Rwanda is set to take part in the International Food & Drink Event (IFE) for the second time, with this year’s edition scheduled from March 30 to April 1 at ExCeL London. The country’s renewed participation highlights its growing ambition to establish itself as a credible and competitive player in the global agri-food market.
A delegation of representatives from Rwandan companies is expected to travel to London for the event, showcasing a range of locally produced goods and engaging directly with international partners.
Rwanda’s participation will be coordinated by the Embassy of Rwanda in the United Kingdom, in collaboration with the National Agricultural Export Development Board (NAEB).
Considered one of the leading B2B events in the sector, IFE brings together thousands of professionals from the food, beverage, and hospitality industries each year. For Rwanda, this platform represents far more than just visibility, it serves as a strategic lever to boost exports, build new partnerships, and showcase the quality of its products on the international stage.
Building on a first successful participation, the country returns with a clearer vision. The objective is to capitalize on previous experience, increase its visibility, and sustainably position its products, particularly coffee and tea, among international buyers and distributors.
In the lead-up to the exhibition, Rwandan women entrepreneurs will also take part in the SheTrades Rwanda – UK Study Visit, scheduled from March 25 to 28, 2026. Organized under the SheTrades Commonwealth+ Programme and implemented by the International Trade Centre (ITC), this initiative will bring together 16 women-led businesses from the agrifood and coffee sectors.
During the study visit, participants will engage in market visits across London and Birmingham, meet UK-based buyers, and gain first-hand insights into market entry requirements, consumer trends, and business practices. The programme aims to strengthen their export readiness and expand their international networks ahead of IFE 2026.
At the heart of Rwanda’s broader strategy is a strong commitment to promoting a national know-how that is continuously evolving, supported by initiatives aimed at improving product quality, traceability, and local value addition. This approach aligns with broader efforts to move up the value chain and diversify export markets.
By participating in IFE 2026, and through complementary initiatives such as the SheTrades study visit, Rwanda is embracing a proactive approach, leveraging major international platforms to accelerate its integration into global value chains. Beyond mere presence, this participation highlights the country’s increasingly assertive positioning within the global agri-food landscape.
Rwanda pavilion at the previous edition of IFE in London (Illustration photos)
In less than a year of operations, 41% of the hotel’s employees are women. Not as a result of a last minute diversity push, but because women were present, active, and essential at every stage of the hotel’s journey, from the earliest days of construction through to the team running the property today. Their contribution is not a footnote in the story of Zaria Court Hotel. It is central to it.
A hotel built with more than materials
Great hotels are not simply constructed; they are crafted. The difference lies in the people involved and the care they bring. At Zaria Court Hotel, that philosophy is visible in unexpected places.
In the hotel’s conference room, a striking ceiling installation handcrafted entirely by women greets every guest who enters. It is more than a design feature; it is a declaration. A reflection of what the hotel stands for: African talent, craftsmanship, and the belief that the most powerful details are those made by human hands.
Across the property, this same attention to detail is evident in the warmth of the spaces, the precision of the finishes, and the overall guest experience from arrival to departure, creating a place that feels intentionally built.
Operations driven by excellence
Running a world-class hotel is a high-stakes, detail-driven undertaking. Every day at Zaria Court Hotel, women are at the centre of that work, leading teams, shaping guest experiences, and upholding the standards that come with one of the world’s most recognised hospitality brands.
What that figure represents goes beyond representation, it is a workplace culture where women are trusted with responsibility and decision making from day one. Women at Zaria Court Hotel hold roles spanning sales leadership, marketing, front of house operations, and culinary teams, present not just across the floor, but across the org chart. This does not support work. This is leadership.
“Being a woman at Zaria Court Hotel is a privilege that allows me to bring empathy, care, and attention to detail into every guest experience. It’s also an opportunity to grow professionally and show that women can lead, excel, and make an impact in hospitality,” says Flavia Mbabazi, Head of Sales, Zaria Court Hotel, Tapestry Collection by Hilton.
This leadership is reflected consistently in both performance and in the sense of ownership over what the hotel represents.
Rwanda’s ambition, reflected
Rwanda has built a strong reputation on the global stage as a destination for investment, tourism, and world-class events. That reputation is shaped by institutions and people who refuse to be ordinary, and Zaria Court Hotel is one of them.
In a region where hospitality is among the fastest growing sectors, the example set here matters. A workforce that is nearly half women, achieved within the hotel’s first year, demonstrates what becomes possible when women are centred not as a statement, but as a strategy. Rwanda has long been cited as a global leader in women’s representation at the legislative level, and this progress is increasingly visible across business and operations.
“It’s powerful to see strong representation of women across all levels at Zaria Court Hotel. It reflects both the hotel’s commitment to empowerment and Rwanda’s wider progress in promoting women in leadership. This strengthens the brand’s identity as inclusive and forward thinking, while contributing meaningfully to the country’s growth,” says Chiquita Mugabo, Marketing Manager, Zaria Court Hotel, Tapestry Collection by Hilton.
More than a hotel
The Tapestry Collection was built on a simple but powerful idea: the most memorable hotels are those with genuine character, shaped by the people and places around them. At Zaria Court Hotel, that character is unmistakably Rwandan, unmistakably African, and unmistakably built by women.
The practical lesson for the hospitality industry is this: inclusion by design, hiring with intention, building roles that welcome women at every level, and measuring outcomes from the start does not compromise standards. It creates them. For those in the industry ready to move beyond pledges to practice, Zaria Court Hotel offers a working blueprint and an open door.
A note as Women’s Month draws to a close
As March comes to an end and the world pauses to celebrate women, it is worth asking a question that goes beyond tributes and campaigns: are we truly creating space for women to build, lead, and leave their mark?
Zaria Court Hotel answers that question not with words, but with action and with data. In less than a year of operations, 41% of its people are women, reflected not only in its workforce, but in its craftsmanship and daily operations. This is a story that did not begin on Women’s Day and will not end when March does.
The most meaningful way to honour women is not to celebrate them once a year. It is to include them from the very beginning. To trust them with the blueprint as much as the welcome desk. To build institutions where their excellence is not the exception, but the expectation. Zaria Court Hotel has set that example, and set it early. The question now is who follows it.
Zaria Court Hotel Kigali is Rwanda’s first urban lifestyle hotel, located in the heart of Kigali Sports City, steps from BK Arena and Amahoro Stadium. The 80-room property features locally-inspired interiors, multiple food and beverage outlets, event spaces, and a heated pool. Inspired by the vision of Masai Ujiri, the hotel is part of Tapestry Collection by Hilton and offers guests access to Hilton Honors benefits while maintaining its distinctive, community-driven character.
Female staff showcase attention to detail across all areas of the facilityWomen staff members at Zaria Court Hotel contribute to every aspect of daily operations.Women are integral to the daily life, culture, and operations of Zaria Court Hotel. Female employees help maintain the hotel’s high standards and distinctive style. In the hotel’s conference room, a striking ceiling installation handcrafted entirely by women greets every guest who enters.
In a public notice issued on March 24, 2026, the Central Bank Governor Soraya Hakuziyaremye said the move follows Presidential Order nº11/01 of February 27, 2026, which authorised the withdrawal of specific banknote series. The order was published in the Official Gazette on March 2, 2026, marking the start of the transition period.
The affected denominations include Rwf 500 notes issued on July 1, 2004 and January 1, 2013; Rwf 1,000 notes issued on July 1, 2004 and May 1, 2015; Rwf 2,000 notes issued on October 31, 2007; as well as Rwf 5,000 notes issued on April 1, 2004 and February 1, 2009.
According to the announcement, these banknotes will officially lose their legal tender status on March 2, 2027.
“After this period, these banknotes will no longer be accepted as a means of payment,” said the central bank boss.
Holders of the affected notes have been advised to exchange them within set timelines. From March 2, 2026, to November 1, 2026, the banknotes can be exchanged at commercial banks and Umwalimu SACCO branches across the country. After this period, they will only be exchangeable at the headquarters of the National Bank of Rwanda in Kiyovu, Kigali, and its branches until March 1, 2027.
In a statement issued on Tuesday, March 24, the company clarified that it has no intention of ceasing its operations in Rwanda and urged stakeholders, customers, and the general public to disregard the circulating reports.
“The media reports about Volkswagen disinvesting or leaving Rwanda are incorrect and unfounded,” the company stated, reaffirming its continued presence in the country.
The automaker further announced that, effective April 1, 2026, Volkswagen Mobility Solutions Rwanda will relocate to new and larger premises in the Special Economic Zone, signalling continued investment in its local operations.
Volkswagen Group Africa emphasised that it will maintain and expand its business activities in Rwanda, which include mobility services, vehicle assembly, vehicle retail, and after-sales services.
The company also outlined its broader strategy to strengthen its presence in the country by building a regional team to drive its mobility services across Africa.
Reaffirming its long-term outlook, Volkswagen Group Africa said it remains committed to delivering world-class automotive products and services in Rwanda.
Volkswagen Group Africa operates a vehicle assembly plant in Kigali, Rwanda, opened in 2018 in partnership with CFAO Mobility to promote local manufacturing and reduce reliance on used car imports. The plant specialises in assembling models like the Polo, Passat, and Teramont, with a capacity of roughly 5,000 cars per year.
President Paul Kagame inaugurated a Volkswagen assembly plant in Rwanda back in 2018.
Skytrax is a United Kingdom–based aviation research and consulting firm that specializes in evaluating airlines and airports around the world.
According to the report released on March 19, the airport earned its place among the continent’s top performers due to its modern infrastructure, cleanliness, and quality services, including food and beverage offerings. It was also recognized for its calm environment and strong security standards.
Skytrax noted that while Kigali International Airport is relatively small, it continues to handle a growing number of passengers, largely driven by the expansion of RwandAir.
The ranking is based on a star rating system that assesses various services, with five stars representing the highest standard. Kigali scored particularly well in passenger convenience, including reduced walking distances and efficient communication supported by multilingual staff.
Renovation works launched in July 2022 have also boosted the airport’s capacity, enabling it to accommodate more than 50 aircraft on the ground.
Skytrax noted that Kigali is a relatively small airport, but passenger numbers continue to grow, largely driven by the expansion of RwandAir.
The rankings are based on a star rating system that evaluates different services, with five stars representing the highest standard. Kigali scored highly in areas such as passenger assistance, reduced walking distances, and efficient communication, supported by multilingual staff.
In July 2022, renovation works began to expand the airport’s capacity, enabling it to accommodate more than 50 aircraft on the ground.
Across Africa, Cape Town International Airport ranked first, praised for its modern facilities and premium services. It is the only airport on the continent to receive a four-star rating.
O. R. Tambo International Airport came second due to its high passenger traffic and global connectivity, while Marrakesh Menara Airport ranked third, recognized for its architectural design and passenger comfort.
Other airports listed among Africa’s top ten include King Shaka International Airport in South Africa, Mohammed V International Airport in Morocco, Cairo International Airport in Egypt, and Sir Seewoosagur Ramgoolam International Airport in Mauritius.
Addis Ababa Bole International Airport ranked just behind Kigali but received a lower rating due to concerns over service quality.
Meanwhile, Ivato International Airport placed tenth, with Skytrax noting challenges in accessibility despite adequate basic infrastructure and efforts to provide decent services.
Renovation works launched in July 2022 have also boosted the airport’s capacity, enabling it to accommodate more than 50 aircraft on the ground.Skytrax has ranked Kigali International Airport eighth among the best airports in Africa in 2026.
The upcoming announcement by the Tony Elumelu Foundation will mark the unveiling of the 12th cohort of its flagship programme, which continues to support early-stage entrepreneurs across Africa with funding, training, and mentorship.
According to the foundation, this year’s programme attracted more than 265,000 applications from all 54 African countries, underscoring the strong demand for startup financing and the growing interest in entrepreneurship across the continent. Applicants largely focused on key sectors including agriculture, artificial intelligence, healthcare, and the green economy.
Under the 2026 cohort, a total of 3,200 entrepreneurs are expected to benefit through various TEF programmes implemented in partnership with global and regional organisations. These include collaborations with institutions such as the European Commission, OACPS, BMZ, GIZ, DEG, the IKEA Foundation, UNICEF’s Generation Unlimited, the Dutch Government, as well as the United Nations Development Programme and the Rwandan Ministry of Youth and Arts.
The upcoming announcement by the Tony Elumelu Foundation will mark the unveiling of the 12th cohort of its flagship programme
Each selected entrepreneur is expected to receive $5,000 (approximately 7 million Rwandan francs) in non-refundable seed capital, along with access to business management training through TEFConnect, personalised mentorship, and entry into a continental network of entrepreneurs, investors, and partners.
The selection process is independently conducted by Ernst & Young, ensuring a rigorous evaluation of applicants ahead of the final cohort reveal.
In Rwanda, the 100 entrepreneurs set to benefit from the 2026 cohort, will join a growing group of beneficiaries under TEF-supported initiatives. According to programme data, 300 young Rwandans have benefited from TEF-backed entrepreneurship support to date, receiving funding, training, and mentorship to launch and scale their businesses.
The Rwandan entrepreneurs have benefitted through the Aguka Ideation Entrepreneurship Programme, a partnership involving TEF, UNDP, the European Union, and the Ministry of Youth and Arts, now in its fourth edition. The programme focuses on supporting Rwandan youth to develop ventures in sectors aligned with national development priorities, including technology, agriculture, health, education, and renewable energy.
Applications for the 2026 Aguka cohort opened on November 1, 2025, and closed on January 11, 2026.
Among past beneficiaries, several Rwandan entrepreneurs have already launched impactful ventures. Naomi Iradukunda, founder of Ira EcoSolutions, developed biodegradable packaging using banana fibres, helping reduce plastic waste while creating jobs for women in Musanze District. Jean Bosco Hirwa, through AgriSmart Rwanda, introduced solar-powered irrigation systems for smallholder farmers, contributing to improved agricultural productivity and food security. Meanwhile, Keza Umutoni expanded her Kigali-based startup Tech4Teens, a digital literacy initiative that has trained more than 500 secondary school students in coding and digital skills.
Across Africa, TEF continues to position entrepreneurship as a key driver of economic transformation. Since its inception, the Foundation has empowered over 2.5 million young Africans through its TEFConnect platform, disbursed more than $100 million in seed capital, and supported over 24,000 entrepreneurs who have collectively created millions of jobs and generated billions in revenue.
TEF Founder Tony O. Elumelu has reiterated the Foundation’s commitment to supporting young entrepreneurs.
Speaking ahead of the announcement, TEF Founder Tony O. Elumelu reiterated the Foundation’s commitment to supporting young entrepreneurs, noting that empowering business creators remains central to Africa’s long-term economic growth.
“The future of Africa will be built by Africans who create businesses, generate jobs and solve the challenges of our continent. At the Tony Elumelu Foundation, we believe that empowering entrepreneurs is the most sustainable path to Africa’s economic transformation,” Elumelu said, adding, “I look forward to announcing and congratulating the 2026 cohort and witnessing the impact they will create across the continent.”
According to programme data, 300 young Rwandans have benefited from TEF-backed entrepreneurship support to date, receiving funding, training, and mentorship to launch and scale their businesses.
“A well-conceived 15th Five-Year Plan and its effective implementation will ensure we have even stronger foundations for basically achieving socialist modernization by 2035,” Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, once said.
Xi, also Chinese president and chairman of the Central Military Commission, stressed that socialist modernization can only be realized through a historical process of gradual and ongoing development. It requires the unremitting hard work of one generation after another.
Building new growth momentum
The world is undergoing accelerated changes unseen in a century, with the challenges of securing peace, development, security and governance intensifying, while geopolitical risks are increasing, and global economic growth momentum remains weak.
Notably, China’s economic transformation and upgrading are deepening, with reform efforts tackling deep-seated problems. In addition, new quality productive forces are being fostered at an accelerated pace.
“Efforts should be redoubled to gain experience in analyzing new situations and solving new problems,” Xi said during China’s “two sessions” earlier this month.
Developing new quality productive forces is an essential requirement for building a modern industrial system and fueling a powerful engine for advancing high-quality development.
As a new driver of future development, new quality productive forces should be cultivated in line with local conditions. It is necessary to leverage local resource endowments, industrial foundations and research capabilities to selectively foster emerging industries, new business models and new growth drivers.
Guided by scientific and technological innovation and anchored in the real economy, efforts should be made to speed up the transformation and upgrading of traditional industries and foster the growth of emerging industries and future-oriented industries, so as to accelerate the development of a modern industrial system.
Meanwhile, improving the national innovation system and stimulating the vitality of various innovation entities remain key priorities. With a focus on the frontiers of global science and technology, sustained efforts should be made to strengthen basic research and enhance original innovation capacity, while intensifying breakthroughs in core technologies in key fields and frontier technologies.
Amid a rapidly changing international environment and various uncertainties, focusing on managing the country’s own affairs well and enhancing its development quality is crucial in ensuring a good start to the 15th Five-Year Plan.
For China, it is imperative to advance high-quality development, build a unified national market and expand high-standard opening up to explore global markets.
China still faces challenges of uneven and inadequate development, including declining labor demand in traditional industries due to technological and industrial transformations, and growing pressure on public services and social security because of an aging population. Addressing these issues is essential for sustaining growth and ensuring that development benefits all.
Global vision of China’s modernization path
“Chinese modernization delivers benefit to the Chinese people and also advances common development of the world. It is a sure path for us to build a stronger nation and realize the rejuvenation of the Chinese nation. It is also a path we must take to seek progress for humanity and harmony for the entire world,” Xi said in a keynote address at the CPC in Dialogue with World Political Parties High-level Meeting in 2023.
These remarks situated Chinese modernization within the historical context of China’s relations with the world, highlighting its inclusive character and pursuit of win-win outcomes.
Chinese modernization is fundamentally characterized by proactive global engagement. Since the reform and opening up, China’s developmental trajectory, guided by successive five-year plans, has been inseparable from international cooperation.
Openness has always been the defining feature of Chinese modernization. From “the world factory” to “the world market,” and from a land for global investment to a global innovation hub, each leap in China’s development drives cooperation with the world into broader areas and deeper levels.
As industrial transformation accelerates, China’s massive market will continue to offer significant demand for countries worldwide. In pursuit of smart, green and integrated growth, China aims to share its manufacturing experience and technical innovations to drive global sustainable development.
Beyond that, the global significance of the Chinese model of modernization lies in its success in shattering the myth that modernization is synonymous with Westernization, thereby creating a new form of human advancement.
“China will do well only when the world does well, and vice versa,” Xi once said.
Leveraging the China-proposed Global Development Initiative, Global Security Initiative, Global Civilization Initiative and Global Governance Initiative, the world’s second-largest economy is committed to the building of an open, inclusive, clean and beautiful world of lasting peace, universal security and common prosperity.
Faced with global changes not seen in a century, China will continue to stand on the right side of history and remain a steadfast, reliable and constructive force in a turbulent world.
CPC leadership as core
Chinese modernization is characterized by unique features: the modernization of a huge population, the modernization of common prosperity for all, the modernization of material and cultural-ethical advancement, the modernization of harmony between humanity and nature, and the modernization of peaceful development.
In advancing Chinese modernization, the key lies in upholding the overall leadership of the CPC, which has been the strong leadership core in developing socialism with Chinese characteristics.
By integrating the basic tenets of Marxism with China’s specific realities and its fine traditional culture, the Party has, through years of dedicated efforts, deepened its understanding of the laws that underlie governance by a communist party, the development of socialism, and the evolution of human society.
The Party has led China in building one of the world’s most complete industrial systems, in eliminating absolute poverty, in growing into an economy of 140 trillion yuan (about 20.32 trillion U.S. dollars), and in becoming a major trading partner for more than 150 countries and regions.
Advancing Chinese modernization requires solid work and sustained efforts over time, and sound planning must go hand in hand with effective implementation. Party members and officials are urged to establish and practice a correct view on governance performance, remain committed to serving the public and improving people’s well-being, make well-grounded decisions, and focus on practical work.
An aerial drone photo taken on Feb. 10, 2026 shows a dual-fuel car carrier loaded with vehicles for export setting sail at Yantai Port in Yantai, east China’s Shandong Province.
Held on Thursday under the theme “Capital Market Connect: Preparing Businesses for Investment Success,” the forum brought together entrepreneurs, investors, policymakers, and development partners to explore how Rwanda’s private sector can access long-term financing through the stock market and related instruments.
The event underscored the growing role of capital markets in supporting business expansion, improving corporate governance, and enhancing investor confidence, key elements considered essential for attracting both local and international investment.
Opening the forum, Rwanda Stock Exchange Chief Executive Officer, Pierre Celestin Rwabukumba, said capital markets remain central to linking ideas with financing and enabling businesses to scale.
“Good businesses require access to great capital. Capital markets allow ideas to become companies, and companies to become industries,” he said, emphasising that market development is a strategic pillar for national economic growth.
He noted that the Listings Forum serves as a platform to engage businesses across sectors and raise awareness about the value of listing on the stock exchange, including access to long-term funding, broader investor participation, and strengthened governance structures.
Bob Junker, Head of Cooperation at the Luxembourg Embassy in Kigali, reaffirmed the international community’s support for Rwanda’s financial growth, highlighting the importance of capital markets in driving innovation and competitiveness.
“Capital markets play a critical role in enabling businesses to grow, to innovate, and to compete,” he said, adding that listing on a stock exchange also improves transparency and visibility for companies seeking to scale sustainably.
From a policy perspective, Antoine Marie Kajangwe, Permanent Secretary at the Ministry of Trade and Industry (MINICOM), emphasised that capital markets provide alternative financing options beyond traditional lending, including equity listings and corporate bonds.
He noted that Rwanda Stock Exchange initiatives, such as the Investment Clinic, are helping businesses meet the standards required by investors by strengthening financial reporting, governance, and internal management systems.
“A key barrier is meeting corporate governance standards. Investments follow preparation,” he said, pointing to the need for SMEs to formalise operations and improve compliance in order to access capital market financing.
The forum also highlighted the challenges faced by small and medium enterprises (SMEs), particularly in meeting due diligence and governance requirements. Stakeholders noted that programs like the Investment Clinic are designed to bridge these gaps by equipping firms with the tools needed to become “investment ready.”
Capital Market Authority Rwanda representatives reiterated that investor trust depends on strong regulatory frameworks and transparent business practices.
Eric Karekezi Ngabonziza, Head of Market Development at the Capital Market Authority, highlighted that regulations are designed to create the right conditions for investment, noting that “we are not here to create barriers. We are here to build the conditions that make investment possible.”
The Listings Forum forms part of RSE’s broader efforts to expand awareness of capital markets across Rwanda’s business community and encourage more companies to consider listing as a viable financing option.
Rwanda Stock Exchange, established in 2005, currently lists more than 100 securities, including equities, government treasury bonds, and corporate bonds, and continues to play a central role in mobilising capital for economic development.
As Rwanda’s economy continues to grow, stakeholders at the forum emphasised that stronger capital markets will be critical in connecting businesses with investors, fostering innovation, and supporting long-term, inclusive economic growth.
Rwanda Stock Exchange (RSE), together with its partners, urged businesses to leverage capital markets as a pathway to sustainable growth. Rwanda Stock Exchange CEO, Pierre Celestin Rwabukumba, said capital markets remain central to linking ideas with financing and enabling businesses to scale.Bob Junker, Head of Cooperation at the Luxembourg Embassy in Kigali, reaffirmed the international community’s support for Rwanda’s financial growth.Antoine Marie Kajangwe, Permanent Secretary at the Ministry of Trade and Industry (MINICOM), emphasised that capital markets provide alternative financing options beyond traditional lending.Eric Karekezi Ngabonziza, Head of Market Development at the Capital Market Authority, highlighted that regulations are designed to create the right conditions for investment.The forum was interactive, allowing attendees to engage with the panellists.The forum brought together entrepreneurs, investors, policymakers, and development partners to explore how Rwanda’s private sector can access long-term financing through the stock market and related instruments.
Delivering the National Policy and Financial Stability Statement (NPFSS) 2026 on Thursday at the Kigali Convention Centre, Governor Hakuziyaremye addressed members of the public and stakeholders from various sectors, emphasising the Central Bank’s mandate to maintain price stability and promote a sound and inclusive financial system.
“We meet at a time when the global economic environment is marked by elevated uncertainties, in particular geopolitical tensions, volatile stock markets, and commodity markets. These developments continue to shape global and domestic inflation dynamics, financial conditions, and growth prospects around the world and in Rwanda,” the governor stated.
The ongoing Middle East conflict began in late February 2026, when US and Israeli strikes on Iranian military targets escalated tensions in the region. This disruption triggered sharp increases in global energy prices.
The Governor noted that disruptions in oil and gas flows via the Strait of Hormuz have triggered sharp price increases, with crude oil rising 43% from $72 to $103 per barrel, and natural gas up 64% from $32 to $52 per megawatt-hour. She warned that these energy price shocks elevate risks to inflation and could slow economic activity if the conflict persists.
Despite global pressures, the Rwandan franc depreciated against the US dollar at a much slower pace in 2025, with a 4.4% decline compared to a 9.4% drop in 2024. This relative stability was supported by a stronger current account, boosted by tourism receipts and remittances, reforms in the domestic foreign exchange market, and a weakening of the US dollar globally.
Governor Hakuziyaremye also addressed concerns about the potential impact of the Middle East crisis on food and agriculture. When asked about fertiliser supply, which largely comes from the Middle East, she said that imports for upcoming agricultural seasons B and C are secure. However, the Central Bank and government will continue to monitor potential effects on season A, which starts in September.
“As a country, we diversify sources of fertiliser, and there are always ways to access raw materials when a region is impacted,” she explained.
Rwanda’s economy remained strong in 2025, with GDP growth of 9.4%, surpassing the Second National Strategy for Transformation (NST2) target of 9.3%. Growth was driven by industry (11%), services (8.5%), and agriculture (7.4%), supported by exports of coffee, minerals, and other industrial and digital services.
The Governor also highlighted developments in Rwanda’s financial sector, which recorded nearly 24% growth in total assets to 15.9 trillion Rwandan francs in 2025. Lending rose 25% to support households and businesses, with trade, construction, personal loans, and manufacturing accounting for 70% of total credit. Digital financial services expanded rapidly, with the eKash platform nearly tripling transaction values to 136 billion francs.
Looking ahead, the Central Bank remains vigilant against global and domestic risks, including geopolitical tensions, energy price shocks, virtual assets, operational and cyber threats, and limited financing in strategic sectors.
Inflation remains above target, with headline inflation at 9.2% in February 2026, slightly above the upper bound of 8%. The Governor said inflation is expected to remain elevated in the near term but gradually return to the target range of 2–8% by the end of 2026.
“In spite of global headwinds, the central bank remains confident in Rwanda’s macroeconomic stability, sustained growth, and the soundness of the financial system to support the financial resilience of households and businesses,” Governor Hakuziyaremye assured.
Governor Hakuziyaremye and her team from BNR addressed members of the public and stakeholders from various sectors.She emphasised the Central Bank’s mandate to maintain price stability and promote a sound and inclusive financial system.The meeting was attended by stakeholders from various sectors.
Nowhere is this more critical than in the movement of money. Banking has evolved from cash, to cards, to digital wallets, where today, a fingerprint or a glance at your device can move funds in seconds. As financial services become faster and more seamless, the responsibility to secure them becomes even greater.
At the center of Rwanda’s financial ecosystem, RSwitch Ltd has taken deliberate steps to meet this responsibility.
Through rigorous training, testing, and independent assessment, RSwitch has achieved both PCI DSS and ISO/IEC 27001:2022 certifications globally recognized benchmarks for security and data protection.
What is PCI DSS?
PCI DSS (Payment Card Industry Data Security Standard) is an international certification that ensures organizations handle card transactions securely. It requires adherence to 12 strict security controls designed to protect cardholder data from fraud and breaches.
What is ISO/IEC 27001:2022?
ISO/IEC 27001:2022 is a global standard for information security management. It confirms that an organization has implemented systems, processes, and controls to manage risks, protect data, and ensure long-term resilience against cyber threats.
Why should people care?
At its core, this is not about technical certifications; it is about trust. By achieving ISO/IEC 27001:2022 and PCI DSS, RSwitch is demonstrating that every transaction moving through its systems is protected by globally recognized safeguards. In practical terms, this means people can send money, make payments, and use digital financial services with confidence, knowing that their funds are not only secure, and their personal data is handled with the highest level of care.
Beyond individual transactions, these certifications signal something bigger: reliability and accountability at a national level. They show that RSwitch’s infrastructure has been independently tested and meets international benchmarks for security and resilience, even under pressure. For users, this translates into a system that works consistently and safely; for partners and investors, it positions Rwanda as a trusted, globally competitive player in the digital financial ecosystem.
As Rwanda continues its journey toward a cashless and inclusive economy, solutions like SmartCash and eKash are leading the way. With globally recognized certifications now in place, RSwitch is not only powering these innovations it is securing them for the future.
RSwitch has achieved both PCI DSS and ISO/IEC 27001:2022 certifications globally recognized benchmarks for security and data protection. RSwitch Ltd has taken deliberate steps to secure financial services.
