Bank of Kigali has awarded six Rwandan innovative entrepreneurs a total of Rwf25 million to support their business growth coupled with business development training offered by Inkomoko.

The six were selected out of a pool of 25 entrepreneurs who competed to gain access to the zero-interest loan after pitching their business ideas on grounds of showcasing their profitability and an element of creating a social impact.

Under 6th Edition of BKUrumuri initiative, the 25 entrepreneurs underwent capacity-building sessions for six months and were trained on different skills such as financial literacy, digital marketing, and human resource management, among other business management tools.

Julienne Oyler, Co-founder and CEO of Inkomoko, shared her journey of starting the organization and highlighted that "the people who believe in you and those who don’t think you are worth investment are both a stepping stone to greatness.”

"Thank you for being the creative people who are bringing new products into the market and new services in the community, as well as creating jobs,” she told them.

Darius Mukunzi, Head of SME department, BK, reminded the entrepreneurs to keep a mentality of a champion that will push them to wake up every day to make their businesses thrive against all the odds.

He also emphasized that they should take care of their health so that they can be able to build their businesses in an effective way.

More than 30 people have been awarded since the inception of BK Urumuri Initiative.

"The main contribution of BK is to impact an entrepreneur who will create a business that will last for the next 50 years,” said Mukunzi.

Richard Niwenshuti, Permanent Secretary of the Ministry of Trade and Investment, said it requires courage to start a business and commitment to sustain it.

"We can advise and consult but it comes from you to survive...when you start a business, expect challenges and hurdles, but keep going and stick to it for it to yield a huge impact on you and your community,” he told them.

Niwenshuti urged them to think about their market beyond Rwanda and position themselves to leverage technology and the African Continental Free Trade Area.

Annick Umutibagirana, Founder of Holly Trust Ltd and one of the winners, noted that competition is always hard no matter how small it is.

"I went home with Rwf5 million and it is very motivating. This money will help us increase our production and market as well as give more jobs,” she said.

Christian Muhoza, Managing Director of Chameleon Resources –a company that creates learning materials for young children in the form of toys –won a prize of Rwf5 million which he says will be used to increase the production of toys and reach even more schools.

Other award-winning businesses include Family Pride Bakery Ltd, House of Kanyana Ltd, Afia Pharma Group Ltd, and Vision Agribusiness Farm ltd.

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.