Habumuremyi was sentenced to three years in prison after being found guilty of issuing counterfeit cheques.
The former Rwandan prime minister was sentenced to prison last year for issuing bogus checks to creditors at his Christian University of Rwanda, which was later closed down.
According to Habumuremyi, who testified during his trial, he had handed the checks as a promise that the university would pay the creditors, and that everyone of the recipients had also been given a sum of money in addition to the checks.
In addition to the punishment, he was compelled to pay damages in the amount of 892 million Rwandan francs ($879,000; £641,000).
He will still be required to raise the funds, and his accounts will remain frozen and his property taken until he does so, according to state-run media.
Appollo Mucyo, the former prime minister’s son, who had advocated for his release, stated on Instagram: “My heart is overflowing.” Oh my goodness, I’m giddy with delight! I can’t even find the correct words to express myself.
“I just want to express my gratitude to God for ensuring that my love for my nation has stayed unbroken during this ordeal.” “I appreciate you taking the time to think of me.”
Habumuremyi, 60, was the country’s ninth prime minister, serving from 2011 to 2014. He had previously served as education minister for five months before becoming prime minister.