IN a surprising move late last year, Tanzanian fintech company NALA opted for Rwanda over Kenya as its East African settlement hub, defying the conventional choice of the well-established tech ecosystem in Kenya. Now, Bboxx, a data-driven cleantech startup, is making headlines by relocating its global headquarters from London to Kigali, Rwanda.
Rwanda is swiftly gaining recognition as a burgeoning tech hub, fuelled by proactive government initiatives aimed at boosting ICT and attracting major players, including the Norrsken Foundation. The country’s business-friendly policies, exemplified by the Kigali International Financial Centre and the forthcoming Startup Act, make it an appealing destination for innovation. Additionally, Rwanda addresses financing challenges for tech-enabled companies through initiatives like the Rwanda Innovation Fund.
Bboxx’s relocation follows its $100 million partnership with EnerTech, a Kuwaiti investment firm, in December 2023, signalling a strategic move to deliver clean technologies to new customers. Over the past two years, Bboxx has demonstrated remarkable growth, acquiring PEG Africa in April 2022 and expanding into Burkina Faso in July 2021. The company, with an €11 million loan secured in November 2022, has been dedicated to clean electrification efforts, impacting Rwandan households with electricity, clean cooking solutions, solar-powered water pumps, smartphones, and electric vehicles.
As part of its commitment to Rwanda’s development, Bboxx plans to train nearly 1,000 Rwandans over the next five years and inject $100 million into the country’s economy. This aligns with Bboxx’s overarching goal of reaching 36 million people across 11 African markets by 2028, setting the stage for an impactful presence in the evolving African tech landscape.