Rwanda engages diaspora community to tap into opportunities in finance, TVET sectors

Rwanda is actively engaging its diaspora talent pool, particularly in the finance and Technical and Vocational Education and Training (TVET) sectors, regarding an initiative aimed at bridging critical skills gaps and promoting sustainable development starting with the opportunities available for them in their motherland. ALSO READ: Kagame to Diaspora: It is upon you to take Rwanda to its deserved position Spearheaded by the ministry of foreign affairs, this initiative aims to channel the expertise of Rwandans abroad into key areas such as investment, banking, and fintech, with an eye toward enhancing financial inclusion, innovation, and skills training within the country. This campaign will run until 2025. ALSO READ: What opportunities does Rwanda’s financial sector offer to diaspora? A discussion held virtually early October brought together government officials, industry leaders, and diaspora professionals, to explore pathways for the diaspora's involvement in propelling Rwanda’s growth across these sectors. ALSO READ: Embracing inclusive fintech: Propelling Rwanda and Africa towards a thriving future Rwanda is positioning itself to be a fintech hub and, the country’s new financial technology (fintech) strategy is expected to rake in $200 million in investments into the industry by 2029. Jean Marie Kananura, the Chief Investment Officer at Rwanda Finance Limited, reiterated that Rwanda is working to position itself as an international financial destination through Kigali International Financial Centre (KIFC), an initiative that seeks to position Rwanda as a preferred financial jurisdiction for investments into Africa. He noted: “Rwanda will not get anywhere without world class talents. We’re making concerted effort to attract foreign talents who can contribute to Rwanda and integrate them into our economy and society.” He acknowledges that global companies started using more complex strategies and products, thus national institutions need expertise to advise on these sophisticated techniques. “There is a need to build up our own local capabilities. Therefore, I invite you all to join this journey, as we make Kigali a preferred Pan-African financial centre,” he added. Nicaise Ishimwe, a member of the Rwandan Community Abroad in Ireland and co-founder of SheUps, a global tech entrepreneurship platform aimed at empowering women, has been actively involved in volunteer work. She, among others, volunteered at IPRC Huye and Tumba, training students in mobile application development and single-based mobile applications. Ishimwe saw this experience as a way to step out of her comfort zone and explore the possibility of returning to Rwanda in the future. Currently working at Amazon, she shared her personal experience, highlighting how professionals abroad are eager to give back by transferring knowledge and connecting local students with global networks. Ishimwe said: “I’d say that for every diaspora member, or anyone else, we should look for any opportunity to contribute, no matter how small. We can only advance when we bring our strengths together. So, find that niche, seize the opportunity, and make it happen.” Yves Karatwa, the Technical Advisor in the Deputy Governor’s Office at the National Bank of Rwanda, emphasized the importance of increasing remittances and promoting digital finance and innovative banking services. As a former member of the diaspora who returned home, Karatwa believes that Rwandans abroad can play a big role in bridging financial gaps. ALSO READ: How Rwanda is leveraging rising diaspora remittances Since January, Rwanda has seen a significant surge in remittances from its diaspora over the past decade, with the total amount increasing from $65.1 million in 2010 to $470 million in 2023. This year, over $550 million was recorded. “Diaspora contributions are a visible asset to the country, impacting both the micro and macro levels. These funds not only increase the welfare of individuals through consumption and investment but also contribute to over six percent of the country’s GDP,” he said. François Ngoboka, the Chief Skills Officer at the Ministry of Labour, reiterated that bringing skilled professionals from the diaspora can significantly add more to the quality of technical education, the labour market, and so much more within the country. He noted: “In collaboration with recruitment and human resources agencies, we’ll post vacancies on the Rwandan community abroad portal, allowing access to these opportunities in real time so that interested individuals can apply immediately.” “We’ll also prioritise Rwandans whenever a local company requests to bring in a foreign worker under a work permit. We’ll require them to first post the position on the Rwandan community portal before considering anyone from outside. This approach will help Rwanda tap into a rich talent pool.”

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Rwanda engages diaspora community to tap into opportunities in finance, TVET sectors