Summary

The Rwanda Banker’s Association (RBA) has recently set up a Rwanda Academy of Finance. The aim of this institute of vocational training is to provide with high quality training curricula for the different staff levels of the financial sector. The initiative came after studies showed that the present academic studies do not prepare students enough to a  career in the financial sector. To start there will be 3 programs to be developed up to now: RAF 1 for bank employee level, RAF 2 for bank middle management level and RAF 3 for senior bank management level. The specificity of the program is that it aims to sustainability through local trainers. RBA, assisted by the Belgian Bankers’ Academy (BBA), has received the support of the Luxembourg Ministry of Foreign Affairs for a training of trainers program in order to adapt international courses by a well established bank training centre (House of Training Luxembourg) to Rwandan circumstances and to strengthen Rwandan future trainers’ capacity to transmit the matter in a modern and interactive way.  The RAF 1 program consisting of 9 modules will be finished in September and the first training session will take place on October 15th at RBA in evening classes. The face to face training modules will be blended by additional e-learning modules enabling the participants to integrate the learned matters in their knowhow. A national exam, organised end of May 2020 will then lead to a professional certificate RAF 1 accepted by the entire banking sector as well by the Central Bank and MINECOFIN.

Additional information

In Rwanda 11 commercial banks are active as well as 3 important Microfinance banks, 1 development bank and 1 co-operative bank. There are also 14 private insurance companies.

Recent studies proved that the competence of the personnel of the Rwandan financial sector was behind the competence level of other countries in Africa. Due to the development pace of Rwanda, this can harm the upcoming Rwandan economy. It is therefore necessary to catch up in two domains: organise further training of existing bank, insurance, microfinance and personnel as well for staff of organisations operating in agri-finance area  and secondly improve the curriculum of the present students that will enter the sector soon. To cope with the first aim, and in order to influence the reorganisation of the education of the second target, the Rwanda Bankers’ Association (RBA) launches a high-quality self-supporting training centre for the financial sector in Rwanda. The Rwanda Academy of Finance (RAF) has to focus on providing services reinforcing the development of a modern bank -and later on insurance environment- in Rwanda according to international best practice and also to influence the educational system for those who are to enter into the sector.

The centre will be fully integrated in the financial community and acquire strong credibility. It should meet the needs of the banks, insurance companies and microfinance institutions and, in this respect, follow the evolutions. The centre should also be organised in a lean way, receiving all the necessary logistic support the sector can and will offer so as to reduce the centre’s costs to a minimum.

Moreover, the business plan considers also the organisation of an accreditation system in agreement with the banking -and later on also the insurance and microfinance- sector in order to establish a guaranteed quality for all different competences required in the financial sector. The accreditation system will also be applicable to other financial education providers and will be organised in the framework of the newly created RAF.

Every RAF program consists of 3 phases:

  1. A training curriculum per level in accordance with international standards and the organization of the production of on-site courses. These courses will be given by well-trained professionals.
  2. An e-learning platform containing texts and exercises adapted to the Rwanda situation. This e-learning blends with the already mentioned on-site courses.
  3. The organization of yearly examinations on location, with written parts, monitored by international experts and organised by an independent examination board and leading to the delivery of high standard professional certificates per curriculum level by the Rwanda Academy of Finance, managed and controlled by the various players in the financial sector in Rwanda, including the Central Bank.

The certificates RAF 1,2,3 will be required in the future by banks in Rwanda when individuals want to apply for a job in the sector.

  1. Why subscribe?
  1. Own Competence – The RAF receives support from international training organisations[1] with a strong reputation to set up curricula that meet the needs of the Rwanda banking sector. But it does not seek recognition of its competence based upon the reputation of the international training provider. The strength of the RAF will come from its own competence, quality provided, transparency and sustainable high level.
  2. Skilful local trainers – The RAF structures the curricula through a training of trainers’ process provided by involved international training organisations. The main key element of success has therefore been that we have been able to find the necessary skilful local trainers, who followed the courses and acquired the competence and who contribute actively to the translation of international methodologies to local Rwandese situations and cases. Their willingness to continuously update the modules is the guarantee to success.
  3. Reputable evaluation Board – The reputation of the certificates supplied by the RAF is essential and is based upon the transparency and high standard level of the examination board. This last one has to be able to work independently, in collaboration with international experts whose demand align with the content of the e-Learning curricula provided by the RAF.
  4. Commitment to train employees – The success of this initiative lies also in the willingness of the financial sector to send their employees to the F2F courses, to participate in the e-Learning programs, to attend the yearly exams and also to keep financial professions updated.
  5. How to subscribe?
  6. RAF 1 contains 9 modules of face to face courses blended with the same 9 modules in eLearning, preparing to the National Examen session. The cost for following the entire curriculum face to face is 805.000 RWF. This amount is to be paid up-front. The e-Learning sessions are compulsory because they prepare to the National Exam. They are to be paid after the face to face sessions are finished. Price for the e-Learning sessions is 225.000 RWF. Price for participating to the National Exam is 80.000 RWF. The global cost for RAF 1 is therefore of 1.110.000 RWF.
  7. Application can be addressed directly to RBA (Tel: +250 788 946338; Mail to: vincent@rba.rw) . Official proof of the Bachelor diploma has to be provided. Bank employees can subscribe through the HR department of their bank. Subscription is only valid after payment of 805.000 RWF. A numerus clausus is foreseen at 20 attendees. The rule is: first in, first served.

[1] In the case of RAF 1 courses and international trainers are provided by the Luxembourg House of Training.