First Mover

Rwanda aims to turn Kigali into an African financial centre to drive investment

By David Whitehouse

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Posted on April 21, 2021 12:53

© Kigali has followed the prescriptions laid down by international organizations with disappointing results. Photo supplied by Rwanda Finance .
Kigali has followed the prescriptions laid down by international organizations with disappointing results. Photo supplied by Rwanda Finance .

Rwanda is seeking to extend it range of partnerships with global financial centres to accelerate its development as an African hub, Rwanda Finance CEO Nick Barigye tells The Africa Report.

Discussions are taking place with potential partners in Europe, the Middle East and North America, Barigye says from Kigali. “The missing link for Africa is financial centres that facilitate the flow of capital,” he says.

Rwanda Finance is a government-owned company set up to encourage investment in the country and region. It promotes the Kigali International Financial Centre (KIFC), set to be officially launched at a meeting of Commonwealth heads of state in Rwanda in June. The company has partnerships with Casablanca Finance City, British development finance institution CDC and France’s BPI.

READ MORE The Commonwealth: Why does it exist and does it help its members?

According to the Global Financial Centres Index published by Z/Yen, Casablanca is currently Africa’s leading financial centre, holding 53rd place globally. Kigali, along with Lagos, is counted as an “associate centre” which does not yet meet all the criteria to be on the full list.

Barigye argues

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