Newsroom > Blog
Browse more
Rwanda, the land of a thousand hills, has become a key hub for the Renew Capital team and a beloved home for me. The people here are warm and welcoming. The entrepreneurial spirit is alive and the city is constantly growing and changing. Every time I walk through Kigali’s streets, I feel the buzz of something new and exciting happening. I’ve spent a lot of time here meeting with local entrepreneurs, government stakeholders and other energized expatriates galvanized by Rwanda's potential. Read more to learn what makes Rwanda so unique and what I have learned so far.
One of the wildest experiences Rwanda has to offer. Trekking with gorillas. No zoom!
Kigali is the second highest-ranked international finance center in sub-Saharan Africa: Kigali, Rwanda's capital city, has been recognized as an international financial center that is likely to become more significant in the future. In 2021, the Kigali International Financial Centre (KIFC) first appeared on the Global Financial Centres Index (GFCI), a ranking that assesses the competitiveness of financial centers worldwide. In March 2024, the 35th edition of the GFCI ranked Kigali 67th globally, third in Africa and second in sub-Saharan Africa. Kigali is also ranked sixth in the Middle East and African region, behind Dubai, Abu Dhabi, Casablanca, Tel Aviv and Mauritius.
Source: Global Financial Index (GFCI)
Rwanda has a dense network of co-working, meeting spaces and tech hubs: The Rwandan government has been heavily involved in the establishment of several tech hubs and co-working spaces to facilitate ecosystem growth. While Rwanda’s small market size could limit founders’ ability to scale, its density of entrepreneurs, service providers and events means that ideas accelerate through the ecosystem. Norrsken’s Kigali House, where Renew Capital operates, is a prime example of Rwanda’s commitment to nurturing its startup community. Established by the Swedish group Norrsken Foundation, Kigali House serves as a dynamic workspace for startups, providing not only office facilities but also mentorship, networking opportunities and a platform for collaboration. Its presence in Kigali reflects a broader trend of international support for Rwanda’s entrepreneurial ambitions.
Norrsken’s Kigali House is located in Kigali’s downtown business district.
Other spaces include:
- Impact Hub Kigali: Innovation lab, business incubator and social enterprise center.
- Westerwelle Startup Haus Kigali: Supports entrepreneurship and economic growth.
- Leapr Labs: Focuses on scientific research and societal solutions.
- kLab: Open technology hub supporting startups and innovation.
100% 4G national internet coverage: In 2018, 95% of the population had access to 4G LTE coverage, an increase from 26% in 2015. As of 2024, 4G is estimated to cover 100% of the country. This extensive coverage facilitates mobile internet access, promoting digital inclusion even in rural areas. Moreover, investments in digital infrastructure have been a priority, with initiatives like the Kigali Innovation City expanding internet access. This tech-friendly environment provides startups with the tools they need to innovate and compete on a global scale.
Favorable legal and regulatory framework for financial and tech sectors: Rwanda has established a robust legal and regulatory framework that supports both the financial and technology sectors. The Kigali International Finance Center (KIFC) is backed by modern laws and regulations designed to attract international investors and financial institutions. These include favorable tax incentives, a focus on compliance with international standards and streamlined processes for setting up businesses. In the tech sector, Rwanda has implemented data protection laws and ICT policies that foster innovation while ensuring cybersecurity and privacy.
Final thoughts: 30 years ago this year, Rwanda was in the midst of genocide and civil war and was one of the poorest countries in the world. Today, Rwanda’s GDP per capita (PPP) has rocketed from $367 in 1994 to around $3.2K in 2023 and from just $1.4B in nominal GDP in ‘94 to $14.2B in 2023. Moreover, the IMF projects that by the end of 2024, Rwanda’s real GDP growth rate will settle around 6.9%. This small African country is certainly on the rise.
Rwanda's Meteoric Rise
GDP per capita (PPP) growth of the six poorest countries in the world in 1994 by GDP per capita (PPP).
Source: International Monetary Fund (IMF). Note: Based on global data available from the IMF.
Go Deeper on Rwanda?
Interested in other African Startup Ecosystems? Download Renew Capital’s Factsheets on other Ecosystems. We’ll be adding new ones every few weeks!
Renew Capital is an Africa-focused impact investment firm that backs innovative companies with high-growth potential. Renew Capital manages investments made on behalf of the Renew Capital Angels, a global network of angel investors, foundations and family offices who seek financial returns and sustainable social impact. For the latest on investing in Africa, subscribe and follow us at our social links below.
Related Posts
