Rwanda:
From Adversity to Stability

As an introduction to the podcast here on my website, I’d like to provide some context to the subject matter being discussed with Ntoudi Mouyelo, the chief investment officer at Rwanda Finance Limited, at the Kigali International Investment Centre. 

As the title of this podcast suggests, Rwanda has undergone the most dramatic – I’d even say, miraculous – economic and social recovery over the last 30 years.

Through sagacious economic and structural reforms, Rwanda’s mixed economy has resulted in exceptional growth rates. 

In fact, through the country’s adoption of digital technologies, Rwanda has enjoyed an economic boom over the last decade, which has resulted in significantly improved living standards for many Rwandan citizens.  

 Therefore, considering the economic recovery that Rwanda has achieved, there must be learnings that we in South Africa can take on board that can assist in improving our current economic predicament. 

And knowing Ntoudi as I have for some years, I felt that no one could be more qualified to help us explore what is eluding us: paths to prosperity. 

But first, some background.

Rwanda

Rwanda is a national economic and social success story that has no equal due to a raft of initiatives taken by the country’s government over the last two and a half decades.

And of these, four notable programmes are conspicuous by their accomplishments. 

First, between 2008 to 2018, the government of Rwanda implemented successful economic development and poverty reduction strategies that focused on growing the country’s GDP, reducing the country’s poverty rates, and reducing the income inequality between households.

Alarmed by the high number of malnourished children in poor rural families, the government introduced the “Girinka” Program in 2006. The program’s goal was to tackle malnutrition in rural areas of Rwanda by giving one cow to each family.

On the last Saturday of every month, Rwandan citizens roll up their sleeves to do some crucial community work. Known as “Umuganda”, participation is required by law. People’s efforts can include anything from cleaning the streets to building bridges, schools, or hospitals to the betterment of local communities. 

The fourth initiative was the introduction of Savings and Credits Cooperatives (SACCOs) in 2008. The aim of these institutions was to encourage financial inclusion that would boost people’s savings and introduce credit facilities in rural areas that were inaccessible to large banks. Within four years, Rwanda’s SACCOs doubled the number of citizens who used formal financial institutions for banking.

Rwanda Finance Limited

Rwanda Finance Limited (RFL) is a company promoting and developing Rwanda as a leading financial destination for international investment and cross-border transactions in Africa.

RFL works with key stakeholders to develop and promote Kigali International Financial Centre through investment promotion, policy advocacy and sector upskilling. It also works to establish the regulatory framework for Kigali International Financial Centre to become a leading international financial centre.

Ntoudi Mouyelo, Chief Investment Officer

Ntoudi, an experienced specialist in international banking and finance, has worked as a senior executive in various international financial centres in Europe and the Asia Pacific region over the last 20 years. His particular fields of expertise lie in risk management and structuring investment entities for financial institutions and large corporates. 

Ntoudi also has an impeccable track record of designing wealth-planning solutions for high-net-worth individuals.

Ntoudi holds a batchelor’s degree in engineering from Ecole Polytechnique de Montreal and a master’s degree with distinction in banking and finance from the Luxembourg School of Finance.