The appointment was made following the resolution of BK Group Plc Board of Directors on August 13, 2024, and is pending all regulatory approvals.
Speaking on the new appointment, Mr. Jean Philippe Prosper Chairman of the Board of Directors of BK Group said: “We are delighted to have appointed Dr Uzziel Ndagijimana as Chief Executive Officer of BK Group PIc. His leadership and vast experience in the economic and financial sectors will be instrumental in driving BK Group’s strategy and future growth ambitions.”
Dr Ndagijimana will work closely with the CEOs of our 5 subsidiaries: CEO of Bank of Kigali PIc; CEO of BK General Insurance; CEO of BK Capital, CEO of BK TecHouse, and Executive Secretary of BK Foundation.
Dr Ndagijimana is an economist and has a recognized financial professional background. He brings a good and deep understanding of the financial sector. Previously, he served as Minister of Finance and Economic Planning.
The Board of Directors expresses its deepest gratitude for Beata’s dedication and invaluable contribution to the business and Rwanda’s financial sector over the past 2 years.
{{About BK Group Plc
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BK Group Plc is a home-grown, award-winning Rwandan institution with deep roots in the African financial space since its inception in 1966. Over the years, BK Group Plc has gradually transformed into a premier one-stop shop, with a full range of financial services offered under a single roof.
The Group’s activities range from retail and corporate banking to asset management and investment banking. Additionally, BK Group provides non-life insurance products as well as innovative enterprise solutions designed to stimulate growth in the Rwandan digital space.
BK Group Plc is currently listed on both the Rwandan Stock Exchange (RSE), having floated its shares in 2011, and the Nairobi Stock Exchange (NSE) in 2018.
The Group operates through five subsidiaries: Bank of Kigali, BK Insurance, BK TecHouse, BK Capital and BK Foundation.
Mega Global Link has announced plans to establish a branch of its ‘Mega Global Market’ in New York, USA. The new branch will include both an office and a store, designed to make it easier for customers to access a wide range of products and services.
Mega Global Market operates as both an online market and a physical store, offering a variety of products sourced from factories in China, the United States, and India.
Dr. Francis Habumugisha, CEO of Mega Global Link says the company’s ongoing expansion efforts are aimed at ensuring faster service delivery and creating new business opportunities.
“We are excited to bring Mega Global Market to the United States, offering our top seven products just as we have in Canada, Rwanda, and soon in Europe,” Dr. Habumugisha stated. “This expansion includes seven premium services and state-of-the-art body workout machines.”
The company’s offers range from leisure travel and study abroad programs in the US, Canada, and Europe to work-related travel and medical tourism. Mega Global Market also provides opportunities for individuals to engage in business ventures, including the chance to represent the brand and sell its products in different cities or countries.
Dr. Habumugisha further explained that individuals have the option to create their own branded products through a notarized agreement with the company. The African headquarters for Mega Global Market is located in Rwanda, where the company offers seven original nutritional supplements certified by global standards organizations.
Additionally, Mega Global Market provides advanced equipment designed to improve health and well-being, including foot and full-body massage machines, chairs that align the spine, equipment to support muscles, bones, and joints, and other modern implements.
“Deeply humbled and honoured to be reappointed as Prime Minister. Thank you Your Excellency Paul Kagame for this immense privilege,” Dr Ngirente posted on his X handle.
“I commit to continue serving our Country under your leadership and anticipate our journey to elevate Rwanda to even greater heights,” he added
The Head of State announced the reappointment of Ngirente as Rwanda’s Prime Minister on Tuesday, August 13, 2024, a reflection of his trust in his leadership.
Ngirente has served as Prime Minister since August 30, 2017, when he was first appointed to Cabinet.
He is credited with prioritizing accountability in the last Cabinet, promptly dismissing underperforming ministers and informing the public.
Before joining Kagame’s Cabinet, Ngirente held various roles, including Senior Advisor to the World Bank Executive Director in 2017 and Advisor to the World Bank Executive Director from 2011 to 2017.
He also served as a Senior Economic Advisor to Rwanda’s Ministry of Finance and Economic Planning and was the Director General of National Development Planning and Research in the same ministry.
He holds a PhD in Economics from the University of Louvain (UCLouvain) in Belgium, a Master’s degree (MSc) in Agricultural Economics from UCLouvain, a Master’s degree (MA) in Financial Risk Management from Saint-Louis University in Brussels, a University Certificate in Statistics from UCLouvain, and a Bachelor’s degree in Economics/International Economics from the University of Rwanda.
The course conducted by Rwanda National Police (RNP) in partnership with Lekhwiya, the Internal Security Force of Qatar, was officially closed by the Deputy Inspector General of Police (DIGP) in Charge of Operations, Vincent Sano.
DIGP Sano congratulated the trainees for successfully completing this intensive course.
“You were subjected to an intensive programme designed to enhance your skills in VIP protection, an area that is crucial for ensuring safety of high-profile individuals. The knowledge and techniques acquired during this course is not only vital for the protection of our VIPs but also for the broader goal of maintaining peace and stability in Rwanda and abroad,” DIGP Sano said.
He thanked Lekhwiya for the productive partnership, adding that this is the beginning of more training programmes.
DIGP Sano further thanked the leadership of the two countries–Rwanda and Qatar–for laying a very strong foundation that has enabled the two law enforcement institutions to organize and conduct activities of mutual interest in different areas of cooperation.
Moving forward, he said, this has paved the way to foster mutual understanding and working together towards common goals.
The Commandant of CTTC Mayange, Assistant Commissioner of Police (ACP) Safari Uwimana, said that the course was designed to equip the officers with various skills and knowledge in VIP Protection.
He added that training programmes, including the protection of high officials and other dignitaries, training of trainers are important in achieving the mission of the CTTC Mayange.
In January this year, RNP and Lekhwiya signed a cooperation pact, which outlines partnership in security and crime control, including fighting terrorism, transnational organized crime, human and drug trafficking, trafficking of firearms and explosives, money laundering, cybercrime and corruption, among others.
The Office of the President announced Dr. Ngirente’s appointment on Tuesday evening.
Dr. Ngirente has been reappointed as Prime Minister two days after President Kagame took the oath of office for another term following the Presidential elections held on July 14-15, 2024. He had previously served as Prime Minister since August 30, 2017.
Dr. Ngirente is credited for prioritizing accountability in the outgoing Government, with underperforming ministers being promptly dismissed and the public informed.
The Government led by Dr. Ngirente started with 20 ministries but concluded with 21; two ministries were abolished, one was established, and another was reinstated.
The Ministry of Land and Forestry and the Ministry of State Investment were abolished, while the Ministry of National Unity and Civic Engagement was established, and the Ministry of Internal Security was reinstated.
Only three ministers who started with the Government in 2017, including Prime Minister Dr. Ngirente, remained in office until the end of the term.
Dr. Edouard Ngirente was born in 1973 in Mbirima and Matovu, in Mbilima Village of Coko Sector, Gakenke District, in the Northern Province. He attended primary school at Rwahi Primary School and continued his secondary education at Groupe Scolaire de la Salle, formerly in Byumba.
Dr. Ngirente studied Economics at the University of Rwanda and was among the first students there after the Genocide against the Tutsi.
Upon completing his studies, he worked in agronomy at the former National University of Rwanda in Butare, where he also taught. During that time, he was employed by the university on a project responsible for monitoring price fluctuations in markets.
He holds a Master’s degree in Statistics and Finance from the Université Catholique de Louvain in Belgium.
He served as the Director of Planning at the Ministry of Finance and Economic Planning before being appointed as an Economic Advisor at MINECOFIN. On March 30, 2011, a Cabinet meeting chaired by President Kagame at Village Urugwiro approved his request to take an indefinite leave of absence.
In 2014, Dr. Ngirente assumed the role of Advisor to the Executive Director of the World Bank in Washington, D.C., in the United States.
In 2016, he became a Senior Economic Advisor in the senior management of the World Bank, representing 22 countries, including Rwanda.
The signing of the Memorandum of Understandings (MoUs) took place at Urugwiro Village on Tuesday, August 13, 2024, when King Mswati III paid a courtesy visit to President Paul Kagame.
He inspected a guard of honour mounted by the Rwandan Defence Forces (RDF) before later witnessing the signing of the cooperation agreements.
The MoUs signed include cooperation agreements on Defense and Security, Police, Correctional Services, and mutual visa requirement exemptions for holders of diplomatic and service passports.
King Mswati III arrived in the country on Saturday to attend the inauguration of President Kagame which was held on Sunday, August 11, 2024.
Speaking after the signing of the agreements by representatives from the two countries, President Kagame said that King Mswati III’s visit reflects the friendly ties between the two nations.
He noted that the signing of the agreements presents an opportunity to strengthen cooperation bonds between Rwanda and the Kingdom of Eswatini.
“In Rwanda, we are very eager to share our experience and transformation journey with partners and friends such as Eswatini. That is why we established the Rwanda Cooperation Initiative across a wide range of sectors such as defense and security, ICT, education, agriculture, tourism, and trade,” President Kagame stated, adding that the two countries have a lot to offer each other.
President Kagame emphasized the importance of implementing the agreements, saying, “That is what creates tangible results on the ground.”
King Mswati III, on his part, said he looks forward to the full implementation of the signed MoUs.
He also expressed the Eswatini Kingdom’s intention to establish cooperation with Rwanda in areas such as agriculture, where Rwanda is well advanced.
“Our country could benefit from learning your best practices and technology to improve productivity,” King Mswati III said.
In addition, the King emphasized that Rwanda and Eswatini could benefit from collaborations in the tourism sector. Eswatini is a renowned tourist destination because of its rich traditional culture, while Rwanda boasts various tourism sites such as Lake Kivu, gorilla trekking, and various volcanic sites.
“Our countries are both renowned tourist destinations globally. There is potential for collaboration in the tourism sector, such as creating packages that could attract tourists from around the world,” he shared.
King Mswati III also noted that his visit to Rwanda is aimed at improving business opportunities for both countries and their people. His delegation visited Irembo, the company behind the government’s one-stop service portal and the economic zones in Kigali.
President Kagame said he would reciprocate the visit by going to Eswatini sometime in the near future.
Ntagungira, formerly the Chief Priest at Regina Pacis Parish in Kigali, brings a wealth of experience and a deep sense of responsibility to his new role.
Born on April 3, 1964, Bishop Ntagungira pursued his education at the Kigali minor seminary and Rutongo preparatory seminary, continuing his studies at the major seminary in Nyakibanda. He was ordained as a priest on August 1, 1993, in the Archdiocese of Kigali.
In an exclusive interview with IGIHE, he shared his thoughts on his appointment, his experiences within the Church’s tribunal, and his perspectives on key global issues facing the Catholic Church.
Bishop Ntagungira expressed gratitude for the trust placed in him by Pope Francis, acknowledging the mixture of joy and anxiety that accompanies such a significant responsibility.
“You feel joy, but also anxiety and concern because it would be a mistake to say, ‘I can do this, I will be able to handle it.’ It’s about saying, ‘Lord, you have chosen me for this; together with the other bishops, priests, and faithful of the diocese, we will work as one.’ That gives me confidence and eases my anxiety,” he said.
He emphasized that his leadership will be marked by collaboration and a shared journey of faith and development with the Christians of the Diocese of Butare.
“It’s about giving them the opportunity to express how they feel their Church should operate. This is crucial for the faithful, the priests, and other diocesan partners. It’s important to take time to listen, to reflect together because a bishop is not someone who makes decisions alone,” Ntagungira underscored.
Father Ntagungira also expressed his confidence in fulfilling his new responsibilities with the continued support and guidance of his predecessor, Bishop Philippe Rukamba.
{{Serving in Church tribunal management}}
Bishop Ntagungira has held various significant roles within the Church. After his ordination, he served as the Director of studies at Ndera minor seminary from 1993 to 1994.
His academic achievements led him to the Pontifical Lateran University in Rome, where he earned a doctorate in canon law. Upon his return to Rwanda, he held several key positions, including Chancellor of the Archdiocese of Kigali and President of the diocesan Commission for Missions and Ecumenism from 2001 to 2002.
In addition to his administrative duties, Ntagungira served as Rector of the Saint Vincent minor seminary in Ndera and played a crucial role at the Interdiocesan Ecclesiastical Tribunal of Kigali since 2002. He explained that the tribunal handles various cases, including those involving priests who have engaged in improper conduct, as well as other matters concerning the Catholic faithful.
“The Church, like any other society, has its courts with various levels. There are courts that handle ordinary cases, whether involving a priest or a layperson who has done something wrong. These courts conduct investigations, pass judgments, and impose penalties,” he said.
The tribunal also addresses cases regarding the annulment of marriages under specific circumstances, differing from civil divorce by declaring a marriage invalid from the start if serious issues were present at the time of the union.
{{Priestly marriages and homosexuality in the Church}}
Addressing the growing call for priests to be allowed to marry, particularly in regions with declining clergy numbers, Bishop Ntagungira emphasized the importance of understanding the commitment to celibacy made by priests.
“When you enter the priesthood, you do so knowing that you are committing to celibacy. The reason is that we must be selfless parents to many, not bound to just one family,” he said. He added that if a priest chooses to leave the priesthood, the community should support rather than judge them.
On the topic of homosexuality within the Church, Bishop Ntagungira addressed the recent discussions about homosexuals receiving blessings from clergy, as allowed by Pope Francis.
However, he made it clear that the Catholic Church does not endorse same-sex relationships and cannot recognize same-sex couples as a family.
“You cannot make a family out of a same-sex couple because that would contradict the divine commandment given to Adam and Eve to ‘be fruitful and multiply.’ This is not something that can be overlooked,” he stated.
While individuals may receive blessings as children of God, the Church remains committed to teaching its stance and ensuring that individuals understand their position within the Church doctrine.
Bishop Ntagungira expressed his gratitude to the faithful of Regina Pacis Parish, where he previously served, and assured the Christians of the Diocese of Butare that he looks forward to working together to foster collaboration and unity.
The announcement was made on Monday, August 12, 2024, following a meeting between Rwanda’s Minister for Foreign Affairs Olivier Nduhungirehe and his Egyptian counterpart Badr Abdelatty.
During the meeting, Egypt also committed to reciprocating the gesture by allocating Rwanda a piece of land to help Rwanda in trade and investment. The specific location of the land to be occupied by Egypt is yet to be determined.
The signing of the agreement coincided with Abdelatty’s visit to Kigali to attend the inauguration ceremony of President Paul Kagame.
According to the Egyptian minister the newly allocated land aims to “facilitate Egyptian companies and investments’ access to the promising Rwandan market.”
Abdelatty highlighted that the deal with the Rwandan authorities is within the framework of Egypt’s efforts in addressing the urgent needs of the Rwandan market in various sectors.
He affirmed Egypt’s commitment to advance relations mutually beneficial to both countries particularly in the economic and investment sectors.
Minister Nduhungirehe noted that investments in trade are key to strengthening bilateral ties between Rwanda and Egypt.
The minister also extended gratitude to Egypt for its instrumental role in establishing the Magdi Yacoub Rwanda-Egypt Heart Centre, which is set to be the first dedicated cardiac hospital in Rwanda and the sub-Saharan region.
The facility, which is being constructed in Masaka, Kicukiro District, is expected to cost $20 million. Construction began in 2021 and is expected to be completed in 2025.
Yesterday, Rwandan and Egyptian officials signed a Memorandum of Understanding on the supply of medical equipment and devices to the hospital once complete.
The agreement signed between Rwandan Food and Drugs Authority (Rwanda FDA) and the Egyptian Medicines Authority (EDA) is aimed at ensuring the quality, safety, and efficacy of pharmaceutical products to be used at the new heart center.
Despite these challenges, EGH achieved a 6% growth in its balance sheet, surpassing the 4% inflation rate, bringing total assets to Kshs 1.75 trillion (about Rwf18 trillion). The Group’s regional subsidiaries played a significant role, contributing nearly half of the total assets.
The Group’s deposit franchise grew by 11% year-on-year to Kshs 1.3 trillion (over Rwf13 trillion), driven by an expanding customer base now totaling 20.7 million. This increase in deposits has strengthened the Group’s liquidity, with cash and cash equivalents up by 55% to Kshs 341 billion (around Rwf3.5 trillion), and investment securities reaching Kshs 459 billion (approximately Rwf 4.7 trillion). The Group’s liquidity position remains robust at 57%.
Commenting on the development; Dr. James Mwangi, Managing Director and CEO of Equity Group Holdings, expressed confidence in the Group’s future saying, “We are optimistic that the strong liquidity of the Group has positioned us to effectively support our customers as the economy starts showing signs of improvement in the key markets we operate in.”
He also highlighted the Group’s strategic decision to reduce leverage by Kshs 75 billion (around Rwf770 billion) of expensive borrowings, further strengthening its financial position.
Among others, shareholders’ funds saw a 13% increase to Kshs 220 billion, boosting the Group’s capacity to support private sector initiatives like the Africa Resilience and Recovery Plan (ARRP). Interest income rose by 22% to Kshs 84.8 billion (around Rwf870 billion), despite challenges from inflation and interest rate fluctuations.
EGH’s diversification strategy continues to yield results, with its subsidiaries accounting for 47% of total loans and contributing 51% of the profit after tax. The Group’s operations in the Democratic Republic of Congo (DRC) and Rwanda have gained momentum, while the contribution from Kenya’s banking subsidiary slightly decreased.
The Group’s prudent management of non-performing loans (NPLs) has resulted in a coverage ratio of 70%, with an NPL ratio of 12.9%, lower than the industry average.
However, loan loss provisions increased by 35% as the Group remained cautious in light of global economic uncertainties.
Equity Group has expanded its insurance offerings, recently acquiring a general insurance license to complement its life assurance services. The Group now provides a wide range of financial services, including life, health, and wealth protection, and has issued over 12 million life policies.
The Group is also embracing technology, with 84% of all transactions now occurring through digital channels, reflecting its commitment to enhancing customer experience.
In addition to its financial successes, Equity Group is leading in climate action and sustainability. The Group has planted 29.5 million trees and provided significant climate finance, demonstrating its dedication to environmental stewardship.
Through its Equity Leaders Program (ELP), the Group continues to invest in education, recently awarding scholarships to 113 students from Kenya, Rwanda, Uganda, and DRC, further contributing to the development of future leaders.
As Equity Group Holdings Plc navigates the complexities of the global economic landscape, it remains committed to delivering value to its shareholders, customers, and communities, positioning itself for continued success in a challenging environment.
For nearly five hours, ever since he opened the stall at around 10:00 a.m., he has been tirelessly welcoming customers. And the genuine smile on his face reveals just how much he enjoys his work, finding joy in every interaction.
Twenty-four-year-old Mugisha Djuma is among the hundreds of youths helping various traders showcase and sell their products at the 27th Rwanda International Trade Fair (RITF 2024). A substantial number of such youths are working with foreign traders, some of whom are showcasing their products in Rwanda for the first time.
Djuma tells me that he met his current employer on the first day of the expo, just as the Ugandan trader was about to stock her stall.
“We met on the first day at the main gate. We talked briefly, and she said she needed someone to help sell her products. I told her I was available, and that’s how she hired me,” Djuma explains.
Although IGIHE arrived after the trader had left to attend to other business engagements, Djuma told us that it was her second time at the trade fair.
“From my conversations with her, she enjoys coming to Rwanda,” Djuma shared.
Next to Djuma’s stall is Muhammad Saleem, a businessman from Pakistan who is selling kitchen accessories.
Saleem, trading under Omar Trading Company, is showcasing and selling saucepans and pots. The unique kitchen items can prepare rice, meat and other foods within 20 minutes without using any oil or butter.
He reveals that the pots, which use steam to prepare delicious food, can help people ‘shed excess weight without dieting.’ As he explains how the technology works, a young lady and man are busy attending to other customers who are eager to try the pots.
“It’s truly a gift for people concerned about weight and those with cardiovascular conditions,” he explains.
At the end of his three-minute demonstration, Saleem confirms that the two young women are locals whom he hired when the expo started.
As I tour the expo further, I learn that tens of other young people have benefitted from similar job opportunities at the trade fair.
Enatha Uwase, 20, helps an Egyptian national sell luxurious perfumes at the expo, while another young man, who only identified himself as Nestor, sells leather shoes for another Egyptian family at an adjacent stall.
The businessmen prefer to hire locally to overcome language barriers and ensure a deeper understanding of the local market dynamics and consumer preferences.
The young people I spoke to said that, besides providing them with a source of income, the expo also offers an opportunity to learn invaluable entrepreneurship skills from established business people.
I quickly learn that some of the vendors showcasing their products in Rwanda for the first time are interested in establishing local businesses. This presents the young people an opportunity to be retained even after the three-week expo closes on Thursday, August 15.
Organized annually by the Private Sector Federation (PSF), the expo draws participants from different countries. This year’s expo brought together more than 700 exhibitors from Egypt, Italy, Pakistan, the United Arab Emirates (UAE), Mozambique, Uganda, Kenya, and Tanzania, among other countries across the globe.
The expo provides a platform for businesses, professionals, and potential partners to meet, exchange ideas, and build relationships. This networking can lead to new partnerships, collaborations, and business opportunities.
Mozambique government official Adeline Balate observed that the expo offers the country excellent brand exposure for its products.
“We are here to expose the potential of our country in order to attract new investors to invest in different sectors such as agriculture, tourism, energy, infrastructure and mining,” he stated.
“We are also seeking to enter into partnerships with local companies who wish to import our products and supply the local markets,” he added.
Mozambique produces various food crops such as maize, sorghum, millet, beans, and groundnuts.
Besides the exposure, participants in such events can learn about the latest industry trends, technological advancements, and emerging innovations.
Egyptian national Adel Kamel, who sells gold-plated jewellery, has attended numerous expos in Rwanda over the past seven years. The 49-year-old has visited six other countries in Africa, but his experience in Rwanda remains unique.
“I love this country and its people. It is very safe and very clean. You have a kind President. I would like to do business here,” he revealed adding that he comes to Rwanda three times a year.
Some of the local companies that showcased their innovations at Expo 2024 include Irembo, which is responsible for building and maintaining the government’s one-stop service portal.
Irembo showcased its world-class, all-in-one service management platform and payment solution as it aims to expand the value these tools provide across different regions around the world.
Irembo has in the recent past established significant strategic partnerships to broaden its service offerings and reach new markets.
One major collaboration is the partnership with Old Mutual Rwanda, which aims to create an easy-to-use online platform where people can explore and purchase insurance products without the need for in-person consultations.
