its innovations include IoT-enabled, solar- powered swap stations, alongside secondary-life battery applications designed for stationary renewable energy storage.
“This past year marked a defining strategic milestone for Spiro. Across seven active markets, our deployment of 100,000 electric vehicles and 2,500 smart-swap stations has turned sustainable mobility into an affordable, everyday reality.
“Spiro has become a major driver of local industrialization, value creation and manufacturing across African markets with 6,000 sustainable direct and indirect jobs. Supported by our global pool of investors, we are entering our next growth chapter to deliver clean, cost-effective energy and transport alternatives to millions of riders across the continent”, stated Gagan Gupta, Founder of Spiro and Chairman of Equitane.
“We are investing in Spiro and bringing Danish pension capital into one of Africa’s most promising growth markets because we see potential for significant commercial growth in Spiro and electric mobility across Africa, as well as measurable climate impact. That is exactly the type of investment we want to make,” said Lars Bo Bertram, CEO of Impact Fund Denmark.
Spiro has announced a $215M investment round to accelerate the deployment of its electric mobility and battery-swapping infrastructure across Africa.
The announcement is part of a broader global rollout making PYUSD available across 70 markets worldwide, spanning Africa, Asia-Pacific, Europe, Latin America, the Middle East, and North America. In Africa, PYUSD is being introduced in 27 countries, with Rwanda listed alongside regional markets including Uganda, Senegal, Côte d’Ivoire, Mozambique, and Zambia.
According to PayPal, the expansion targets regions where international cross-border payments are traditionally restricted by legacy financial infrastructure, high fees, or lengthy transaction times.
“Consumers and businesses around the world are looking for faster, more seamless ways to transact globally, and the current system still charges too much, takes too long, and settles on timelines that were designed for a different era,” said May Zabaneh, Senior Vice President and General Manager of Crypto at PayPal.
“Enabling PYUSD in users’ accounts across 70 markets gives people faster access to their funds, lower-cost ways to send money across borders, and a more direct path to participating in the global economy.”
For years, PayPal accounts registered in Rwanda have operated under a strict “Send-Only” structural model. While local users could link Rwandan bank cards to legally make outward payments or purchases online, they were entirely blocked from receiving international transfers, holding an in-app currency balance, or executing direct local withdrawals.
The introduction of PYUSD alters this technical dynamic by using blockchain-based infrastructure. Because stablecoins exist as digital tokens rather than traditional banking deposits, local users can bypass the traditional legacy clearinghouses that historically restricted regional accounts. This enables local freelancers and businesses to receive international payments and maintain a digital dollar balance directly within the interface for the first time.
Key features and settlement speed
PYUSD is a U.S. dollar-backed digital asset issued by Paxos Trust Company and fully backed by U.S. dollar deposits, short-term Treasuries, and similar cash equivalents. Within eligible PayPal accounts, users can buy, hold, send, and receive the token, as well as earn rewards directly on their stablecoin balances.
A primary operational feature highlighted by PayPal is internal settlement velocity. Merchants accepting PYUSD can access transaction proceeds within minutes rather than waiting days or weeks for traditional banking clearing cycles to complete.
This immediate internal availability of funds is expected to be highly relevant for digital freelancers, e-commerce entities, and exporters across East Africa who routinely face cash flow bottlenecks due to slow incoming international wire transfers.
Transaction and withdrawal mechanics
In responses to questions from IGIHE, PayPal senior executive Otto Williams, who oversees the Middle East and Africa region, clarified the practical operational and financial boundaries governing how local users will interact with the digital currency.
Williams emphasised that the expansion is aimed at injecting efficiency directly into the continent’s most active economic sectors:
“Bringing PYUSD to Africa is about delivering tangible value to the people and businesses driving growth in these dynamic markets,” Williams stated.
“Consumers gain a flexible, stable way to move funds faster, while businesses can streamline cross-border payments, improve settlement times, and unlock new opportunities for growth. By increasing access to a regulated, USD-backed digital currency, we’re breaking down barriers and helping reduce friction in global commerce across the region.”
For peer-to-peer (P2P) transfers, Williams explained that moving PYUSD directly between standard PayPal accounts carries no internal platform transaction fees. However, he emphasised that standard commercial transaction terms apply for business payments, and foreign exchange (FX) rates remain applicable whenever a currency conversion takes place. Local users also retain the option to transfer their stablecoin holdings out of PayPal to external, third-party cryptocurrency wallets, subject to standard blockchain network fees.
Crucially, Williams outlined a multi-step currency chain for converting digital balances into domestic fiat currency, clarifying that there is no native integration with local mobile money platforms. When a user liquidates PYUSD within the app, the asset is first converted into the default fiat currency assigned to their PayPal account (such as USD or EUR).
Moving those funds into the domestic banking system requires a standard external withdrawal. The final conversion into Rwandan Francs (RWF) occurs at that withdrawal endpoint and remains subject to local banking availability and traditional PayPal foreign exchange conversion fees.
Regulatory realities and competitive landscape
PayPal noted that while it operates across approximately 200 markets globally and adheres to a policy of compliance with regional jurisdictions, the local financial infrastructure and changing domestic regulatory frameworks mean that user experiences and specific feature availability will vary by country.
For Rwanda, which is actively positioning itself as a regional technology and innovation hub, this rollout provides a new asset-management pathway for a growing population of software developers, content creators, and remote workers billing international clients.
However, the launch also positions PayPal inside a highly competitive African digital asset market already heavily occupied by established crypto payment gateways and homegrown stablecoin platforms. PayPal aims to leverage its existing brand familiarity and established compliance architecture to differentiate its utility.
Ultimately, the domestic success of the rollout will depend on how efficiently local merchants and digital service providers can navigate the final cross-currency conversion steps required to transition their digital dollar balances into usable domestic liquidity.
The announcement is part of a broader global rollout making PYUSD available across 70 markets worldwide, spanning Africa, Asia-Pacific, Europe, Latin America, the Middle East, and North America.
The promotion, Fly to the Home of Champions with SKOL Malt, invites football lovers aged 18 and above to predict the four teams they believe will reach the semi-finals of the upcoming global football tournament for a chance to win a fully paid trip to the home country of the tournament winner.
The campaign is built around the shared excitement of football, bringing together fans in bars, social spaces, and viewing experiences while rewarding them with prizes throughout the tournament period, SKOL indicated.
How the promotion works
To participate in the challenge, consumers are required to purchase a SKOL Malt, select the four teams they believe will qualify for the semi-finals, collect the bottle back labels corresponding to those teams, and upload a clear photo of the four labels on the campaign platform, www.skolfootball.rw.
Participants must also register their details and submit their predictions through the platform. Each entry must contain exactly four different teams, and the uploaded labels must match the selected teams.
Consumers can participate once per day, with multiple entries increasing their chances of qualifying for the grand prize draw if all four predicted teams reach the semi-finals.
According to the campaign organisers, the winner of the grand prize will receive a fully paid trip to the country of the tournament winner. If more than one participant correctly predicts the four semi-finalists, the final winner will be selected through a random draw by a bailiff.
Eligibility and prize conditions
Participation in the promotion is open strictly to individuals aged 18 and above, and all participants must agree to the campaign terms and conditions. Eligibility to travel and possession of a valid passport will also be required for the grand prize winner.
The organisers further pointed out that all entries must contain accurate participant information, as incomplete or incorrect details may lead to disqualification.
The campaign platform can be accessed via smartphone at www.skolfootball.rw, although consumers without smartphones can still participate with assistance from hostesses at participating bars and receive confirmations through SMS.
SKOLFootballVillageto host live screenings, fan activities
As part of the campaign, SKOL Malt will also host the SKOL Football Village at Camp Kigali from June 11 to July 19, where football fans will be able to watch all tournament matches through live screenings.
The Football Village will also feature several fan engagement activities, including sitting football, kicker games, PS5 gaming, and other entertainment experiences designed to bring supporters together throughout the tournament.
With football excitement continuing to build globally, the campaign seeks to combine fan engagement, entertainment, live match experiences, and rewards through a shared celebration of the game.
Government Spokesperson Yolande Makolo said Rwanda is working with multiple international partners to develop its nuclear capabilities, as feasibility studies continue for the construction of a facility using Small Modular Reactor (SMR) technology and the establishment of a Centre for Nuclear Science and Technology.
“Rwanda is working with a variety of global partners to develop our civil nuclear capabilities,” Makolo said in a statement on X.
She noted that alongside Russia’s state nuclear corporation, Rosatom, Rwanda recently signed a Memorandum of Understanding (MoU) with the United States government during the Nuclear Energy Innovation Summit for Africa (NEISA), held in Kigali earlier this month.
The summit also resulted in additional agreements between the Rwanda Atomic Energy Board (RAEB) and companies from the United States, South Africa and Austria, underscoring Kigali’s strategy of building broad international cooperation in the sector.
Rwanda’s nuclear partnership dates back several years. In December 2018, Rwanda and Russia signed an intergovernmental framework agreement in Moscow on the peaceful uses of nuclear energy. The cooperation was further strengthened in October 2019 when the two countries signed a roadmap with Rosatom during the Russia-Africa Summit in Sochi.
Most recently, on May 19, 2026, Rwanda and Russia signed another MoU at the Nuclear Energy Innovation Summit in Kigali. The agreement focuses on nuclear medicine, advanced healthcare cooperation and broader training in nuclear science.
At the same summit, Rwanda and the United States signed a Strategic Civil Nuclear Cooperation MoU, which established a framework for collaboration in areas including regulatory capacity building, workforce development, scientific research and the future deployment of advanced nuclear technologies such as SMRs.
Speaking at the signing ceremony, Minister of State for Foreign Affairs and International Cooperation Dr. Usta Kayitesi described the agreement as an important step in Rwanda’s efforts to diversify its energy sources in line with Vision 2050.
“Nuclear energy is a key component of Rwanda’s long-term energy strategy and broader national development ambitions,” she said.
The agreement was welcomed by Renee Sonderman, Acting Principal Deputy Assistant Secretary in the U.S. State Department’s Bureau of Arms Control and Nonproliferation, who praised Rwanda’s structured approach to nuclear energy development and its plans to deploy SMR technology.
The summit also saw RAEB sign a Comprehensive Development Agreement with U.S.-based company Holtec International to support the potential deployment of SMR-300 reactors in Rwanda.
Under the agreement, both parties will undertake technical cooperation activities, including site assessments, feasibility studies and data collection related to future reactor deployment. Officials said the initiative could eventually support up to 5 gigawatts of nuclear generation capacity, strengthening Rwanda’s long-term energy security while providing carbon-free baseload electricity.
President Paul Kagame has repeatedly reaffirmed Rwanda’s commitment to introducing nuclear energy as part of the country’s development agenda. During NEISA, he said Rwanda remains on track to operationalise nuclear energy infrastructure by the early 2030s.
“We intend to have nuclear energy operational by the early 2030s. This assessment confirms that we are on track,” Kagame said after receiving the Phase I Integrated Nuclear Infrastructure Review report from the International Atomic Energy Agency.
Makolo said financing discussions are also evolving globally. While nuclear projects have traditionally been funded by governments, she noted that multilateral development banks have recently begun exploring financing frameworks aimed at expanding access to nuclear energy projects in emerging economies.
As Rwanda pursues its ambitious energy expansion plans, officials say international cooperation, technological partnerships and innovative financing mechanisms will be critical to bringing the country’s first nuclear power project to fruition.
Rwanda aims to generate up to 1.5 gigawatts of electricity from nuclear power by 2050.
