The Commercial Division of the High Court in Uganda has ordered Kenyan businessman Atul Shah to pay Megha Industries Uganda $358,431 (UGX 1.3 billion) and UGX 24.3 million for breach of a lease agreement linked to defunct Nakumatt Uganda. The case, presided over by Justice Patience T.E. Rubagumya, arose from a dispute over unpaid rent and utility bills for retail space at Victoria Mall in Entebbe, Wakiso District. Court found that Mr Shah, as a co-principal debtor and surety under a tenancy agreement signed in 2017, was liable for the unpaid rent arrears due to Nakumatt Uganda that had remained…
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In a significant stride towards promoting financial innovation, the Capital Market Authority (CMA) of Rwanda has introduced Guidelines n° 002/CMA_G/2023, dated 27/04/2023. These guidelines govern the Fintech Regulatory Sandbox for Capital Markets, creating a controlled environment for fintech innovators to test their products and services, ensuring a balanced approach between innovation and regulatory oversight. Embracing Digital Transformation Rwanda’s financial sector is experiencing rapid transformation driven by evolving financial technologies (Fintech). These innovations are reshaping market structures and creating new business models, offering financial products and services more efficiently. The Fintech Regulatory Sandbox (the “CMA Sandbox”) is designed to embrace this…
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The gambling industry in Rwanda is undergoing a transformative shift as the government rolls out its Rwanda Gambling Policy, a comprehensive framework designed to ensure that the sector contributes positively to the economy while safeguarding public health and social well-being. This policy is set to address critical regulatory gaps, offering a forward-looking approach that balances economic growth with responsible gaming practices. Until July 2024, the Ministry in Charge of Trade and Industry (MINICOM) was responsible for regulating and implementing gambling policies in Rwanda. However, a Prime Minister’s Order issued in July 2024 transferred these regulatory responsibilities to the Rwanda Development…
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Rwandan President Paul Kagame has tapped Jean-Guy Afrika, a fellow Rwandan seasoned economist who spent over a decade at the African Development Bank, to lead the Rwanda Development Board (RDB) as the new Chief Executive Officer. RDB is a government institution, under the supervision of the Office of the President, mandated to accelerate Rwanda’s economic development by enabling private sector growth. Before his appointment as new CEO of RDB, Jean-Guy worked as the Director of the Regional Integration Coordination Office at the African Development Bank Group, with a special advisory role to the senior management on regional integration and resource…
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Rwanda has become an increasingly attractive destination for international companies looking to establish their headquarters or regional offices in Africa. Through its progressive policies outlined in the Law N° 006/2021 of 05/02/2021 on investment promotion and facilitation (the “Investment Code”), Rwanda offers a range of incentives designed to stimulate foreign direct investment (FDI) and drive economic growth. These incentives, which include significant tax benefits and flexible immigration policies, make Rwanda a highly competitive business hub. Below is a detailed overview of the advantages that investors who set up their headquarters in Rwanda can expect. Zero Percent Corporate Income Tax One…
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Rwanda’s rapid development and business-friendly environment have attracted increasing foreign interest in real estate and agricultural investments. However, the country’s land rights framework is complex and uniquely shaped by its history and development goals. This article aims to provide a comprehensive overview of the legal framework surrounding land ownership, acquisition, and utilisation in Rwanda, with a focus on foreign investors. Historical Context and Recent Reforms Rwanda’s land tenure system has undergone significant transformations since the 2004 National Land Policy and the 2005 Organic Land Law. These reforms aimed to address historical inequalities, promote efficient land use, and provide security of…
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Imagine stepping into Africa’s booming financial sector with a community behind you, ready to help you connect, grow, and lead. Becoming a member of the Kigali International Financial Centre (KIFC) is like joining an exclusive club designed to supercharge your business’s journey through Africa’s exciting financial sector. Whether you are looking to approach regulatory hurdles, broaden your network, or amplify your brand’s visibility, KIFC membership has you covered. Why Join KIFC? KIFC is not just a place; it is a movement at the heart of Africa’s financial evolution. As a leading hub for international investment and financial services, KIFC offers…
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