These accomplishments were spotlighted during a formal handover ceremony on January 28, 2026, as the outgoing board transitioned responsibilities to the newly appointed members.
Goshen Finance PLC's Board consists of nine directors, each serving a three-year term that can be renewed up to twice.
Five new members were elected late last year to replace those whose terms had concluded, while the remaining four carried over and will continue until their individual terms expire. These continuing directors will also guide and mentor the newcomers during the transition.
Among the departing members were several who had served the full nine years since joining in 2016, including former Board Chairperson Peter Nkubara. In his remarks, Nkubara highlighted key milestones from their tenure.
He noted that client numbers had surged from 27,270 in 2016 to 73,072 today. Over the same timeframe, total assets grew from Rwf 5.5 billion to more than Rwf 25 billion.
The loan portfolio also saw substantial expansion, rising from Rwf 2.7 billion in 2016 to Rwf 19 billion by the close of 2025, while serving nearly 6,000 individual clients.
Nkubara emphasized the institution's strong asset quality, with a non-performing loan ratio of only 0.9%, well under the 5% threshold mandated by the National Bank of Rwanda.
Gross profit has shown consistent improvement since 2017, climbing from Rwf 82 million to over Rwf 900 million.
He pointed to other notable advances, such as the introduction of profit-sharing with shareholders beginning in 2023. Nkubara encouraged the incoming board to capitalize on this foundation by forging new partnerships and maintaining the company's upward trajectory.
'Achieving these results required close collaboration with many partners and stakeholders,' Nkubara remarked. Key allies include the Development Bank of Rwanda, which extended a Rwf 2 billion loan specifically to support farmers, and the U.S.-based nonprofit EDIFY.
Through that partnership, Goshen now manages over Rwf 1.5 billion in low-interest loans for educational institutions, primarily primary and nursery schools.
He urged the new leadership to preserve and build on the trust established, deepen existing collaborations, and further refine loan management across various segments.
Incoming Board Chairperson Jonathan Gatera commended Goshen Finance PLC for remaining true to its Christian values while delivering services and achieving sustained progress since its founding.
Gatera affirmed that he and the new board are dedicated to elevating the institution further, with an ambitious vision of eventually transforming it into a full commercial bank.
'If we set our minds to it, we could make that transition within the next three years,' he said. 'We have everything it takes, nothing others possess that we lack, and we also have faith in God's guidance. Looking at our strengths across operations, I am convinced we can reach this goal by working together and seeking divine direction.'
He added that the board will prioritize extending credit to previously underserved sectors and activities.
Goshen Finance PLC is a microfinance institution affiliated with the Seventh-day Adventist Church. Established in 2005, it now operates nine branches throughout Kigali and various provinces across Rwanda.
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