The number of fraudulent online financial businesses scamming citizens continues to rise. Last year, a company named Super Free to Trade Ltd (STT) left many in financial ruin after luring them with promises of quick wealth.
BNR’s Director of Market Conduct Supervision, Nsabimana Gerard, revealed that the companies exploit digital financial trading, particularly cryptocurrency, to defraud individuals.
He identified four companies recently flagged by BNR and urged the public to stop investing in them, warning that they are scams.
“We have identified four such entities. One of them, Die Equipment, falsely claims to be an American-based company providing agricultural machinery, but in reality, it is a scam. It has no affiliation with the American firm it claims to represent,” he stated.
“Pi Network operates an online cryptocurrency trading scheme that is not legally recognized. Dynace presents itself as a medical supply company, while FlexFunds is another fraudulent entity. All these companies are designed to defraud citizens.”
Nsabimana stressed that these businesses operate outside Rwanda’s legal framework, meaning investors risk losing their money without legal protection.
“Many people have already lost money. For example, Billionaire Traders reportedly caused citizens to lose Rwf 10 billion.”
BNR highlighted multiple risks associated with cryptoassets, including lack of legal protection, high susceptibility to fraud, extreme price volatility, and lack of transparency.
Until regulations are established, the bank warns that neither investors nor buyers of such digital assets will have any legal recourse.
The announcement was made by BNR Governor and Chairperson of the Monetary Policy Committee (MPC), John Rwangombwa, during a press conference in Kigali on Thursday.
The decision follows the MPC’s meeting on February 12, 2025, where members assessed the impact of previous monetary policy decisions, evaluated recent global and domestic economic developments, and reviewed economic projections for the next three months.
The 6.5 percent lending rate was first introduced in August 2024 after being reduced from 7.0 percent and was subsequently maintained during the November 2024 meeting.
Governor Rwangombwa said headline inflation remained within the target range of 2 to 8 percent in the fourth quarter of 2024, despite some upward pressures in food and core inflation.
The MPC projects inflation will average 6.5 percent in 2025 before declining to approximately 4.1 percent in 2026. However, risks such as geopolitical tensions and adverse weather conditions affecting food prices could exert upward inflationary pressures.
“The Monetary Policy Committee has decided to maintain the central bank rate at 6.5 percent, a level considered adequate to keep inflation within the target range, with forecasts averaging around 6.5 percent in 2025 and 4.1 percent in 2026,” Rwangombwa announced, adding that the MPC will continue monitoring global and domestic economic developments and stands ready to take appropriate action to ensure price stability.
In the fourth quarter of 2024, headline inflation rose to 5.2 percent, up from 4.1 percent in the previous quarter. This increase was driven by higher core and fresh food inflation, which offset a decline in energy inflation.
Core inflation rose slightly from 5.3 percent to 5.4 percent, primarily due to rising costs in housing materials and services, as well as increased input costs for alcoholic beverages.
Fresh food inflation surged from 0.2 percent to 5.6 percent due to base effects from the previous year’s sharp vegetable price decline. Meanwhile, energy inflation declined due to lower liquid and solid fuel prices.
For the full year 2024, headline inflation averaged 4.8 percent, significantly down from 14 percent in 2023. This disinflation was largely attributed to improved agricultural production, the lagged effects of prior monetary policy tightening, and government-led measures to curb inflation.
Rwanda’s economy demonstrated strong growth in 2024, with real GDP expanding by an average of 9.2 percent in the first three quarters, following 8.2 percent growth in both 2022 and 2023. The growth was broad-based, with industry and services sectors registering double-digit expansion, while agriculture rebounded from previous poor harvests.
“High-frequency indicators show continued growth momentum in the last quarter of 2024, primarily driven by strong activity in the industry and services sectors. The Composite Index of Economic Activity (CIEA) rose by 15.7 percent year-on-year in the fourth quarter of 2024, indicating that the economic growth for the year 2024 will likely exceed the projection of 8.3 percent,” the governor revealed.
Rwanda’s merchandise trade deficit improved in the fourth quarter of 2024, supported by a 15.8 percent growth in exports, driven by stable commodity prices and strong regional demand for manufactured goods and re-exports.
Meanwhile, imports recorded a modest 3.3 percent increase, reflecting strong domestic demand for raw materials and energy products. Consequently, the trade deficit narrowed by 3.7 percent in the last quarter of 2024.
The pressures on Rwanda’s foreign exchange market eased in 2024 compared to the previous year. By December 2024, the Rwandan Franc had depreciated by 9.42 percent against the US dollar, a significant improvement from the 18.05 percent depreciation recorded in 2023.
Additionally, Rwanda’s gross official reserves stood at 5.4 months of import cover, well above the 4-month benchmark.
Money market interest rates reflected the central bank’s monetary stance, with the interbank rate averaging 6.78 percent in the fourth quarter of 2024, down from 8.25 percent in the same period the previous year.
This decline was attributed to the 100-basis point CBR reduction in May and August 2024, as well as ample liquidity in the banking system.
While short-term lending rates declined, the overall lending rate increased slightly by 7 basis points to 15.85 percent, mainly due to a higher proportion of individual loans, which typically carry higher interest rates.
The deposit rate also rose by 45 basis points to 10.5 percent in the fourth quarter of 2024, reflecting an increased share of long-term deposits.
Magoola is the Founder and Managing Director of Dei BioPharma, the pharmaceutical and biotech firm, currently developing a vaccines and drugs manufacturing plant in Mattuga, in the outskirts of near Kampala.
This invention utilizes a novel composition of guided RNA attached to the Cas9 protein. This complex targets and disrupts mutated genes responsible for cancer, preventing their repair and ultimately killing the cancerous cells.
While the foundational CRISPR-Cas9 technology, which allows for precise gene editing, earned Professors Emmanuelle Charpentier and Jennifer Doudna the 2020 Nobel Prize in Chemistry, Magoola’s invention takes this technology a crucial step further.
Instead of allowing the cell to repair the disrupted gene, his method prevents this repair, leading to the targeted destruction of cancer cells.
Unlike existing FDA-approved gene editing products, Magoola’s invention is specifically designed to treat cancer by disrupting the mutated genes. Critically, it targets only cancer cells, leaving healthy cells unharmed.
This specificity offers the potential to treat all types of cancer, regardless of stage, and eliminates the debilitating side effects associated with traditional cancer treatments like chemotherapy, antibody therapy, and radiation.
Following the patent publication, Magoola has been requested to submit an approval plan to the US FDA in March 2025, paving the way for clinical trials to begin before the end of 2025.
“All details of the manufacturing of this product have been completed and are ready to go for testing,” Magoola stated in an interview recently.
This ground-breaking treatment holds immense promise, and represents a USD 300 billion market. Its simplicity will make it accessible globally, including in developing countries, at a minimal cost.
This is particularly significant considering the projected global cancer burden of 35 million cases annually by 2030. Magoola emphasizes that this invention is a humanitarian contribution aimed at eradicating cancer worldwide.
This achievement follows another recent milestone for Magoola and Dei BioPharma. On January 7, 2025, the USPTO accepted their application for a patent on the world’s first universal vaccine against Foot and Mouth Disease (FMD).
Despite repeated denials from the DRC government, the truth has gradually emerged. What was once concealed is now undeniable—the world has witnessed it unfold.
Recently, 288 mercenaries engaged by the DRC government were defeated in battle and granted safe passage through Rwanda to return to their home country, Romania.
The presence of foreign fighters in the conflict had long been suspected. Reports first surfaced in early 2023, alleging that the Congolese government was relying on mercenaries to combat M23. While Rwanda repeatedly pointed to this, Kinshasa dismissed the claims as propaganda.
At the time, residents of Goma reported seeing armed foreigners lodged at Hotel Mbiza. Many suspected they were members of Wagner, the infamous Russian mercenary group.
Curious about the allegations, IGIHE posed the question to Russia’s former ambassador to Rwanda, Karen Chalyan. He denied Wagner’s presence in the DRC but admitted hearing that the mercenaries came from Eastern Europe.
“I wish I had Rwf1000 for every time I’ve had to answer this question. Then, instead of doing international relations, I would be a very rich man spending his days in the world’s fanciest casinos.
“Let me say once again: there are no Wagner personnel in the DRC. And, to preempt another question, no agents of the Russian government are involved in any advisory capacity in eastern DRC—much less fighting,” the ambassador stated.
Three years later, it is no longer a rumour. IGIHE recently visited Goma and the very building where these mercenaries had stayed. The visit came after their surrender and evacuation through Rwanda.
At 6 AM on January 29, 2025, we arrived at the La Corniche border post between Rwanda and the DRC, expecting the mercenaries to be handed over by 10 AM. We waited for hours, only to learn that after surrendering to MONUSCO, negotiations were still ongoing.
M23 wanted them to leave the DRC in full military gear since they had been combatants, but the mercenaries refused.
At 3 PM, they crossed into Rwandan territory. Each one was thoroughly searched before being transported to Kigali, where they were later flown back to Romania.
Some of them wore United Nations Organization Stabilization Mission in the Democratic Republic of the Congo (MONUSCO) caps, raising questions about how a UN agency could allow such individuals to use its insignia.
This further reinforced allegations that during their time in the DRC, they were shielded by MONUSCO forces and even collaborated with them.
All of the mercenaries worked for Asociatia RALF, which UN experts identify as a Romanian enterprise composed of former Romanian soldiers from the French Foreign Legion.
They were reportedly paid around $5,000 per month—while regular Congolese soldiers earn as little as $100 or sometimes go unpaid. Their contracts stipulated an “indefinite period” of service, with a one-month break after every three months of deployment.
One recruit disclosed, “I am a fitness trainer by profession. I was in charge of the physical training of Congolese soldiers, preparing them for the battlefield.”
Another told us at the border that he had been in Goma for only two weeks after arriving from Tunisia. He even showed us his passport.
In Goma, they were housed in Quartier Les Volcans in a luxurious four-story apartment—one of the finest in the area. Inside, we found documents detailing their military strategy against M23, revealing plans to engage on multiple fronts.
Asociatia RALF is believed to operate across Africa, with contracts mentioning several “operational locations,” including Burkina Faso, DR Congo, Ivory Coast, Niger, Senegal, Sierra Leone, Gambia, and Guinea.
The presence of mercenaries in the DRC is not new. Between 1960 and 1965, the country became a battleground for foreign fighters.
One of the most infamous was Thomas Michael Hoare, who, along with his “4 Commando” unit, fought alongside Moïse Tshombe in Katanga’s secession war, serving Belgian interests.
In 1964, he returned to Congo as a military leader for Tshombe, commanding 300 South African fighters under the unit known as “Wild Geese.”
Meanwhile, in Kisangani, Pierre Mulele’s Simba rebels had taken 1,600 hostages, including European missionaries.
With the help of Belgian paratroopers, Cuban pilots, and CIA-backed mercenaries, Hoare defeated the Simba rebels in what became known as “Operation Dragon Rouge.”
Hoare often claimed that wars could be won even with a choir of church singers.
On July 7, 1967, Belgian mercenary Jean Schramme and his 120-man unit, alongside 2,500 Katangan fighters, took control of Bukavu, declaring the region an independent state—the “État des Volontaires Étrangers” (EVE).
Schramme aimed to overthrow Mobutu Sese Seko’s government and avenge the deaths of Patrice Lumumba and Pierre Mulele. However, his rebellion lasted only four months before being crushed.
Another notorious mercenary, Frenchman Bob Denard, first appeared in the DRC in 1961 to support Tshombe’s coup attempt against Mobutu.
He returned in 1964, this time fighting for Mobutu’s government alongside European and Katangan mercenaries.
Even revolutionary icon Che Guevara once set foot in Congo, reportedly seeking to expand his movement from Argentina.
The involvement of foreign fighters has continued into the modern era.
In June 2011, then-President Joseph Kabila hired DynCorp, a U.S.-based private military contractor known for deploying mercenaries to Iraq and Afghanistan. Kabila paid $17 million to train the Congolese army (FARDC).
Yet, history has shown that mercenaries have never brought lasting peace to the DRC. Instead, they have left behind devastation, plunder, and further instability.
Facilitated by Rwanda’s Private Sector Federation (PSF), the visit seeks to explore potential areas of collaboration between the two nations.
During their stay, the Saudi delegation will hold meetings with senior government officials and representatives from Rwanda’s private sector.
“The visit also aims to increase trade between Saudi Arabia and Rwanda, highlighting the existence of numerous investment opportunities that will be unveiled,” PSF said in a statement on Wednesday.
The delegation’s visit signals growing interest from Saudi investors in Rwanda’s rapidly expanding economy and business-friendly environment.
Rwanda continues to position itself as a prime investment destination, with strategic policies designed to attract foreign direct investment and drive sustainable economic growth.
Rwanda and the Kingdom of Saudi Arabia have maintained strong cooperation in health, education, energy, and infrastructure development. Additional opportunities for collaboration exist in technology, finance, tourism, trade, and investment.
Israeli Prime Minister Benjamin Netanyahu said on Tuesday that the country would resume “intense fighting” if Hamas fails to meet the deadline, without specifying the number of hostages to be released.
The Israeli military also confirmed that it was deploying additional troops to the southern region near Gaza, including the mobilization of reservists.
Under the ceasefire deal with Hamas that took effect on Jan. 19, Hamas is to set free three more hostages on Saturday. Earlier this week, the group said that it was suspending the handover, citing what it claimed were Israeli violations of the ceasefire.
Hamas’ decision prompted U.S. President Donald Trump to suggest that Israel cancel the agreement entirely, saying all hostages must be freed by noon on Saturday or he would “let hell break out.”
Concerns over the ceasefire’s collapse grow as there is increasing outrage in the Arab world over Trump’s proposal for the United States to take control of the Gaza Strip.
On Wednesday, Jordanian King Abdullah II discussed “dangerous developments” in Gaza and the West Bank in a phone call with French President Emmanuel Macron.
The phone call came one day after the Jordanian king met with Trump in Washington, where he reiterated his country’s “steadfast position” against Trump’s proposal to relocate Palestinians from Gaza.
This follows the arrival of two military aircraft carrying South African soldiers at Bujumbura International Airport last Wednesday.
Reports from Bujumbura indicate that these troops are reinforcing South African forces already deployed under the Southern African Development Community (SADC) mission in eastern DRC.
The use of Bujumbura airport is said to be a contingency measure after M23 closed Goma International Airport upon capturing the city on January 27, 2025.
Burundian security officials told SOS Burundi that the South African troops moved from the airport to Gakumbu military base before reportedly heading towards the Gatumba-Uvira route into South Kivu, DRC.
A Burundian military officer stated, “Yes, the aircraft carried South African soldiers. We learned that they may pass through the Gatumba-Uvira road to reinforce SADC troops’ positions in South Kivu.”
South African President Cyril Ramaphosa had previously suggested withdrawing troops from the DRC following the deaths of 14 South African soldiers in clashes with M23 around Sake and Goma.
His remarks came as South African forces remained stationed at a military base in Goma, under protection from M23 fighters.
However, recent movements suggest South Africa may be escalating its involvement. The deployment of troops to Burundi, an ally of the Congolese government against M23, adds to speculation.
Between January 30 and February 7, 2025, South Africa reportedly sent between 700 and 800 soldiers to Lubumbashi in southern DRC, with plans to reinforce troops in the east. This deployment was confirmed by diplomats and South African lawmaker Chris Hattingh.
Despite warnings from politicians like Julius Malema, urging the government to withdraw troops to prevent further casualties, South African authorities continue their military engagement.
Critics argue that M23 possesses superior battlefield experience and advanced weaponry, potentially putting South African forces at risk.
In its latest monthly oil market report released in February, OPEC anticipates global oil demand to rise by 1.45 million barrels per day (bpd) in 2025, followed by an increase of 1.43 million bpd in 2026.
According to the organization, this year’s growth is expected to be fueled by strong demand for transportation fuels, particularly due to increased air travel and stable road mobility. Additionally, non-OECD countries are projected to see higher oil consumption in the industrial, construction, and agricultural sectors.
OPEC also maintained its global economic growth outlook, forecasting an expansion of 3.1 percent in 2025 and 3.2 percent in 2026.
Facilitated by the Financial Intelligence Centre (FIC), the training highlighted the importance of AML compliance in safeguarding the integrity of Rwanda’s financial market.
The Chief Executive Officer of the Capital Market Authority, Thapelo Tsheole stressed the critical importance of Anti-Money Laundering, Counter-Terrorist Financing, and Counter-Proliferation Financing (AML/CFT/CPF) compliance.
CEO Thapelo affirmed that adherence to global standards is mandatory for all licensed capital market intermediaries and urged collaborative efforts to foster the sustainable growth of Rwanda’s capital market industry.
Chief Executive Officer of MO Capital Ltd, a trading member of the Rwanda Stock Exchange, Olivier Muneza stated that “this training has significantly enhanced my understanding of AML/CFT practices and how they can be effectively implemented in our daily business operations.”
The training equipped market participants with practical guidance on implementing risk-based approaches, ensuring beneficial ownership transparency, conducting customer due diligence (CDD), and applying enhanced due diligence (EDD).
It also covered internal controls, governance measures, Targeted Financial Sanctions (TFS), and reporting obligations, preparing firms to identify and mitigate ML/TF/PF risks effectively.
According to UN officials, any initiative that encourages direct discussions between Russia and Ukraine is seen as a positive development. They emphasized that progress toward ending the war depends on both nations’ willingness to engage in negotiations.
The UN also acknowledged the significance of continued dialogue between the United States and Russia, noting that regular communication between major global powers plays a crucial role in resolving international disputes.
Both Washington and Moscow confirmed that the two leaders held a phone conversation, during which they agreed to initiate direct negotiations to seek a resolution to the ongoing conflict.
Regarding the UN’s potential involvement in the talks, the organization stated that it remains open to providing diplomatic support if requested by the parties involved.
