Rwanda finalises process to interlink financial sector

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The government of Rwanda is in final stages to interlink its financial sector, a move that will see the banking, microfinance, pension, insurance as well as capital market linked together.

This move expected to drive Rwanda into a service based economy after 2011 when Rwanda launched the Integrated Payments Processing System-RIPPS working towards linking players in the banking and microfinance sectors.

“Very soon we are planning to publish a paper that is going to put the whole picture together on how the whole financial sector is interconnected” said Amb. Claver Gatete, Minister of finance and Economic planning on Thursday.

The inter linkage helps ease transactions, increases efficiency and access to financial services as well service delivery within the sector that is key in driving the economy expected to leapfrog to service based in 2020.

“We realised that we cannot develop our financial sector without the capital markets,” he added, “so the area that is still lagging behind is the capital markets because it is still new there is need for stakeholders to have skills,” the Minister added.

The stock exchange that recorded a poor performance in the first half of the year with its to turnovers falling by 69.6 percent, still lacked as Robert Mathu, Executive Director of Capital market Authority professional stakeholders to advise investors.

The capital markets Authority on Thursday signed a memorandum of understanding with chartered Institute for securities and investment CISI.

“This will support practitioners attain, maintain and develop knowledge and skills and promote the highest standards of ethics and integrity in securities and financial professionals working in Rwanda’s capital market sector,” he noted.

According to the understanding the chartered institute will provide vocational training for both working professional in the capital market as well as professionals who wish to join the sector.

“The industry is going to become a source of employment as more people would be able to join the capital markets. This will also help us to export expertise across the world,” Eric Rwigamba, chairman of Capital Markets authority said during the signing.

Helena green international manager at CISI says the trainings expected to kick off this year or early 2017 is an important step for Rwanda towards boosting the professionalism of its capital markets and enhancing its attractiveness as an investment destination in sub Saharan Africa

“The CMA and CISI will work together to provide a qualifications pathway for practitioners in different job functions. The CISI internationally recognised qualifications will be the foundation for this,” she said.

The training that will be conducted online under the ready exam.com will cost around U$ 125 for both registration and examinations and would depend on the time put to learning to complete the course.

Chartered Institute is a not for profit educational organisation which emerged from London stock exchange when it was demutualised over 20 years. It has conducted Exams in 85 countries with 20,000 members in 116 countries.

 

 

 

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