As Rwanda solidifies its position as a key financial hub in East Africa, the establishment of trusts has become an increasingly relevant topic for both individuals and businesses. The introduction of Law N° 120/2021 of 16/01/2021 Governing Trusts (the “Trust Act”) has provided a comprehensive framework for the creation, management, and dissolution of trusts in Rwanda, opening new avenues for wealth management, asset protection, and estate planning. Types of Trusts and Key Parties This new legal framework recognises several types of trusts, including express, resulting, constructive, charitable, and private purpose trusts. Understanding these different types is critical for choosing the…
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Rwanda’s vision of becoming a prominent financial hub makes a substantial advancement with the New Law nº 044/2024 of 30/05/2024 governing banks (the “Banking Act” or the “New Banking Act”). The New Banking Act is enacted following the parliamentary review of the Law nº 47/2017 of 23/09/2017 governing the organisation of banking (the “Repealed Banking Act”). The New Banking Act contains substantial updates to the existing framework and reflects Rwanda’s commitment to fostering a dynamic and adaptable financial sector. 1. Key Drivers of the Reform & Aligning with Evolving Needs Rwanda’s financial sector is undergoing a significant transformation driven by…
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In a rapidly evolving digital world, data protection and privacy are paramount concerns for organisations globally. With the advent of new technologies and the increasing reliance on data-driven processes, safeguarding personal data has emerged as a critical responsibility for businesses operating in every sector. In Rwanda, the enactment of Law Nº 058/2021 of 13th October 2021 relating to the protection of personal data and privacy (the “Data Protection and Privacy Act” or “DPP Law” or “DPA”) marks a momentous in the journey to enhancing data protection and privacy standards. The Data Protection and Privacy Act of Rwanda, published in the…
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Tax and Legal expert, Patronella Namubiru has been promoted to Partner at Deloitte Africa, effective 1st January 2025. Namubiru has been serving as Deloitte’s Associate Director in East Africa responsible for tax and legal matters in Uganda, Rwanda and Burundi. She also featured among the CEO Magazine’s top 100 oil and gas leaders this year. Ms. Itireleng Kubeka, Managing Director, Tax and Legal at Deloitte Africa based in Johannesburg took to her LinkedIn to congratulate Namubiru for the promotion, noting that her outstanding contributions to Deloitte’s Tax and Legal practice in East Africa has been essential to the company’s achievements. …
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A significant boost to regional economic integration has been announced, following a two-day Finance and Private Sector Participation Cluster Regional meeting in Kampala, Uganda. The meeting, attended by delegations from Kenya, Rwanda, South Sudan, and Uganda, reviewed and updated the implementation status of directives on finance and private sector participation under the Northern Corridor Integration Projects (NCIPs). Mr. Patrick Ocailap, representing Uganda’s Minister of Finance Matia Kasaija unveiled an array of impressive achievements in the country’s implementation of the NCIPs. In the rail sector, he said Uganda had acquired 58% of the right-of-way for the Standard Gauge Railway (SGR) on…
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Shamim Walusimbi is the first Ugandan, and first female to represent Human Resource (HR) professionals on the board of the Africa Human Resource Confederation (AHRC). Shamim is committed to breaking barriers related to diversity and inclusion through her tagline, “Leave No One Behind.” In this capacity, she spearheads the engagement of a platform that brings together Presidents of Human Resource Associations across Africa, fostering collaboration and advancing the HR agenda. As the Board Public Relations Officer of the AHRC, Shamim is an award-winning HR Strategy & Operations professional known for her innovative leadership and mentorship development. Throughout her career, she…
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The President and Chief Executive of the Pan-African conglomerate, Dangote Group, Aliko Dangote (www.Dangote.com), has called on African business leaders to take the lead in transforming the continent. Speaking at the just concluded African Renaissance Retreat held in Kigali, Rwanda, Dangote pointed out that despite significant challenges besetting Africa, its youthful population and abundant resources, including about 30% of the world’s mineral reserves and the largest reserves of gold, cobalt, uranium, platinum, and diamonds, offer opportunities for substantial and inclusive growth. “Additionally, we have 65% of the world’s arable land and 10% of the planet’s internal renewable freshwater sources. Together…
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From the moment Dayne Jr. Moore unleashed a dazzling seven-under 64 on day one of the Proffesionals Open, it was clear he was the man to beat. Fast forward to Saturday, and the South Africa-based Zambian coolly carefully navigated the course to claim the 2024 Johnnie Walker Uganda Professional Open title, securing a two-stroke win over Rwanda’s ever-impressive Celestin Nsanzuwera. Moore’s dominant performance began early, but his only under-par round came on Thursday. For the next three days, he recorded two-over and one-over twice, but still clinched victory with three under par. Nsanzuwera mounted a fierce final-day challenge with a…
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113 Equity Leadership Program scholars have secured admission and scholarships to join 71 global universities located in 22 countries around the world. Equity Group Foundation (EGF) Executive Chairman Dr. James Mwangi commissioned the airlift of the 113 scholars drawn from the Equity Leaders Program in four countries – Kenya (82), Rwanda (21), Uganda (8) and the Democratic Republic of Congo (DRC) (2). The scholars have secured scholarships valued at Ksh 2.7 billion (USD 21 million) for the 4-year duration of their undergraduate studies, and each scholar will receive an airlift token of Kshs. 200,000 to support their transition into the…
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The Rwandan government has renewed its commitment to promoting electric mobility by extending the zero-rated import duty on electric and hybrid vehicles until the end of the fiscal year 2024/25. This decision, announced by the Ministry of Finance and Economic Planning, aims to accelerate the transition to electric vehicles (EVs) and reduce greenhouse gas emissions. Rwanda first introduced the zero-rated import duty on electric vehicles in April 2021 during a cabinet meeting held on April 15. This initiative was part of a broader strategy to enhance electric mobility in the country, which included various incentives for electric vehicles, plug-in hybrids,…
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