Browsing: Rwanda

Rwanda’s I&M Bank has revised its Éclair Loan product where they will lend up to 17.5 times on one’s salary without collateral.

I&M Bank says that the move to increase unsecured loans to 17.5 times one’s salary from 12 times will respond to market demand and consumer needs.

The Executive Director I&M Bank Rwanda, Faustin Byishimo said that the move is also influenced by their experience over the years and adjustment in the regulatory framework.

He added that the efficiency of the Credit Reference Bureau has seen the availability of more reliable data giving them confidence on their move.

“There have also been changes in the local framework that has improved our confidence. For instance, due to the Credit Reference Bureau, One cannot just divert their salaries without due process. The data is cleaner and reliability is much higher,” he said.

To address the market demands, Byishimo said that they …

Rwanda’s government is considering signing a concession agreement with Mota Engil Africa, as a technical partner in the construction of the Bugesera International Airport.

Rwanda seeks to mobilise its portion of the $1.3 billion needed to expedite works in the deal.

Mota Engil signed a contract in 2016 with the government of Rwanda to construct the new Bugesera International Airport, where it took 75 per cent of the stake while Rwanda’s government retained 25 per cent.

Also Read: Rwanda launches campaign to collect 1M smartphones

According to the contract, Mota Engil was to build and operate the airport for 25 years, with an option of extending for more 15 years to recoup its investment.

In 2019 December, turn of events saw the government signing off a new deal with Qatar Airways which in turn pushed out Mota Engil.

In the deal, Qatar Airways took 60 per cent of stake in …

Qatar Airways is in talks to buy a 49 per cent stake in RwandAir, its chief executive said.

Qatar Airways is also interested in doubling its holding in LATAM Airlines Group to 20 per cent with an objective of having equal stake with Delta Air Lines in LATAM.

Although no details have yet been revealed, like the amount of money Qatar airways is spending on the stake, the purchase will mean the government of Rwanda will remain with a controlling stake of 51 per cent in the airline.

Industry analysts say for both airlines the deal is a win-win situation and that owning shares in a growing African airline like RwandAir will act as a springboard for Qatar Airways into the African aviation market.

Also Read: RwandAir face competition from Kenya’s budget carrier

Qatar Airways acquiring a stake in RwandAir would widen its reach and potentially help the Airways bypass …

Rwanda is eyeing an economic boost from its inaugural $40 million bond, which was issued at the UK-Africa Investment Summit 2020.

The  World Bank issued the Rwandan franc-denominated paper to finance government projects in the 2019-2020 financial year budget. The bond offers investors an annual coupon of 9.25 per cent which will mature on January 20, 2023.

“The World Bank has a big portfolio of investors, which the country will be banking on,” said Celestin Rwabukumba, the chief executive officer of Rwanda Stock Exchange.

The bond is the seventh in sub-Saharan African that the World Bank has issued. It is expected to increase confidence and help attract foreign private investment that the country needs to achieve sustainable long term economic growth.

Also Read: Rwanda launches campaign to collect 1M smartphones

“Capacity building in local capital markets is a critical component of international development finance. This transaction highlights the potential to …

African Development Bank (AfDB) has approved a grant worth $8 million aimed at supporting the preparation of the Ruzizi IV Hydropower Project.

A statement from the Bank shows that the grant was drawn from the European Union’s Africa Investment Platform (EU-AIP).

According to the bank, the plant will be situated on the Ruzizi River between Rwanda and the Democratic Republic of Congo (DRC) and is expected to supply electricity to the DRC, Burundi, and Rwanda.

About half of Rwandans have access to electricity, and the project comes to strengthen the fast-growing economy energy sector ambition, set on increasing access, stimulating demand and strengthening transmission network.

The project also stands to improve electricity supply status to one the least electrified nation’s in the world, Burundi with access rate standing at 7 per cent. More importantly, the project will impact one of the largest countries in the region, DRC which also has …

Kirusa, a global leader in communication solutions over data networks for consumers and enterprises, have announced the launch of Kirusa Konnect in Rwanda. Kirusa Konnect is a cloud-based Communications Platform as a Service (CPaaS) offering for enterprises designed to bolster customer engagement using instant, two-way and interactive communication over multiple channels including messaging, voice and rich media bots.

With the launch of Kirusa Konnect in Rwanda, enterprises will have access to a self-serve portal and a rich set of APIs to conceive, execute and monitor omnichannel communication campaigns.

The popularity of OTT messaging apps such as WhatsApp, Messenger, iMessage, Viber, Telegram, and the incorporation of RCS within the Android Messages app is leading to a paradigm shift in enterprise messaging. Enterprises are adopting IP messaging as it provides a rich media experience while also reducing the cost of customer care. With access to multiple RCS and OTT messaging platforms, Kirusa …

I am confident that Africa will continue to be a leader, in drawing on its historical experience, in building resilient, pluralistic, economically-strong, and environmentally sound communities, rooted in solid values and communal support structures that societies in the West and elsewhere will admire and emulate in years to come. …

The African Development Bank and partners officially launched Affirmative Finance Action for Women in Africa (AFAWA) Risk Sharing Facility earlier this week at a press conference held during the 2019 Global Gender Summit in Kigali, Rwanda.

The bank’s Affirmative Finance Action for Women in Africa (AFAWA) programme started with significant support from commercial banks and a $1 million commitment from the government of Rwanda.

AFAWA is one of the Bank’s gender-focused programmes which seeks to close the financial gap for women by accelerating growth and employment creation across African economies.

“Today is a great day! With this facility, women will be able to receive technical assistance. We shall strengthen our capacity and we shall get there. The decision that we are taking today is highly transformational. It will permanently transform Africa.” said Akinwumi Adesina, President of the African Development Bank.

The press conference was attended by several heads of commercial …

Stakeholders from 8 African countries meeting in Tanzania deliberated on policies and frameworks to drive innovation, technology and sustainable mobile payment ecosystem…

African governments are harnessing digital technologies to support ongoing reforms and better serve the interests of citizens, according to industry experts at the Global Business Forum Africa 2019 in Dubai.

Innocent Muhizi, CEO, Rwanda Information Society Authority who spoke during a session entitled Rethinking Government – Working with the New Guard, explained how the government agency partnered with companies to develop an e-procurement platform that handles proposals and contracts and said the government in Rwanda operates like a private sector entity by setting KPIs and working towards ambitious targets.

Hon. David J. Francis, Chief Minister, Republic of Sierra Leone, noted that his country was in the process of creating a “new direction government” built around digital innovation, science and technology. He explained that his department has piloted iPads to reduce stationery, introduced an automated public expenditure policy and expanding internet and mobile coverage, providing real-time data to citizens – …