In a decisive leadership transition that signals both continuity and ambition, Hortense Mudenge has been appointed as the new Chief Executive Officer (CEO) of the Kigali International Financial Centre (KIFC). The appointment, approved by Rwanda’s Cabinet on July 16, 2025, marks a new chapter in Rwanda’s drive to cement itself as a continental and global financial hub.
From Strategist to CEO
Mudenge is no stranger to the institution she now leads. Prior to her elevation, she served as Chief Strategy Officer at Rwanda Finance Limited (RFL)—the institution charged with promoting KIFC’s growth and investment agenda. Between 2019 and 2023, she was also the Chief Operating Officer, helping to steer foundational programs, strategic partnerships, and operational excellence as the Centre rose in regional and global prominence.
Her promotion represents a vote of confidence in homegrown leadership—an internal elevation that combines institutional memory, deep market knowledge, and strategic foresight.
She succeeds Nick Barigye, who has been CEO of KIFC since its inception five years ago. Barigye now moves on to a high-profile role as Group CEO of Crystal Ventures Limited, one of Rwanda’s largest and most influential investment groups.
A Transition Marked by Grace and Gratitude
Mudenge’s response to her appointment was deeply reflective and purpose-driven. Taking to LinkedIn, she wrote:
“I am deeply humbled by the trust placed in me by His Excellency for the appointment as CEO of the Kigali International Financial Centre. I look forward to advancing KIFC’s mission further and driving meaningful investments for Rwanda.”
She also acknowledged her predecessor’s impact with warmth and admiration:
“Truly grateful for the privilege of working alongside Nick Barigye and the KIFC team as whole over the past six years. Nick Barigye, your leadership and integrity has laid a strong foundation for the KIFC becoming a recognized financial centre on the continent, and has left an indelible mark on all of us who’ve worked with you. We will keep building on the strong foundation you’ve helped shape and on the remarkable journey that has brought us here, alongside our partners and key stakeholders.”
“Congratulations to you as well on your next chapter. Wishing you continued success as you take on the role as Group CEO of Crystal Ventures Limited.”
Crystal Ventures Limited is one of Rwanda’s largest and most influential investment holding companies, with a diverse portfolio spanning key sectors that drive the country’s economic growth. Founded in 1995, the company operates across industries such as real estate, construction, manufacturing, agribusiness, technology, telecommunications, and financial services. Its subsidiaries and affiliated businesses—ranging from Inyange Industries and Bourbon Coffee to Roko Construction and MTN Rwanda—reflect a strategic focus on long-term value creation, innovation, and national development. As a private company with strong local roots and regional ambitions, Crystal Ventures plays a vital role in Rwanda’s economic transformation agenda, investing in sectors that promote self-reliance, job creation, and sustainable growth.
What is KIFC?
PRAU Honors Uganda’s Top Innovators at 9th Excellence AwardsThe Kigali International Financial Centre (KIFC) was launched in 2020 to position Rwanda—and by extension, Africa—as a viable and globally competitive destination for investment and financial services. Managed by Rwanda Finance Limited, KIFC is designed to be a gateway for global capital into African markets, with a strong foundation in transparency, rule of law, and compliance.
Its key features include:
- Turnkey financial structures: Including investment funds, special purpose vehicles (SPVs), holding companies, insurance firms, foundations, and trusts.
- Favorable tax incentives: 3% corporate tax, 0% withholding tax on dividends and interest, and no capital gains tax—subject to economic substance rules.
- Speed and efficiency: Non-licensed vehicles can be registered within 2 days; licensed entities (like CIS and fund managers) within 30 days.
- Global recognition: Ranked 3rd best International Financial Centre in Africa and 2nd in Sub-Saharan Africa by the Global Financial Centres Index.
- Sustainable finance and fintech advocacy: Including hosting the Inclusive FinTech Forum (in partnership with Singapore’s MAS) and launching a Sustainable Finance Roadmap at COP27.
- Strategic alliances: With global financial hubs such as Luxembourg, Singapore, and Jersey, plus a fellowship with Jersey Finance.
- Strong compliance architecture: Aligned with OECD and FATF standards, supported by double taxation treaties with countries like France, Korea, and the Czech Republic.
The Journey That Prepared Her
Hortense Mudenge’s ascent to the helm of the Kigali International Financial Centre is anchored in a rich and impact-oriented professional journey. With more than a decade of experience spanning strategy, development finance, and private sector advisory, she has cultivated a reputation for delivering value across sectors and geographies. Before joining Rwanda Finance Limited, Mudenge built her career as an independent consultant and contributed her expertise to a number of respected international organizations, including Dexis Consulting Group, the Global Alliance for Improved Nutrition (GAIN), Karisimbi Business Partners, Banyan Global, SNV Netherlands Development Organisation, and Management Sciences for Health (MSH).
Her body of work reflects a wide thematic breadth—ranging from nutrition finance and employment creation to health system strengthening and agricultural value chain development. Notably, she co-authored a paper for the 2016 Africa Agricultural Status Report, underscoring her commitment to thought leadership and sustainable development across the continent.
The Road Ahead
Hortense Mudenge’s appointment as Chief Executive Officer of the Kigali International Financial Centre crowns a career defined by diversity, purpose, and measurable impact. Over the past decade, she has built a strong reputation in the fields of strategy, development finance, and private sector advisory—working across multiple sectors and development landscapes to shape solutions that drive transformation.
Before joining Rwanda Finance Limited, Mudenge served as an independent consultant, lending her expertise to a range of international development organisations and private firms. Her career portfolio includes significant roles with institutions such as Dexis Consulting Group, the Global Alliance for Improved Nutrition (GAIN), Karisimbi Business Partners, Banyan Global, SNV Netherlands Development Organisation, and Management Sciences for Health (MSH). Through these engagements, she contributed to the design, implementation, and evaluation of development programs with wide-reaching impact.
Her work spanned diverse thematic areas including nutrition finance, employment generation, health system strengthening, and agricultural value chain development. Whether it was advising on fund management for horticulture projects or providing strategic input for public-private partnerships in the sugar industry, Mudenge consistently brought a results-driven and systems-thinking approach to her assignments.
Beyond operational expertise, she has also contributed to intellectual discourse on African development. In 2016, she co-authored a paper for the Africa Agricultural Status Report—an influential publication that explores the future of farming and food systems on the continent. This scholarly contribution underscores her ongoing commitment to evidence-based policy, innovation, and sustainable growth in Africa.
In all, Mudenge’s rise to the top of one of Africa’s most ambitious financial institutions is not just a personal achievement—it is a testament to the value of grounded expertise, visionary leadership, and a lifelong dedication to shaping Africa’s economic future.
