In the journey towards Rwanda’s vision for 2050, the financial sector continues to set the pace by creating an enabling environment for investment and employment, unleashed by technological innovations.
Rwanda aims to become a business and financial services hub in the region, and on the continent, serving as a gateway for cross-border trade and investment.
Given this, the country, through Rwanda Finance Limited (RFL), initiated the Kigali International Financial Centre (KIFC) to transform Kigali into a regional business and financial hub capable of attracting foreign investments as well as encouraging the creation of highly skilled jobs in the sector.
KIFC builds on three main pillars relating to the financial service sector including policy advocacy and legal reform, investment promotion, and skills development.
Currently, the financial sector still faces limited access to a pool of highly skilled, multilingual, and service-oriented workers who have deep knowledge and familiarity with international financial markets.
According to the 2020 Rwanda Labour Force survey, only 1.5 per cent of 44,063 professionals working in the financial services sector are certified, while the sector only absorbs less than 10 per cent of finance and business graduates.
Anita Mutesi, the Capacity Building Program Manager at Rwanda Finance Limited, the agency mandated to promote Kigali International Financial Centre, noted that there is a pressing need to reinforce the ranks of certified professionals and to align skill sets with the demands of the industry, to support Rwanda’s evolving financial landscape and economic growth.
The creation of KIFC aims to bridge this gap through a five-year plan that focuses on upskilling and talent attraction by employing strategic partnerships, skills promotion, career development, sector oversight, and coordination with private sector involvement, she said, while also pointing at the role which can be played by the Diaspora.
"The Rwandan Diaspora represents a reservoir of skills and knowledge acquired through experiences in various fields worldwide. By returning to Rwanda and applying these skills, they can actively participate in transferring knowledge to local communities and institutions, serving as mentors, and trainers, and nurturing the next generation of professionals and entrepreneurs,” Mutesi added.
Key skills needed to boost economic growth
The recent policy reforms Rwanda has made enable investors and financial sector players to establish new professional services and products as well as fundraise and mobilize capital easily by setting up diverse financial vehicles.
Some of the identified skills areas include; investment and fund managers, Trust and Corporate Services (TCSPS), securities analysts, legal and tax advisors, treasury management, credit professionals, cybersecurity specialists, data analysts, actuarial scientists, underwriters, re-insurance, and fintech developers.
According to Mutesi, engaging the Diaspora in these sectors can foster collaboration, knowledge transfer, and increased investment opportunities in alignment with Rwanda's strategic goals of building a knowledge-based economy.
"I urge the Rwandan Diaspora especially financial professionals to join us on the journey to transform Rwanda into an international financial services hub. Visit the career corner at Rwanda Day to explore opportunities that you could leverage,” she noted.
Understanding Financial Skills Council
Under the National Strategy for Transformation (NST1), Rwanda targets the creation of 1.5 million jobs by 2024, and 214,000 per annum. However, there is no quality assurance mechanism in the financial sector to guide and streamline training delivery and ascertain the transfer of knowledge and skills at the workplace, and no evaluation mechanism to assess the extent to which skills are developed and used effectively.
With the support of the Rwanda Development Board, Rwanda Finance Limited established the Financial Sector Skills Council to increase and scale access to high-quality financial skills by consolidating and harmonising siloed and fragmented capacity-building initiatives across the financial sector.
It is chaired by the Ministry of Finance and Economic Planning to support the capacity building of financial professionals required across the sector.
‘Your next step’
KIFC and Rwanda Development Board in collaboration with the UN’s International Organization for Migration (IOM) initiated a project dubbed "Diaspora Engagement in the Financial Sector” where they can sign up on this platform and actively participate in the development of the country’s financial sector.
Additionally, the Diaspora can further their career and professional network in Rwanda and beyond by registering with KIFC Professional Skills Data Bank which provides access to in-demand job vacancies and investment opportunities, access to masterclasses, webinars, and expert talks, and networking with like-minded financial professionals.
"In addition to the incredible efforts being made by Rwandans living at home, we believe the Rwandan Diaspora can greatly contribute to Rwanda’s economic development and our aspiration to achieve middle-income status by 2035 and high-income status by 2050."