Financial Sector Skill Development: strategy for Rwanda

Themes: Capacity Development | Economic Growth | Gender Equity | Governance | Private Sector Development | Social Development

Guinness Gallagher worked with an international team of financial sector and legal experts as part of a consortia of advisors to address the skills development needs for the Rwandan financial sector, working for the National Bank of Rwanda. The aim was to develop a strategy aligned with the Multi-Sector Capacity Building Program adopted by the Government of Rwanda; the national framework to guide the design and implementation of capacity building interventions in the country.

The work undertaken by the highly specialist team of advisors involved four outcomes: -

  • Drafting of a Skills Development Strategy for the Banking and Finance Sector in Rwanda;
  • Establishment of a Rwandan Institute of Bankers to help implement the strategy;
  • The development of the necessary curricula to help address the skills gaps and future needs;
  • The identification of potential training methodologies and providers; and
  • The development of draft training supply agreements.

The main output, the drafting of a Skills Development Strategy for the Banking and Finance Sector in Rwanda, involved the team of specialist advisers undertook a skills audit of the bank and non-bank financial institutions through detailed surveys and consultation. This skills audit analyzed the skills gaps, benchmarking against international best practice and specific capacity requirements of the Rwandan banking sector. A Skills Development Program was then developed to implement the recommended strategy, including the development of the necessary “skills development” curricula to be provided to workers in the sector.

In order to support the skills development initiative, the project also included our team of specialists assisting the private sector to establish a Rwanda Institute of Bankers to help implement the strategy from the private sector side. The assistance provided by the Guinness Gallagher team included identifying an appropriate representative structure and the drafting of a legal constitution for registration of the new institute.

In addition, the team from Guinness Gallagher developed a collaboration model between the Rwanda Institute of Bankers (as accreditor) with potential curricula providers, including the School of Finance and Banking, whereby the providers could offer professional training in banking and other financial sector related fields of study.

The work undertaken by the team included:

  • Developing the eligibility conditions for trainers to be accredited by the Rwanda Institute of Bankers; and
  • Developing draft agreements and statement of expectations for training providers.

The themes and sectors covered by this project were as follows: -

Theme Sub-Theme
Capacity Development - Client relations, network and partnership development
  - Institutional development
  - Organizational development
Economic Growth - Knowledge, science and technological capacities
  - Promoting economic efficiency and enabling business environment
  - Promoting macroeconomic stability
  - Widening access to markets and economic activities
Gender Equity - Gender equity in (economic) capabilities
  - Gender equity in (human) capabilities
  - Gender equity in empowerment and rights
  - Promote gender equity
Governance - Economic and financial governance
  - Public administration
Private Sector Development - Policy reforms
  - Private sector investment
  - Public Private Partnership
Social Development - Human development
  - Other vulnerable groups
Sector Sub-Sector
Education - Non-formal education
  - Non-formal education (social protection initiatives)
  - Technical and vocational education and training
Finance - Banking systems and non-bank financial institutions
  - Financial sector development
  - Inclusive finance
  - Small and medium enterprise financing and leasing