The announcement was made during an extraordinary general assembly of shareholders held on November 2, 2025, where members also elected a new Board of Directors to replace the outgoing leadership that had served since 2016.
The outgoing board was chaired by Peter Nkubara, who has been succeeded by Jonathan Gatera as the new Board Chair.
Presenting the institution's performance highlights, Nkubara noted that Goshen Finance had maintained consistent growth across key indicators, including assets, loan portfolio, and customer base.
'When we took over in 2016, total assets stood at Frw 3.1 billion. Today, we leave behind a stronger institution with assets worth Frw 24 billion, according to the financial report released in September 2025,' Nkubara said.
Over the same period, the institution's loan portfolio expanded from Frw 2 billion to Frw 20 billion, while its customer base grew from 20,000 clients in 2016 to more than 70,000 in 2025. Including clients under cooperatives, the total now exceeds 100,000.
Goshen Finance also increased its branch network from six in 2016 to nine in 2025, strengthening its footprint across key districts.
Speaking during the assembly, Goshen Finance Managing Director Ignace Musangamfura, commended the outgoing board for its stewardship and commitment to good governance, which he said laid a solid foundation for sustained growth.
'I sincerely thank this outgoing board because they ensured strong corporate governance, which is crucial for growth. A company can't thrive without a board that sets strategic direction, ensures compliance, and upholds standards set by oversight institutions like the National Bank of Rwanda (BNR)," Musangamfura said.
He pledged close collaboration with the newly elected board to sustain the institution's momentum and implement ongoing digital transformation projects aligned with the country's financial inclusion and innovation agenda.
'As an institution still in its growth journey, we recognise that we are operating in a highly digital era. Some of our technology-related projects have been delayed due to limited capital. We therefore need to strengthen investment in the coming years, and it's encouraging to see shareholders showing strong commitment," he added.
The new Board of Directors, chaired by Jonathan Gatera, includes Dr. Charles Hategekimana, Lois Nyirasoni, Vivien Niyomugenga, and Josephine Mugeni.
Founded in 2005 as a COPEC, Goshen Finance Plc was licensed by the National Bank of Rwanda (BNR) in 2008 to operate as a microfinance institution. The institution now operates nine branches in Nyarugenge, Ruhango, Kimironko, Musanze, Nyabugogo, Rubavu, Remera, Downtown, and Rwamagana. The institution employs around 100 staff members.
IGIHE
Source : https://en.igihe.com/news/article/goshen-finance-records-strong-growth-as-assets-hit-frw-24-billion
