Warm, hospitable and ever-smiling, 38-year old Mukaremera Francine can easily be mistaken for a typical woman next door. But for those who know her, Francine is a woman of power, fuelled by her passion for the oil business and dreams of seeing her M.Line petrol service stations spring up across Rwanda.
Since 2008, Francine has demonstrated her ability to successfully manage oil businesses with a sole proprietorship that was later formalised into her company, M.Line Petro Station Ltd, in 2011. With overall entrepreneurial experience of 16 years, Francine is currently running four petrol stations and managing four tank trucks under the M.Line brand.
Considering that the Government of Rwanda is looking for ways to re-export petroleum products to its neighbouring countries as a means of strengthening the country’s foreign exchange reserves, initiatives like Francine’s are a contribution to the national economy both directly, as well as indirectly by easing transportation of goods and passengers. Economic opportunities are increasingly related to the mobility of people, goods and information, making fuel an important link in the development chain.
GroFin has invested in excess of US$ 1 million in the form of a term loan over 5 years, to extend the strongest possible support to Francine as she powers on with her dream of setting up M.Line petrol stations across Rwanda.
“I expect to double my market share within just a year of GroFin financing. GroFin not only provided me finance but also reviewed my business model and detailed innovative revenue diversification strategies such as convenience stores for my petrol service stations,” says Francine.
Finally, the employment impact of this investment is high. GroFin’s financial and business support will help maintain 33 jobs and create 13 more in just the first year after financing, with 90% of jobs earmarked for low skilled people and 36% to be created for women.