Rwanda Banker’s Association (RBA) has launched Rwanda Academy of Finance (RAF) expected to provide high quality training curricula for different staff levels in the financial sector and acquaint them with international competencies.
The initiative came after recent studies established that the competence of human resources in Rwandan financial sector was behind the competence levels of other countries in Africa.
Speaking to the media about the purpose and initiatives taken in the new venture of Rwanda Academy of Finance, the Chairman of Rwanda Banker’s Association, Maurice Toritich explained that the academy comes in to provide the right skills and support the development of the staff for all sectors in financial services sector.
“The academy will address specific capacity needs in the financial sector and uplift standards in Rwanda and the region,” he said.
Robin Bairstow, the Managing Director of I&M Bank and Rwanda Academy of Finance steering committee member highlighted that the academy will play a critical role in ensuring the right level of competence across the spectrum in the financial and insurance sector is attained.
He explained that there will be 3 programs to be developed within three phases beginning with RAF 1 for bank employee level, RAF 2 for bank middle management level and RAF 3 for senior bank management level.
The first training session will take place on October 15th 2019 with evening classes at current RFA offices at M Peace Plaza 5th floor.
The face to face training modules will be blended with additional e-learning modules enabling participants to integrate knowledge in practice.
A national exam organized end of May 2020 will lead to professional certificate RAF 1 accepted by the banking sector as well as Central Bank and MINECOFIN.
The cost of covering the entire curriculum face to face is Rwf 805,000 to be paid upfront while the cost for e-learning sessions is Rwf 225,000. The price for participation in National Exam is 80,000. This brings the total to Rwf 1,110,000.
Belgian Banker’s Association (BBA) is the key partner of RBA in implementing programs at Rwanda Academy of Finance.
Mr. Louis Delcart, International team leader of BBA underscored that the program will ensure sustainability through local trainers and translate the international situation into local context.
RBA assisted by BBA has received the support of Luxemburg Ministry of Foreign Affairs for training of trainers program in order to adapt international courses by a well-established banking training center (House of Training Luxembourg) to Rwandan circumstances and strengthen Rwandan future trainers’ capacity to transmit knowledge in a modern interactive way.
In Rwanda, there are 11 commercial banks, 3 important Microfinance banks, one development bank and one co-operative bank. There are also 14 private insurance companies.
Rwanda Academy of Finance will focus on providing services reinforcing the development of a modern bank and later on insurance environment in Rwanda in line with international best practices and also to influence the educational system for those who are to enter into the sector.
RAF is expected to meet the needs of banks, insurance companies and microfinance institutions.
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.