Board of Directors

He currently serves as Chairperson of the Capital Market Authority of Rwanda and Chairman of the Victoria Falls International Financial Centre.

He previously held the role of Chairman of the Board at BK Group Plc, CBZ Holdings Limited, and Astana Financial Services Authority. He has also served as President of the University of Denver and Chairman of a private equity fund.

Mr. Holtzman has held senior leadership positions at Barclays Capital, ABN AMRO Bank, and Kazkommertsbank.

His background combines executive leadership with a strong track record in banking, asset management, and private capital.

His public service includes advisory roles to governments in Eastern Europe, Central Asia, and Africa, where he contributed to structural economic reforms and financial sector development.

He holds a degree in Economics from Lehigh University and remains active in international philanthropic and development initiatives.

Hortense Mudenge is the Deputy Chairperson of the Board of Directors at Capital Markets Authority (CMA). She is also the Chief Executive Officer of the Kigali International Financial Centre.

Hortense is a seasoned management consultant with over 10 years of experience in advising international development and private-sector clients on business and market development.

Prior to joining KIFC, Hortense worked with Dexis Consulting Group and the Global Alliance for Improved Nutrition, as a consultant, providing technical expertise in the delivery of donor-funded investment programs and grant facilities.

Hortense holds an MBA from Hult International Business School in the US and is a graduate of the United States International University- Africa.

Charity is a seasoned finance professional with over 15 years’ experience across various sectors in the financial services industry including banking and financial advisory. She is currently the Managing Director of Matha Capital Rwanda where she oversees the growth of the firm’s footprint in the country through originating and structuring innovative solutions for public and private sector clients in the areas of debt fundraising, debt sustainability as well as liquidity and risk management.

Prior to this role, she held various positions at Bank of Kigali where she worked for close to 10 years. Her last role was as a Senior Manager in charge of Corporate Credit Appraisal where she was responsible for implementing the Bank’s credit risk management strategy in lending to corporate and SME customers. 

She also worked with Ernst and Young Rwanda where, she led engagement teams in servicing clients in the financial services, oil and gas and hospitality sectors among others.

She possesses vast knowledge and expertise in credit appraisal and due diligence, transaction structuring and relationship management as well as project finance. 

Charity holds an MBA in Finance from Oklahoma Christian University and a Bachelor of Business Administration in Accounting from the School of Finance and Banking Rwanda.

Mr. Thibault Twahirwa is a data, finance and technology professional with experience at the intersection of artificial intelligence, data analytics, finance and sustainability.

His work spans data science, applied machine learning, ESG and sustainability data, credit research and digital product development.

He is also a published researcher, with academic and professional interests across analytics, finance, technology and capital markets.

He studied at Columbia University, Notre Dame and Morehouse College.

Mr. Gilbert Nyatanyi is a banking and finance lawyer with more than 30 years of experience advising companies, banks, financial institutions and governments on domestic and international transactions.

He is the former Chief Executive Officer of Agaciro Development Fund and has advised clients across Belgium, Rwanda, Burundi, Tanzania and wider African and European markets.

His expertise covers banking and finance law, capital markets, project finance, restructuring, corporate and commercial matters, regulatory issues and compliance.

He holds a Master’s degree in Law from the University of Ghent and a Mini MBA for In-House Counse from Questrom School of Business, Boston University.