CATALYZING RWANDA’S FINANCIAL SECTOR GROWTH THROUGH SKILLS DEVELOPMENT

President Paul Kagame and First Lady Jeannette Kagame, on Saturday, Feb. 3 joined over 6,000 delegates during the 11^th Rwanda Day themed: “Rwanda: A Legacy of Inclusiveness within and beyond Our Borders,” in Washington, D.C. The event brought together Rwandans and friends of Rwanda living abroad to reflect on the country’s development and different avenues through which they can make their contributions. By Oswald T. Brown

Rwandan President Paul Kagame, Mathilde Mukantabana, Rwanda’s ambassador to the United States, and Yehoyada Mbangukira, president of U.S. Rwandan Community Abroad applaud for young dancers during Rwanda Day in Washington, D.C. (Courtesy of Village Urugwiro)

The event included a “Meet the President” session where members of the Diaspora and friends of Rwanda engaged with the President, expressing gratitude, posing questions, and offering suggestions aligned with the country’s development agenda.

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, The New Times, Rwanda’s largest daily newspaper reported on Sunday, Feb. 4.

Currently, Rwanda’s 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.

Anita Mutesi, the capacity building program manager at Rwanda Finance Limited, the agency mandated to promote Kigali International Financial Centre (KIFC), 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.

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.

Under the National Strategy for Transformation (NST1), Rwanda targets the creation of 1.5 million jobs by 2024, and 214,000 per annum.