Latest news with #BankofKigali
Zawya
17-03-2025
- Business
- Zawya
Grand Prize Winner Crowned at the Sixth Africa's Business Heroes (ABH) Summit and Grand Finale, Marking a Landmark Year for African Entrepreneurship
The Africa's Business Heroes (ABH) Prize Competition ( a philanthropic initiative sponsored by the Jack Ma Foundation and Alibaba Philanthropy, has announced the grand prize winner of its sixth annual competition, along with the first and second runners-up, at the latest ABH Summit and Grand Finale. The ABH Summit and Grand Finale in Kigali, Rwanda, celebrated the Top 10 finalists, selected from nearly 20,000 applicants to compete for a share of the $1.5 million prize. Under the theme 'AI – African Innovation, Insight and Impact,' they pitched their businesses to a live audience and a distinguished judging panel, including Dr. Diane Karusisi, CEO of Bank of Kigali and Ibukun Awosika, Founder of the Chair Centre, who were joined by Fred Swaniker, Founder and CEO of Sand Technologies. The event culminated in the awards ceremony, where the winners were unveiled. The top three Africa's Business Heroes for 2024 are: 1st – winning US$300,000 – Henri Ousmane Gueye, Co-founder&CEO, EYONE ( (Senegal) 2nd – winning US$250,000 – Dr. Salma Bougarrani, Co-Founder&CEO, GREEN WATECH ( (Morocco) 3rd – winning US$150,000 – Alexander Odhiambo, Founder&CEO, Solutech Limited ( (Kenya) Commenting on the win, Henri Ousmane Gueye said, 'I am very proud to be announced as the winner of the 2024 ABH Prize Competition. This achievement is the result of a lot of hard work, and I am incredibly proud of my team. It's a significant milestone for us, and it serves as an encouragement for us to keep working towards solving the problem our innovation addresses. It motivates us to continue tackling the big challenges our country faces.' ABH Managing Director - Africa, Zahra Baitie-Boateng highlighted the debut of ABi, ABH's AI co-host, at this year's Summit and Grand Finale, noting its role in providing insights, sparking discussions and enhancing connections. She emphasized the ingenuity of the Top 10 finalists, whose impact showcases entrepreneurship's power to address Africa's challenges. 'Congratulations to Henri and all our finalists! As we celebrate their success, we're excited to launch the 2025 call for applications and continue empowering Africa's next business leaders.' ABH announced that Rwanda will host the Summit and Grand Finale for the next four years, reinforcing its role as a hub for entrepreneurship. The Rwanda Development Board (RDB) and Rwanda Convention Bureau (RCB) were recognized as key partners, with Bank of Kigali also supporting the event. A Summit of Entrepreneurial Insights and Thought Leadership The two-day ABH Summit and Grand Finale brought together 1,606 participants, showcasing thought leadership and top entrepreneurial talent. Discussions explored how entrepreneurship addresses Africa's key challenges in healthcare, agriculture and education. The event featured live podcast recordings, a debate, TED-style ABHx talks, a financing masterclass and interactive experiences like the ABH Heroes' Circle business 'roast' and Networking in the Dark, a blindfolded networking session. With over 50 distinguished speakers from 15 countries, the lineup included Jean-Guy Afrika, CEO of the Rwanda Development Board; Nick Hu, Executive Director of Health Innovation at Sand Technologies; Dr. Brenda Kateera, Country Director at the Clinton Health Access Initiative; Nathalie Munyampenda, CEO of Kepler; and Hasan Haider, Founder&Managing Partner at PlusVC and ABH Semi-Final judge. In her opening keynote, ABH Grand Finale judge Ibukun Awosika emphasized 'African Intelligence' as key to shaping the continent's entrepreneurial future. She highlighted purpose-driven leadership, lived experiences and local ingenuity in driving impactful solutions. 'Africa's future will be shaped by those who see challenges as opportunities and take action,' she stated. The 2025 ABH Call for Applications The event closed with the official launch of the 2025 call for applications, inviting African entrepreneurs to apply for the next edition of the competition and stand their chance to win a share of $1.5 million USD. Full details for interested applicants can be found at: Distributed by APO Group on behalf of Africa's Business Heroes (ABH).
Zawya
06-03-2025
- Business
- Zawya
KCB Group and Bank of Kigali launch Pan-African Payment and Settlement System (PAPSS), enabling seamless and affordable cross-border payments across Africa
The Pan-African Payment and Settlement System (PAPSS), launched by African Export-Import Bank (Afreximbank) ( in collaboration with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat, has recorded a significant milestone in its journey towards enhancing financial integration and economic prosperity across Africa with the official launch of the platform by KCB Group in Kenya and Bank of Kigali in Rwanda. The launches, by the Bank of Kigali in Kigali on 26 th February and KCB in Nairobi on 27 th February, made the two banks the first in their respective countries to integrate the transformative system into their operations, underscoring their commitment to championing intra-African trade and supporting the efforts of the AfCFTA. KCB and Bank of Kigali customers will now be able to send and receive cross-border payments using PAPSS. The service is fully operational and accessible via the banks' mobile applications and branch networks, enabling seamless transactions across African borders. With this launch, businesses and individuals can benefit from faster, more cost-effective, and secure payments without relying on correspondent banks or third-party currencies. Highlighting the benefits of PAPSS to customers of KCB and Bank of Kigali, Mike Ogbalu III, CEO of PAPSS, said, 'The customers will experience faster, more cost-effective, and secure cross-border transactions from the comfort of their banks' mobile applications or through their branches. Businesses can trade more freely and competitively by eliminating the need for correspondent banks outside the continent and removing dependencies on third-party currencies. This transformation is set to unlock new opportunities for trade and investment, allowing African SMEs to access broader markets and contribute to local economies.' Mr. Ogbalu III expressed deep gratitude to KCB and Bank of Kigali for their pioneering roles in adopting the PAPSS initiative and commended Paul Russo, KCB Group CEO, and Dr. Diane Karusisi, CEO of Bank of Kigali, 'for their 'visionary leadership and unwavering commitment'. He noted that the PAPSS network, which began in 2022 in a pilot phase across the West African Monetary Zone (WAMZ), had successfully grown to include 15 central banks, over 150 commercial banks, and 14 switches, adding that the current 'expansion marks a significant stride toward our goal of connecting the entire continent, ensuring that every African citizen can benefit from seamless, cost-effective cross-border transactions'. 'With only 16 per cent of Africa's total trade occurring intra-regionally, the launch of PAPSS in Kenya and Rwanda is a significant step in unlocking the continent's potential,' continued Mr. Ogbalu III. 'We believe that this innovative financial market infrastructure will facilitate greater trade opportunities, economic growth, and financial empowerment between the Eastern African countries and the rest of Africa.' He called on other central and commercial banks in Eastern Africa to join the PAPSS family in order to play a pivotal role in the AfCFTA as it worked to build a more prosperous and unified Africa. Speaking on the milestone, KCB Group CEO, Paul Russo, said: "We want to play a bigger role in catalyzing trade and payments in Africa and beyond, leveraging our digital capabilities and regional footprint. Our entry into PAPSS aligns perfectly with our strategy of supporting economic growth in Kenya and across Africa by facilitating seamless financial transactions.' Dr. Diane Karusisi, CEO of Bank of Kigali, highlighted the significance of the partnership: 'This system allows people to send money quickly. For example, if someone sends Rwandan francs from Rwanda, it can reach Ghana in their local currency. The system converts the currency to meet the local requirements. Entrepreneurs in Rwanda can now receive payments instantly in Rwandan francs or USD from any member country. This service is fast, affordable, and reliable.' Distributed by APO Group on behalf of Afreximbank. Contact person: Papa Thiongane communications@ Follow us on: LinkedIn: Twitter: Facebook: YouTube: About PAPSS: The Pan-African Payment and Settlement System – PAPSS is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions. PAPSS works in collaboration with Africa's central banks to provide a payment and settlement service to which commercial banks and licensed payment service providers across the region can connect as 'Participants'. Afreximbank and the African Union ('AU') first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the assembly of the African Union directed Afreximbank and the AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent. PAPSS was officially launched in Accra, Ghana, on January 13, 2022, thus making it available for use by the public. For more information, visit:
Zawya
24-02-2025
- Business
- Zawya
Rwanda: Ndagijimana to lead Bank of Kigali Group
The Bank of Kigali (BK) Group Plc, the largest commercial bank in Rwanda by assets, has appointed the former Minister of Finance and Economic Planning, Uzziel Ndagijimana, as its CEO. He will work closely with the CEOs and leaders of the Group's five subsidiaries: the Bank of Kigali, BK General Insurance, BK Capital, BK TecHouse, and the BK Foundation. Ndagijimana is an economist with an in- depth understanding of the financial sector. He served as Rwanda's Minister of Finance and Economic Planning from April 2018 to June 2024, when Yusuf Murangwa was appointed to replace him. BK Group's Bank of Kigali provides corporate and retail banking services; BK TecHouse drives digital innovation by supplying connectivity solutions, software and analytics products; BK General Insurance offers cover for motor, fire, transport and money issues; BK Capital specialises in advisory and investment services; while BK Foundation extends support, through grants, for the development of Rwanda's society in three areas: education, innovation, and conservation of the environment. BK Group's assets rose from Rwf287.9bn in 2011 to Rwf2.2trn (about $1.7bn) as of 31 March, according to data from the Group. © Copyright IC Publications 2022 Provided by SyndiGate Media Inc. (
