Rwanda targets to position itself as a financial hub in Africa, attract investments to contribute to its target to become an upper-middle income country by 2035.

The country targets to realise a gross domestic product (GDP) per capita of over $4,036 and a high-income country by 2050 with GDP per capita of over $12,476, according to the country’s vision 2050.

To achieve that, there is a need to have skilled workforce to boost the financial sector by addressing the existing skills gaps – a move that the government of Rwanda believes the diaspora can contribute to.

During a session called "Engaging diaspora talent to tap into opportunities in Rwanda's finance sector” that was held on June 15, Valence Kimenyi, Director of Financial Sector Development and Inclusion at the National Bank of Rwanda, said that they want to have a developed sector that is capable of mobilising enough resources to finance the development [of the country].

The Rwandan diaspora, he indicated, was significantly contributing to the country’s development through remittances which are one of major foreign exchange earners for Rwanda, he told the Rwandan diaspora that "in addition to your money, we need your skills.”

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He highlighted that there are many areas where the diaspora can contribute by helping fix gaps, which present opportunities to them.

Cybersecurity

Kimenyi said that the areas with skills gaps include cybersecurity.

"As our financial sector is getting gradually and progressively digitised with the increasing use of technology in financial services, cyber risks are increasing. And you know, you don’t train a cyber expert overnight, it requires experience,” he observed.

ALSO READ: What are the top cyber security threats in Rwanda?

Kimenyi expressed optimism that there are skilled people in this sector among the Rwandan diaspora "who can contribute to our country in terms of bridging these cybersecurity skills gap in our sector and in our economy.”

Another area, Kimenyi said, is the fintech space (consisting of financial technology meant for improving financial services to businesses and consumers).

"As you know, there is great promise on how technology can disrupt and improve financial services. But technology is about tech-adept, tech-skilled people. So, people skilled in fintech, you are welcome, there is enormous demand in our market,” he told the Rwandan community abroad.

ALSO READ: What Rwandan fintechs need to grow?

Green finance

Green finance refers to a loan or investment that promotes positive environmental impacts, which can help businesses to grow, create green jobs, at the same time reduce carbon emissions.

"We have demand in green finance. You’ve heard about climate change data being a challenge, climate change measurement, reporting,” Kimenyi said, adding it is an area where there is a need for skilled labour.

Fund management

Rwanda Social Security Board (RSSB) CEO Regis Rugemanshuro said that the fund was growing, with its total assets amounting to $2 billion currently.

The CEO indicated that the Fund needs Rwandan talent, adding that it can consider possibility for the diaspora to work remotely, if recruited.

Three years ago, he said, they launched a $250 million investment private equity with Qatari Investment Authority. The Pan-African fund called Virunga Africa Fund 1 is managed by a firm Admaius [Capital Partners] led by a Zimbabwean called Marlon Chigwende [as its Managing Director].

ALSO READ: $250 million continental investment fund established in Kigali

"When we set [up] our second fund, which we plan to do, I would hope not to have to hire foreigners to do that,” he said, pointing out that if there are Rwandans in the US, in Europe, in Latin America, or Canada who qualify to offer fund management service, they can offer it.

Meanwhile, he said that RSSB is about to launch a Rwf30 billion SME fund in Rwanda, adding "I would hope we don't have to bring foreigners to run that fund for us.”

Actuarial service, and more

Within the context of Kigali International Financial Center (KIFC), Kimenyi said, "we are positioning ourselves to be a centre serving Africa. So, there are skills that are required in our market today, but there are also skills that are required in where we are taking the sector.”

"For example, we need specialised lawyers, we need private equity, venture capital experts, we need actuarial experts, we need hedge fund experts, we need qualified underwriters, we need qualified trustees. It’s a long list of areas that you can contribute [to],” he said.

According to Rugemanshuro, RSSB needs financial, cyber security, actuaries (experts who analyse statistics and use them to calculate pension and insurance risks and premiums), investment experts, and health economists, among others.

Sandrine Maziyateke Uwimbabazi, Director of Rwanda Community Abroad at Ministry of Foreign Affairs and Cooperation said that as Rwanda seeks to achieve a middle-income status, and even high-income status, the diaspora’s contribution is needed for that to be attained.

For her, there is a need for collaboration between the diaspora and the government of Rwanda "to develop incentive packages for diaspora professionals who wish to return and contribute to the finance sector.”