Bank of Kigali and Inkomoko Entrepreneur Development on May 6, launched the sixth edition of the BK Urumuri initiative, to identify 25 innovative enterprises that will gain access to business support and secure zero-interest loans this year.

The competition began in 2017 marking Bank of Kigali’s 50th anniversary, and has since been held annually as a sign of the bank’s continued commitment to invest in Rwanda’s emerging business leaders.

Winners of the competition shall instantly gain access to six months of training, consulting and business advisory from Inkomoko Entrepreneur Development.

Furthermore, they will be getting a chance to grow their business, create more jobs and secure interest-free loans from BK among other benefits.

Diane Karusisi, the Chief Executive of BK revealed that in this year’s edition, priority will be given to innovative ideas with a digital component.

"In this year’s BK Urumuri initiative, we shall select the best innovative ideas that provide digital solutions and equip these entrepreneurs with skills they need to unlock their full potential, and foster their businesses to greater heights,” she noted.

Karusisi also highlighted that the belief that business is a model to transform lives is in the bank’s DNA; hence the financial institution is devoted to supporting youth-led enterprises by giving them access to interest-free loans.

Echoing the same views, Emmanuel Mugabo, Inkomoko interim managing director, said this edition is looking for outstanding inventive digital economy businesses which leverage technology in their daily operations.

He highlighted that they should be the ones offering digital solutions to solve Rwanda’s pressing needs, especially those that create a positive social or environmental impact.

"The digital economy is no longer the future; it is here and many Rwandan entrepreneurs are already embracing it, creating innovative solutions,” he said.

Mugabo added: "We see many businesses adopting digital solutions in their day-to-day work. At Inkomoko, we are immensely proud to support entrepreneurs that will create digital solutions for Rwanda and beyond.”

Interested candidates should hand in their applications not later than May 13, and the 25 shortlisted candidates will undergo the Inkomoko Business Development accelerator program from June to September 2022.

Eligible businesses must be based in Rwanda, have annual revenue that is less than 500M Rwf, have proof of registration for at least one year, demonstrate financial profitability, or plan to reach profitability within the next year.

The competition is open to people of all ages and nationalities.

To apply for the BK Urumuri Initiative, entrepreneurs can find the application link at www.inkomoko.com or contact +250 788 358 639 for any inquiries.