RRA collected 93% tax in 2019/20

Rwanda Revenue Authority (RRA) collected 93 per cent of the agency’s revenue projection for the just-concluded 2019/20 fiscal year. The agency managed to collect Rwf1,461.3bn from a target of Rwf1,568.5bn, according to RRA Commissioner General Pascal Bizimana Ruganintwali....

Friday, July 3, 2020, 12:00 AM

One&Only resort supporting communities amid Covid-19

One&Only resorts in Rwanda have rolled out support to communities in Gisakura and Kinigi where the two ultra-luxury resorts, One&Only Nyungwe House and One&Only Gorilla’s Nest are located. Considering the coronavirus pandemic which has affected the livelihoods of...

Tuesday, June 30, 2020, 2:22 PM

Crystal Telecom, MTN Rwanda project 12% revenue growth

Crystal Telecom and its associate firm, MTN Rwanda are projecting revenue growth in 2020 of about 12 per cent buoyed by increased Mobile Money and data usage. This emerged at Crystal Telecom’s Annual General Meeting virtually on June 29. Crystal Telecom holds a 20 per cent stake in MTN...

Tuesday, June 30, 2020, 12:04 AM

Crystal Telecom approves dividend payout of Rwf1bn profit

Crystal Telecom, which holds a 20 per cent stake in MTN Rwanda has approved a dividend payout of Rwf1,006,141,541 with shareholders set to receive a payout Rwf 3.72 per share. At the Annual General Meeting held virtually on Monday, June 29, the shareholders approved the payout which will be...

Monday, June 29, 2020, 1:57 PM

Why financial institutions will not pay out dividends in 2020

Shareholders of local financial institutions will not be receiving dividend payout for 2019 profits in the course of this year as is usually the case. Dividends for profits of a given are usually paid out in the course of the following year, 2020 will be an exception. This is in compliance...

Sunday, June 28, 2020, 11:34 PM

How government will fund 2020/21 budget amidst financial constraints

Unlike previous budgets, the 2020/21 budget presented to parliament earlier this week did not specify any new fiscal policies to boost revenue mobilization. While previous budgets are often analyzed in the context of winners and losers, the recent budget whose implementation will start...

Thursday, June 25, 2020, 1:55 PM

Atlas Mara explores further acquisition options

Atlas Mara Group, which owns Banque Populaire du Rwanda will continue to explore options in pursuit of adjustment towards improving performance in core markets, streamlining the holding company structure and related costs, and exiting or partnering in certain countries. Following the end of...

Thursday, June 25, 2020, 12:03 AM

Local event company repurposes operations to groceries delivery

Before the Covid-19 pandemic, RG-Consult Inc was synonymous for live events in Kigali with the monthly Jazz Junction concerts hosting local, regional and international artists. However, when the pandemic struck, the local events scene was one of the most severely affected with physical concerts...

Thursday, June 25, 2020, 12:03 AM

Kagame invites US investors to Africa’s economic recovery process

President Paul Kagame encouraged American investors to participate in economic opportunities as Africa emerges out of the Covid-19 recovery process for mutual benefit. The President made the call while opening the four-day Corporate Council on Africa (CCA) Leaders Forum. CCA, which was...

Wednesday, June 24, 2020, 12:23 AM

BPR introduces card-less transaction at agent outlets

The Rwandan banking scene is witnessing further innovation following the introduction of card-less transactions at Banque Populaire du Rwanda agent outlets (popularly known as BPR Hafi Agents). Banque Populaire du Rwanda Plc (BPR Plc.) has improved clients’ convenience at agent outlets by...

Wednesday, June 24, 2020, 12:23 AM

Why Equity Bank’s plans to acquire BPR have been called off

The planned acquisition of 62 per cent stake in Banque Populaire du Rwanda Limited (BPR) by Equity Bank Group has been called off. The acquisition talks that opened in April 2019 and a binding term sheet signed to allow for due diligence. However, Equity Bank has terminated...

Tuesday, June 23, 2020, 11:16 AM

I&M Bank to raise Rwf10 billion by rights issue

I&M Bank Rwanda PLC will in the course of the year be seeking to raise Rwf10bn by rights issue in a bid to capitalize operations of the bank. The rights issue will see existing shareholders of the bank  existing shareholders offered an opportunity to buy more shares in proportion to their...

Tuesday, June 23, 2020, 12:00 AM

Central bank reinstates mobile money charges

After three months of free mobile money transactions, charges will be reinstated on Monday 22nd June according to an announcement by the Central Bank. The charges had been suspended for a 3 month period on March 18th to encourage uptake of cashless payments and reduce cash handling...

Friday, June 19, 2020, 1:38 AM

FOCAC: Africa, China commit to mutually beneficial cooperation

President Paul Kagame on Wednesday, June 17 joined Heads of State from across Africa and the Chinese leader for the Extraordinary China-Africa Summit on Solidarity against Covid-19. The meeting was co-hosted by South Africa’s President Cyril Ramaphosa, Chinese President Xi Jinping and...

Thursday, June 18, 2020, 1:16 AM

Rwanda, UK financial firms commit to closer cooperation

Ties between Rwanda and the United Kingdom grew a notch higher as the two countries’ financial institutions signed a partnership agreement with an aim of stimulating economic development. Kigali International Financial Centre (KIFC) on Tuesday June 16, gained a new partner following the...

Wednesday, June 17, 2020, 12:27 AM

Kigali International Financial Centre inks deal with UK‘s finance institute

Kigali International Financial Center has on Tuesday 16th June signed a partnership agreement with CDC Group, the UK’s development finance institution and impact investor. The agreement signed virtually among other things provides for KIFC to gain and benefit from CDC Group’s...

Tuesday, June 16, 2020, 6:55 PM

Covid-19 should not hold back Africa’s progress, Kagame says

Efforts to curb the Covid-19 pandemic should not hold back the African continent from implementing existing and new development programmes geared towards the African Union’s Agenda 2063, President Paul Kagame has said. The President was speaking at a virtual meeting of the African Union...

Friday, June 12, 2020, 1:04 AM

Rwanda receives a further $111m from IMF

Rwanda will receive a further $111.06m from the International Monetary Fund as part of the Rapid Credit Facility (RCF) to support recovery amidst the Covid-19 pandemic. The IMF Board on Thursday, June 11 approved the disbursement of the funds bringing the total to IMF COVID-19 support to...

Thursday, June 11, 2020, 10:31 PM

Rwanda rolls out Rwf100 billion Covid-19 recovery fund

Local businesses have been invited to apply for funding under the Economic Recovery Fund (ERF), a two-year facility established by the Government to accelerate the recovery of Covid-19 hit businesses. The Fund is an intervention designed to revive business activity and safeguard employment in...

Wednesday, June 10, 2020, 12:00 AM

World Bank warns of worst recession since WWII

The World Bank Group has forecast that the global economy will this year experience its worst recession since the Second World War and is expected to contract by 5.2 per cent. According to the World Bank Group’s June 2020 Global Economic Prospects, the swift and massive shock of the...

Wednesday, June 10, 2020, 12:00 AM

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