In a landmark move that promises to reshape Rwanda’s financial services landscape, BK Group PLC and the Rwanda Social Security Board (RSSB) have announced their intention to form a new insurance powerhouse.
They are working on a merger through the integration of BK General Insurance Ltd (BKGI), Sonarwa General Insurance Ltd (SGI), and Sonarwa Life Assurance Company Ltd (SLA).
The proposed consolidation brings together three leading insurance companies under a unified structure, aiming to create a well-capitalized, diversified, and customer-centric insurance group that will serve individuals and businesses across Rwanda—and potentially beyond.
A Strategic Alliance for Growth and Innovation
Under the proposed structure:
- BKGI and SGI will merge to form the general insurance division of the new group, combining BKGI’s innovation-led approach with SGI’s market experience and reach.
- SLA will continue as the life insurance arm, offering specialized products in life coverage, pensions, and long-term savings.
The transaction remains subject to shareholder and regulatory approval, as well as completion of legal procedures.
However, the announcement signals a strong commitment by both institutions to reshape the sector through innovation, scale, and inclusive service delivery.
Who Are the Key Players?
- BK Group PLC, the parent company of Bank of Kigali, is a leading financial services provider in Rwanda. Its insurance subsidiary, BKGI, licensed in 2016, has quickly become known for its digital-first approach and customer-focused offerings.
- Sonarwa General Insurance Ltd (SGI), Rwanda’s first insurance company established in 1975, brings decades of experience with a broad portfolio that includes motor, health, aviation, and agricultural insurance products.
- Sonarwa Life Assurance Company Ltd (SLA), formed in 2011, specializes in life insurance and pension services, serving both individual clients and large institutions.
What the Merger Aims to Achieve
The combined group is expected to bring several major benefits:
- Improved Customer Value: Clients will benefit from a wider array of products, improved service quality, and greater accessibility through digital channels.
- Operational Synergies: By combining operations, the new group will streamline distribution, improve efficiency, and enhance product innovation.
- Boosting Financial Inclusion: Making insurance more affordable and accessible is a key priority, aligning with national efforts to enhance economic resilience.
- Foundation for Regional Growth: With a stronger local base, the new group will be well-positioned to expand its services regionally.
Leadership Speaks Out
Dr. Uzziel Ndagijimana, Group CEO of BK Group PLC, commented:
“Working alongside RSSB to shape a bold new chapter for Rwanda’s insurance sector is truly exciting. This collaboration brings together trusted names with shared values and complementary strengths. Together, we are setting the stage for a transformative insurance group that will drive innovation, expand access, and deliver meaningful value to Rwandans and our shareholders.”
Regis Rugemanshuro, CEO of RSSB, added:
“By joining forces, we are laying the groundwork for a strong, competitive player that is built for the future and committed to serving the needs of Rwandan people. This partnership represents a significant step toward achieving our vision of a resilient and inclusive financial ecosystem.”
Next Steps
BK Group and RSSB emphasized that the process will be conducted transparently and in close collaboration with stakeholders and regulators. Customers of all three companies can expect uninterrupted service during the transition.
Should the deal go through, the resulting entity would be one of Rwanda’s most powerful financial institutions—marking a pivotal moment in the evolution of the insurance sector and reinforcing Rwanda’s ambition to become a regional financial hub.
Together, they will control over 80% market share, a huge monopoly power.
