Setting-up and development of Rwanda Academy of Finance

Project information

The main objective of the contract was to help the Rwanda Bankers’ Association in setting up a sustainable training institute (Rwanda Academy of Finance) in order to improve the quality and quantity of trained professionals in the Rwandan financial sector and in Sub-Saharan Africa as a whole. After consultations with various stakeholders in Rwanda (representatives of banks, the National Bank of Rwanda, universities and educational institutions, and different Ministries) decision was taken that the needs of Vocationa Educational Training in Rwanda are larger than expected and therefore the project will cover the whole financial sector by training representatives no only from the banks but also from the microfinance institutions and the insurance sector.
In general, the project was divided in 6 phases as follows:
1. Setting-up and establishing the PMO and development of business plan, business model and road map for the project.
2. Coordination of the design and development of national curriculum – recruitment of international examining and certification partner, training needs assessment and pilot testing of the curriculum, development of industry acceptable accreditation standards;
3. Coordination of the implementation of training services in Rwanda for banking qualifications – recruitnemnt of training services providers, delivery of Training of Trainers (ToT) for the local tuition providers
4. Development of the Rwanda Academy of Finance - definition of the mandate of the Rwanda Academy of Finance, develop the legal framework and initiate the legislative process, establish and operationalize the Rwanda Academy of Finance;
5. Stakeholder relationship management
• Ensure the acceptance and buy-in of the banks that are members of the Rwanda Bankers’ Association, the Association of Microfinance Institutions in Rwanda (AMIR), the Rwanda Insurance Association (ASSAR) and other relevant stakeholders;
• Present the Curriculum to HR and Training Managers of the various banks in Rwanda;
• Carry out sensitisation programmes to educate potential trainees and trainers on the relevance of the training and market opportunities respectively;
6. Promotion and communication - development of marketing and communication strategy through local press awareness
The training courses covered were organised as a combination of face-to-face workshops, virtual workshops and e-learning. The training curriculum included:
RAF level I:
• Bank Organization & Banking Activity (incl. digital finance and fintech companies)
• Capital Markets – Financial markets, financial instruments, financial activities, financial players
• Bank Accounts and Payment Services - general knowledge of bank accounts and payment instruments, their legal and regulatory framework and their specific terminology
• Loans to Customers - various types of loans to retail clients, their characteristics and operating principles as well as any guarantees which may be attached to them
• Risk Management in Banking – principles of risk management, tools for measuring and managing risks, market risk, credit risk, operational risk, liquidity risk, etc.
• Back Office Operations (RW) – font office transaction processing, domestic clearning, cash management, clearing BNR, corporate operations, loan processing, money market transactions, FOREX related operations, securities transactions, digiral banking
• Selling Financial Services
• Company Accountancy for Non-Accountants – balance sheets and income statements, accounting standards, regulatory reporting, financial analysis
• Anti-Money Laundering: AML & KYC
RAF level II:
• Management of Financial Institutions – basic course International financial markets
• Asset-Liability management – basic course
• Credit assessment and credit management
• E-commerce and electronic banking
• Branch Performance management
• Marketing of financial services
• Legal aspects in banking & business
• Off- balance banking
• Principles of auditing
• Combat Terrorist financing
RAF level III:
• Management of Financial Institutions – expert course
• Asset-Liability management expert course
• Advanced Risk Management of Credit Portfolio
• Money and capital markets
• Off-balance banking expert course
• Global risk management
• International financial markets – advanced
• Strategic thinking: The bank and the economy
• Financial accounting
• Corporate Governance
End-beneficiaries of the training courses are representatives of the banking, microfinance, insurance, leasing sector in Rwanda.

Status : Closed

Date : 07-2018 -> 07-2021

Countries : Rwanda