Category: News

The signing took place at CISI’s London headquarters during a high-level visit organised by TheCityUK under the Kigali International Financial Centre (KIFC) Skills Council initiative.

The Rwandan delegation, comprising senior representatives from government, regulators, the stock exchange, and financial development institutions, explored how to address financial services skills gaps in the sector.

The visit forms part of Rwanda’s wider strategy to develop a robust and inclusive financial ecosystem.

Signed by CISI CEO Tracy Vegro OBE and CMA Chief Executive Thapelo Tsheole, the MoU sets out a framework to build capacity in Rwanda’s capital markets through mandatory qualifications and an annual continuing professional development (CPD) requirement.

A key pillar of the agreement is a new three-part licensing pathway for Rwandan capital markets practitioners. This includes CISI’s International Introduction to Securities & Investment qualification, an updated Rwanda Regulatory Assessment, and a role-specific technical unit – a model aligned with international standards and best practice.

The introduction of CPD as a condition for licence renewal will help ensure that practitioners maintain up-to-date knowledge and skills that are fit for the future. These reforms align with Rwanda’s broader goals to position Kigali as an International Financial Centre.

Commenting on the development, Tracy Vegro OBE, CISI CEO stated, “CISI is committed to working in partnership with the CMA to support its delivery of an innovative, premium suite of qualifications, lifelong learning CPD and membership for Rwandan financial services practitioners. Enhanced standards, skills and knowledge are crucial in building a professional financial services sector and essential in maintaining consumer trust and confidence.”

Thapelo Tsheole, CEO of CMA described the MoU as a significant milestone in the journey towards enhancing the professionalism and integrity of Rwanda’s capital markets.

“Through this partnership with the Chartered Institute for Securities & Investment, we are introducing a qualifications-led licensing programme that will equip our market practitioners with the necessary skills and ethical standards to thrive in an increasingly complex financial landscape.

“This initiative aligns with our vision to position Rwanda as a competitive financial centre and supports the implementation of the Capital Market Long-Term Development Strategy, which is pivotal to our long-term economic development goals.”

This renewed collaboration marks a significant step in Rwanda’s capital markets development and reinforces CISI’s role as a key strategic partner in advancing financial sector skills across Africa.

The ceremony took place at the UN Headquarters in New York, where Amb. Ngoga conveyed warm greetings on behalf of President Paul Kagame, the Government of Rwanda, and the Rwandan people.

“I bring you warm greetings from the President, the Government, and the people of RwandaI take the role with commitment to work with you, and everyone in the United Nations family to engage constructively to advance shared ideas,” he said.

Amb. Ngoga succeeds Ernest Rwamucyo, who served as Rwanda’s Permanent Representative to the UN since October 2023. He was posted to Kenya where he oversees Rwanda’s interests.

Amb. Ngoga is a seasoned Rwandan diplomat and public servant with extensive experience in law, governance, and regional integration. Born on March 2, 1968, in Kagera, United Republic of Tanzania, he is married and fluent in English, Kiswahili, and Kinyarwanda.

Before his appointment as Rwanda’s Permanent Representative to the United Nations, Amb. Ngoga served as High Commissioner to the Republic of Kenya and Permanent Representative to the United Nations Environment Programme (UNEP) and UN-Habitat.

From 2017 to 2022, he was Speaker of the East African Legislative Assembly (EALA), following his earlier role as a Member of Parliament within the same institution from 2015 to 2017.

Amb. Ngoga played a key role in Rwanda’s justice system, having served as the country’s Prosecutor General from 2006 to 2013, and Deputy Prosecutor General from 2003 to 2006.

Between 1999 and 2003, he was Rwanda’s Special Representative to the International Criminal Tribunal for Rwanda (ICTR) in Arusha, Tanzania.

His earlier roles include Deputy Head of Public Prosecutions in Butare Province and Head of the Legal Department in Rwanda’s Ministry of Labour and Public Services.

Amb. Ngoga holds a Master’s degree in Genocide Studies and Prevention from the University of Rwanda, and a Bachelor of Laws from the University of Dar es Salaam, completed in 1996.

With a career spanning diplomacy, regional leadership, and transitional justice, Amb. Ngoga brings a wealth of experience to his current role in representing Rwanda on the global stage.

Rwanda is recognized as a key partner of the United Nations, particularly in peacekeeping. It is currently the fourth-largest contributor of troops to UN peace operations globally.

In addition to its peacekeeping role, Rwanda has played a significant humanitarian role by hosting refugees evacuated from Libya since 2019, under an agreement with the United Nations and the African Union.

These refugees are temporarily housed at the Gashora Emergency Transit Centre as they await resettlement in third countries.

Last week, the United Nations announced a new $1.04 billion cooperation framework with Rwanda, covering the period 2025 to 2029.

The funding aims to advance Rwanda’s national development priorities and the Sustainable Development Goals (SDGs).

U.S. Department of Homeland Security (DHS) Secretary Kristi Noem announced the decision.

“Let this serve as a warning to all universities and academic institutions across the country,” Noem said in a statement.

“Enrolling international students is a privilege — not a right — and that privilege has been revoked due to Harvard’s repeated failure to comply with federal law.”

DHS said that in addition to barring enrollment of future international students, “existing foreign students must transfer to lose their legal status.”

In response, Harvard issued a statement calling the administration’s action unlawful and harmful.

“We are fully committed to maintaining Harvard’s ability to host our international students and scholars, who hail from more than 140 countries and enrich the University — and this nation — immeasurably,” the statement said.

“We are working quickly to provide guidance and support to members of our community. This retaliatory action threatens serious harm to the Harvard community and our country, and undermines Harvard’s academic and research mission.”

The administration in April froze 2.2 billion U.S. dollars in federal grants to Harvard after the university rejected demands that it eliminate diversity, equity, and inclusion programs, and evaluate international students for ideological concerns.

As of the fall 2023 semester, international students made up over 27 percent of Harvard’s student body, according to university data.

The project is set to provide 1,638 modern housing units to families living in vulnerable conditions.

Targeting four villages — Nyabisindu, Amarembo I, Amarembo II, and Ibuhooro in Remera Sector — the project covers 38.54 hectares and builds on the recent success of the Mpazi Rehousing Project, which delivered 688 units in Nyarugenge District.

According to the Ministry of Infrastructure, the new housing units will be spread across 58 housing blocks.

In addition to residential space, the area will feature key infrastructure such as market spaces, schools, green zones, and access roads, all aimed at fostering inclusive and dignified urban living.

“This project reflects our commitment to sustainable urban transformation,” said Minister of Infrastructure Jimmy Gasore.

“We are not just building homes; we are restoring dignity, enhancing public infrastructure, and reducing existing informal settlements. Every Rwandan deserves a decent place to live.”

City of Kigali Mayor Samuel Dusengiyumva echoed the sentiment, noting that the Nyabisindu development marks a significant milestone in the city’s broader urban upgrade strategy.

“Nyabisindu marks a significant step in scaling up the Mpazi model across Kigali. In close collaboration with citizens, we are creating resilient communities where no one is left behind,” he said.

Local residents have welcomed the initiative with optimism. Kanzayire Josiane, who lives in Amarembo II, described the project as life-changing.

“We have lived in old houses for years. Now, we see a future for our children. This is more than housing – it’s a new life for our community,” she said.

Josiane also praised the government’s efforts after visiting completed units in Mpazi, Gitega Sector, and commended President Paul Kagame for championing such impactful initiatives.

The Nyabisindu housing project is expected to be completed within one year.

He made these remarks during the company’s celebration of International Labour Day, held to honor and appreciate staff contributions over the past year.

“The most important person in any company is the one who works there,” Bahizi said. “Every achievement and potential the organization has are rooted in its employees. That’s why we continually remind them of their value to the company’s growth and performance.”

The day was marked by a range of engaging activities designed to promote wellness, camaraderie, and team spirit. Staff and management participated in team-building exercises, football, volleyball, and other interactive games.

Bahizi emphasized that these activities serve more than just entertainment—they are vital to both personal well-being and professional performance.

“These games allow employees to unwind and maintain strong physical health, which in turn sharpens the mind. Second, they’re deeply educational.” he noted.

He added that the games reflect real workplace dynamics, highlighting how teamwork, communication, and mutual support are essential in overcoming challenges and achieving collective goals.

Touching on the growing discussion around automation and artificial intelligence (AI), Bahizi dismissed the idea that technology could fully replace the human workforce.

“Yes, we have machines and technologies like AI, and some believe these will replace people. But they haven’t—and won’t. Technology is created and run by humans. Once we adapt to one tool, we go on to create the next,” he explained.

The celebration concluded with an awards ceremony, recognizing employees who have shown outstanding behavior, dedication, and service both over the past year and throughout their careers with the company.

Kayitesi Sylvie, a BK Insurance employee, shared that seeing her colleagues recognized inspired her to work even harder with the hope of being celebrated in the future.

In his closing remarks, Bahizi expressed gratitude to all staff and reaffirmed that the company’s continued growth rests on their daily commitment and teamwork.

He urged employees to remain passionate, collaborative, and resilient—encouraging them to uphold strong work ethics and uplift each other as one team.

To learn more, interested individuals can follow BKGI on Facebook, Instagram, or X.

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In a candid conversation on the Long Form podcast hosted by Sanny, Dr. Mutuyimana revealed how excessive screen time is fueling depression, addiction, and a loss of focus among young Rwandans, compounding the nation’s ongoing struggle with historical trauma.

“When you feel no support, when you feel rejected, at least you can look for another platform that can help you, and this is social media,” Dr. Mutuyimana explained, describing how youth turn to apps to escape feelings of isolation or inadequacy. However, this escape comes at a cost.

He shared the story of a client, a young professional, who became so addicted to her phone that she lost concentration at work, even checking TikTok during critical tasks.

“If you are always on your phone, you will never be you,” he cautioned, noting that constant consumption of others’ content stifles personal reflection and creativity.

Rwanda’s youth are particularly vulnerable. According to Dr. Mutuyimana’s social media’s addictive algorithms exacerbate feelings of helplessness and worthlessness.

“They are watching TikTok until the phone falls down,” he said, describing a cycle where youth sleep, eat, and work with their devices, leaving little time for real-world connections.

This obsession is not just a habit but a symptom of deeper issues, including family conflict and the intergenerational trauma stemming from the 1994 genocide against the Tutsi.

According to Dr. Mutuyimana, studies show that 30% of Rwandans experience post-traumatic stress disorder (PTSD), far above the global average of 1-8%.

For young people born after the genocide, the pain of their parents’ unresolved grief manifests in modern vices like social media overuse, alongside alcohol and drug abuse.

“They want to fill a gap inside,” he said, linking these behaviours to a search for fleeting happiness in a society still healing from collective wounds.

The psychotherapist also highlighted the physical toll of excessive screen time, echoing host Ntayombya’s personal experience.

“I had to go to the eye doctor because I was light-sensitive,” Ntayombya admitted, estimating he spent 18 hours a day on screens.

Dr. Mutuyimana warned that prolonged exposure to small screens at close distances can harm vision and disrupt sleep, further aggravating mental health issues.

So, what’s the solution?

Dr. Mutuyimana advocates for balance and systemic change. He urges youth to set phone-free hours to “enjoy food, family time, and celebration” and calls for schools and parents to teach digital literacy to curb addiction.

At Baho Smile Institute, Dr. Mutuyimana’s team offers group therapy and community programs that encourage youth to build meaningful in-person connections, countering the isolation driven by excessive social media use.

He emphasises the need for systemic solutions, like teaching digital literacy, to address the addictive nature of platforms that consume young people’s time and attention.

“We need to learn from social media, but we also need time to innovate,” he said, emphasising the importance of fostering creativity over passive consumption.

“Our young people, so few will innovate,” he warned, “because they are only following discoveries.”

Beyond social media, Dr. Mutuyimana revealed that over 20% of youth born post-genocide suffer from their parents’ unresolved pain, transmitted through abusive parenting or silence.

“When you are a traumatised parent, you are more likely to transmit,” he said, citing a client whose mother shared heavy trauma, burdening her as a child.

The interview also tackled what the doctor described as Rwanda’s “culture of silence,” where admitting mental health struggles is “unusual”, especially for men.

Dr. Mutuyimana noted that men are more likely to die by suicide due to societal pressure to suppress pain, while women, more open to expressing emotions, face higher rates of depression and PTSD. He called for a shift to normalise therapy.

Watch the full interview below:

AFR, a non-profit company established in 2010 with the mission to promote financial inclusion and develop the financial sector in Rwanda, made a pledge to advance gender parity through signing the WIFR Gender Charter at its headquarters in Kacyiru.

The scholarships are part of a partnership between WIFR and the UK-based Chartered Institute for Securities and Investment (CISI), which provides certification in emerging fields such as sustainable finance and the future of finance.

The scholarship programme supports women across the financial sector by reducing the cost barrier to accessing globally recognised qualifications. While enrolment is valid for 12 months, learners can complete the CISI certification in as little as 12 weeks, depending on their schedule and commitment.

Speaking during the signing ceremony, AFR’s CEO, Jean Bosco Iyacu, reflected on the institution’s journey towards internal gender parity. He revealed that AFR has achieved equal representation of women on its board and executive committee and said the focus now shifts to increasing female representation across all staffing levels.

“This charter is not symbolic—it’s a reaffirmation that we’re still on the journey. We haven’t yet arrived,” Iyacu said.

“This charter becomes part of how we advocate for sector-wide change,” he added.

The charter signing and scholarship awards also highlighted AFR’s deepening collaboration with Women in Finance Rwanda, as the company recently signed a Memorandum of Understanding to support the foundation in conducting its first-ever survey to inform its activities.

“While individual institutions may know their internal figures, there’s a real gap in sector-wide data. We don’t fully understand the challenges women face that limit their progress—or worse, push them out of the sector altogether,” the AFR CEO added.

A general overview of the current landscape shows that while women make up 48.2% of Rwanda’s labour force compared to 65.6% for men, their presence in high-impact roles remains limited. In the private sector, only 32% of decision-making positions are held by women. Moreover, they are significantly underrepresented in higher-paying technical fields, limiting both their economic empowerment and influence on financial policy and innovation.

Dr. Diane Karusisi, CEO of Bank of Kigali and a WIFR Council and Institutional Member, represented the foundation at the event, where she emphasised to AFR staff that the movement is driven by action, not mere aspiration.

“Gender equity won’t happen if we just sit back and hope. It takes leadership. It takes intention. That’s why this partnership with AFR matters,” she said.

Dr. Karusisi noted that the CISI certification programme has already had a measurable impact. One of the four scholarship recipients from the Bank of Kigali’s previous cohort has since been promoted to a managerial role.

“That’s a clear example of the tangible impact this programme is having on women’s careers,” the CEO quipped.

Speaking on behalf of the new AFR scholarship beneficiaries, Honnête Isimbi, AFR’s Gender and Social Inclusion Specialist, stressed that the opportunity was not just about training, but about transformation.

“You’ve done more than just fund education—you’ve created access. You’ve opened doors to learning, to networks, and to platforms that have historically been difficult for women to reach. And we know that access is the first step toward transformation.”

Highlighting the broader impact of the partnership and the collective commitment within AFR, Agnes Uwanyirigira, AFR’s Chief Program Officer, emphasised the importance of institutional involvement in advancing gender equality.

“Today is a memorable day for the women at AFR who have grown, for the men, and for everyone who supports this agenda. I am proud to join Women in Finance Rwanda not just as an individual, but as an institution,” she remarked.

Beyond the scholarship programme, WIFR has also launched a mentorship initiative involving over 100 young professionals and 30 seasoned mentors. The programme aims to promote peer-to-peer learning and professional growth through structured group sessions over a nine-month period.