Youth unemployment remains a significant challenge across Africa. This issue not only contributes to endemic poverty but also reduces purchasing power. While Rwanda has demonstrated notable progress in terms of security and other areas, can it lead the way to achieving zero unemployment? If Libya, at a certain point, achieved full employment through its oil wealth, can other nations succeed by leveraging intellectual capital? Rwanda’s leadership has recently approved its second National Strategy for Transformation (NST2), with a clear goal to create 1.25 million decent and productive jobs. The strategy aims to generate a minimum of 250,000 new jobs annually. Areas for Reflection As engaged citizens, our goal here is to contribute to the ongoing dialogue by suggesting additional areas for reflection. We propose the development of new tools and mechanisms, including structures or institutions, that could further tackle unemployment. One key question remains: how do we support the unemployed, especially university graduates or those without formal qualifications, in finding jobs? A significant challenge is the search for funding. Think tanks, policymakers, and socio-economic leaders must step up to secure the necessary resources. In this article, we outline several potential solutions, while recognizing that the state must play a central role in funding these efforts. One source of inspiration is the Turkish diaspora, which has established banks in Paris, Brussels, and particularly in Germany, such as KT Bank AG and Ziraat Bank International AG. These institutions have played a key role in Turkey's economic rise. Could a similar model work for the Rwandan diaspora? Rwandan Diaspora Banks If the government and private institutions contribute to Education for All, one of the five Common Goods the critical challenge remains funding projects. Like the Turkish diaspora banks, the Rwandan diaspora could establish its own financial institutions abroad. These diaspora banks could help combat unemployment and create jobs in Rwanda and wherever Rwandans are located. The Rwandan diaspora, one of the most structured and organised globally, could lead this effort. Unity is strength, and through this initiative, they could help drive the nation's economic development. We propose the creation of three banks, each inspired by traditional Rwandan values, culture, and homegrown solutions: Shuli Bank Shuli Bank would focus on education and supporting teachers. Its mission would include making education more accessible and affordable, while also addressing the re-skilling of unemployed university graduates in fields such as agriculture, industry, healthcare, and the arts. The bank could offer services to shareholders, enabling them to set up standing orders for school fees, supplies, and tuition costs. Support would extend from primary through secondary education, and even to higher education, including prestigious institutions in Rwanda and abroad. Incentives could include sponsorships for shareholders to help low-income families, as well as student loans with easy repayment terms at low interest rates, depending on the bank’s capital. In addition, this bank could play a crucial role in supporting the local economy and improving the well-being of academic staff by investing in domestic solutions such as Mwalimu Sacco, which provides financial services to teachers and their families. Muganga Bank Muganga Bank would specialise in healthcare, providing insurance as well as supporting the training and re-skilling of healthcare professionals. It could help finance the construction and equipping of second-generation health centres in Rwanda, and establish Rwandan polyclinics in diaspora communities, similar to the Moroccan polyclinics and pharmacies in Belgium. Furthermore, Muganga Bank could improve the purchasing power of healthcare workers by setting up procurement centres and stores, ensuring they have access to high-quality goods at competitive prices, all while considering inflation. Orora & Hinga Bank Orora & Hinga Bank would concentrate on agriculture and livestock. Its mission would be to support farmers and herders by promoting their products, providing management assistance, and facilitating the commercialization of their goods. The bank would also ensure access to affordable credit and loans for these vital sectors. Additionally, the bank could offer training and orientation centres focused on agriculture and livestock, improving household purchasing power in rural areas. A major advantage of this initiative would be the ability to attract significant investment from the Rwandan diaspora for agricultural projects both in Rwanda and abroad. The Unique Role of Diaspora Banks These proposed diaspora banks would be grounded in traditional Rwandan values and culture, emphasising unity across all ethnicities in line with the philosophy of Gutahiriza umugozi umwe (being united in a common cause). This collective effort would serve as a counterbalance to the saying Aharaye inzara haramuka inzigo (where hunger reigns, grudges follow). To effectively combat poverty and youth unemployment, these banks would play a crucial role in supporting re-skilling, retraining, and lifelong learning, regardless of the background or region of the beneficiaries. The writer is a medical doctor, thinker, and writer
