Meet Uzziel Ndagijimana: CEO of Rwanda’s largest financial group managing $2 billion in assets

Uzziel Ndagijimana stepped into one of Rwanda’s most influential corporate roles in August 2024 when he was appointed chief executive of BK Group Plc, the country’s largest financial group by assets.

The appointment marked a shift from public office to corporate leadership for the economist, who spent years shaping Rwanda’s fiscal policy as minister of finance and economic planning. Today, he oversees a financial conglomerate whose reach stretches across banking, insurance, investment services and technology.

BK Group crosses $2 billion asset milestone

Under his leadership, BK Group crossed a major milestone in 2025 as total assets rose 15.8% to more than RWF2.9 trillion ($2 billion), the strongest growth in five years. Group profit climbed above RWF110.1 billion ($75.3 million), reinforcing the lender’s position at the center of Rwanda’s financial sector.

Headquartered in Kigali and cross-listed on the Rwanda Stock Exchange and Nairobi Securities Exchanges, BK Group operates through subsidiaries that include Bank of Kigali, BK General Insurance, BK Capital, BK TecHouse and BK Foundation. Its banking arm remains the group’s biggest earnings driver, accounting for more than 95% of assets and profit.

Ndagijimana’s career built across academia and government 

Before entering the corporate world, Ndagijimana built a career that moved steadily through academia and public service. 

Armed with a doctorate in economics from the University of Warsaw and a master’s degree from the Warsaw School of Economics, he returned to Rwanda in the late 1990s and began teaching economics at the National University of Rwanda. 

His transition into government followed in 2002, when he took on leadership roles that would place him close to Rwanda’s economic planning efforts during a period of rapid rebuilding and growth. 

He served as rector of the School of Finance and Banking in Kigali from 2002 to 2007 before becoming vice rector of the National University of Rwanda between 2007 and 2011. He later moved into senior government positions, including permanent secretary at the Ministry of Health and minister of state for economic planning. 

In April 2018, President Paul Kagame appointed Ndagijimana as Rwanda’s minister of finance and economic planning, a position he held until August 2024. During that period, he also chaired the Economic Advisory Council of the president. 

His work extended beyond Rwanda’s borders. Since 2018, he has served as an ex-officio member of the boards or governing councils of institutions including the African Development Bank, International Monetary Fund, World Bank and East African Development Bank. 

Ndagijimana also briefly held a high-profile continental role when he chaired the board of African Export-Import Bank before Nigeria’s former finance minister Kemi Adeosun succeeded him during the lender’s 25th anniversary meeting in Abuja. 

Ndagijimana steering BK Group through expansion 

Since taking over at BK Group, Ndagijimana has pushed to deepen the lender’s role in Rwanda’s economy while broadening its business mix. 

The group’s loan book expanded 16.1% in 2025, while deposits rose 14.8%, reflecting continued customer confidence even as banks across Africa navigate tighter liquidity conditions and rising competition. 

The improvement in asset quality also helped lift earnings. Lower provisioning pressure allowed more income to flow to the bottom line, strengthening the bank’s balance sheet as it entered Bank of Kigali’s 60th anniversary year. 

“2025 was yet another successful year for BK Group,” Ndagijimana said while discussing the company’s annual results. “As BK Group marks Bank of Kigali’s 60th year of operation in Rwanda, we enter this milestone period with a stronger balance sheet, a more diversified franchise, and a clear mandate to deepen Rwanda’s financial system.” 

The board approved a final dividend payout of RWF53.04 per share, an 80% increase from the previous year, reflecting stronger profitability and improved capital strength. 

The group has also continued financing projects tied to trade and infrastructure. In March, Bank of Kigali opened a branch at the Rusizi II border post linking Rwanda and the Democratic Republic of Congo, targeting growing cross-border commerce in the region. 

That same month, the bank led a consortium of local lenders in a telecom infrastructure financing deal under Project Zorro, supporting the acquisition of 1,467 telecom tower sites now operated by Ishara Towers Rwanda Ltd.

BK Group deepens Rwanda footprint

Founded in 1966 as Bank of Kigali Limited, the company restructured into a holding company in 2017 and adopted the name BK Group Plc. Today, the group serves more than 790,000 customers through a network of over 60 branches across Rwanda.

For many Rwandans, the group’s growth carries meaning beyond balance sheets. The bank finances businesses, supports trade and extends credit to households across the country through a network of more than 60 branches serving roughly 790,000 customers.

BK Group pushes digital expansion

For BK Group, growth increasingly means balancing commercial returns with broader economic priorities. 

The lender continues to position itself as a financial partner for entrepreneurs, farmers and small businesses while expanding digital services through BK TecHouse and investment activities through BK Capital. 

That approach mirrors much of Ndagijimana’s public-sector background, where economic planning often centered on financial inclusion, infrastructure and long-term development. 

As Rwanda’s banking industry grows more competitive, BK Group’s challenge will be maintaining its dominant position while adapting to shifting customer habits and regional expansion opportunities. 

For now, Ndagijimana enters that next phase with one advantage few banking executives possess: years spent shaping national economic policy before moving into the private sector.