The appointment of a 7-member board of Rwanda Finance Limited has excited industry enthusiasts and stakeholders largely due to the profiles and diversity of the appointees.
Rwanda Finance Limited (RFL) is a corporation owned by the government whose primary responsibility is to develop and promote Kigali International Financial Centre (KIFC).
KIFC is an initiative that seeks to position Rwanda as a preferred financial jurisdiction for investments into Africa, as well as reform the domestic industry.
Finance and investment experts who spoke to The New Times said that the appointees among other things will bring years of experience in a number of key aspects required in building an international finance centre.
For instance, Tidjane Thiam, the immediate former Credit Suisse Chief is expected to bring on board expertise and global perspective from his years of experience leading top investment firms.
This will serve to facilitate the design of incentives to attract global firms into the Kigali International Financial Centre.
Thiam’s global network is expected to be important as the country seeks to introduce the International Financial Centre to investors across the world.
Pierre-Célestin Rwabukumba, the Chief Executive of the Rwanda Stock Exchange told The New Times that considering that KIFC is expected to serve Rwanda, the region and the continent, it is ideal to have diversity reflected in the leadership of Rwanda Finance Limited.
The diversity Rwabukumba said brings in key people with ideal experience and exposure in matters relating to international finance centres.
"While we are using local talent and expertise it is important to have an outward viewpoint to create and relevance as a country,” he said.
Other international members are Jacob Mukete, a Cameroonian expert in governance, economic and financial reforms, and Liban Soleman Abdi, a Gabonese national with extensive experience in financial management, entrepreneurship and government advisory.
Their presence is expected to create a wide network on the continent and globally to facilitate the introduction of Kigali International Finance Centre to the rest of the world.
On the board are two experienced lawyers, Louise Kanyonga, a Harvard Law graduate and renowned city lawyer, Julien Kavaruganda.
Kanyonga, among other things has experience in the formulation of key investment policies over the years which have facilitated the country’s improvement in investment attractiveness indexes including the World Bank Doing Business Rankings.
Her personal and institutional experience, experts say, will be a boost in the process of positioning Rwanda as a preferred financial jurisdiction for investments into Africa.
Kavaruganda is a member of several legal bodies such as Brussels Bar Association, East African Law Society and the Rwanda Bar Association which he heads. He is also a board member of Kigali International Arbitration Centre and also heads the African Business Law Harmonization. His experience is expected to offer local regional and international input in setting up legal and regulatory framework to improve the attractiveness of KIFC.
Paul Frobisher Mugambwa, a senior tax expert and Associate Director at PwC Rwanda said that given the ambitions of KIFC and the mandate of Rwanda Finance Limited, the board composition plays a major role in reflecting the need of the continent and creating international confidence.
"The diversity and composition will also play a huge role in creating confidence in the international community to choose Rwanda as an investment centre to look at when considering the continent,” he said.
Pierre-Célestin Rwabukumba, the Chief Executive of the Rwanda Stock Exchange (left) and Paul Frobisher Mugambwa, a senior tax expert and Associate Director at PwC Rwanda. / Photos: Net
Also on the board is Alice Ntamitondero, a professional accountant and member of the UK Association of Chartered Certified Accountant (ACCA), and the Institute of Certified Public Accountants of Rwanda (ICPAR).
With the Kigali International Financial Centre featuring stakeholders such as providers of corporate services such as lawyers and accountants, her input is expected to ensure that the ecosystem is relevant to backers and participants of KIFC.
Experts who spoke to The New Times said that the inclusion of a head of an investment advisory firm puts Rwanda Finance at an advantage in targeting capital and resources into the centre.
Umulinga Karangwa, who is also on the board is the Chief Executive and Founder of Africa Nziza Investment Advisory, an investment advisory firm targeting institutional investors in Sub-Saharan Africa.
Karangwa is a Chartered Financial Analyst and has previously worked as an analyst in HSBC Holdings, a British multinational investment bank and financial services holding company and J.P. Morgan Cazenove a U.K. investment banking firm owned by J.P. Morgan Capital Holdings Ltd.
CJ Fonzi, a Dalberg Associate Partner (a strategy and policy advisory firm) and the Office Director in Kigali said that they were pleased with the board selection and composition.