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Rwanda and Qatar strengthens ties with financial services agreement

Rwanda and Qatar set to benefit from mutual recognition agreements for new business opportunities in both markets following a new agreement between Qatar Financial Centre (QFC) and Rwanda Finance Limited (RFL).

Rwanda has been positioning itself as a hub for Fintech investments through different initiatives, including improvements of talent landscape, ease of registering a business, innovation, a friendly regulatory ecosystem, and access to world-class accelerators, investors, and venture capitalists.

Speaking of positioning, Rwanda Finance Limited (RFL) and Qatar Financial Centre (QFC) has signed a memorandum of understanding directed towards facilitating different initiatives that will enhance the international development of both QFC and Kigali International Financial Centre (KIFC).

Kigali International Financial Centre is an initiative by the Government that seeks to position Rwanda as a business and financial services hub in Africa and reform the financial services.

KIFC consists of institutions like banks, corporate services providers such as lawyers, accountants, private investors and family offices, financial sector regulators, the Registrar of businesses in Rwanda, among other stakeholders.

The MoU was signed by Yousuf Mohamed Al-Jaida, Chief Executive Officer of QFC, and Nick Barigye, Chief Executive Officer of RFL, and aims to promote capacity building and skills development. This will be achieved through training programmes, knowledge transfer, and fostering a culture of continuous improvement within the financial landscape.

It will also facilitate the creation of a community between the fintech ecosystems of Qatar and Rwanda and initiate sharing of best practices for the development of Islamic Finance in both markets.

Commenting on the latest development, Nick Barigye, Chief Executive Officer, RFL, said that "this agreement will further enhance the Kigali International Financial Centre's attractiveness as a destination for investors and financial actors who want to manage their wealth and structure their investments across Africa effectively."

Mohamed Al-Jaida, Chief Executive Officer, QFC, said this MoU marks the long-term cooperation between Qatar Financial Centre and Rwanda Finance Limited to support businesses in Rwanda and Qatar through joint initiatives open doors for skills development, knowledge exchange, and investment and partnership opportunities."

Rwanda in focus

GDP: $10.334 billion in 2020 compared to $10.356 billion in 2019

Population: 12,952,209 in 2020 compared to 12,626,938 in 2019

GDP per capita: $797 in 2020 compared to $820 in 2019