Recruitment of a firm to conduct a Financial Sector Skills Survey at RWANDA FINANCE LTD: (Deadline 23 June 2025)
REQUEST FOR PROPOSALS (RFP)
Recruitment of a firm to conduct a Financial Sector Skills Survey
Local Firms Only
Brief description of the Assignment: Rwanda Finance Limited seeks to commission a consulting firm to carry out the 2nd financial sector skills survey. The study/survey will inform local and international financial actors on the current state of employment and financial professionalism in the sector and will also help to set clear targets for a financial sector skills framework and talent development strategy for the Government of Rwanda as it seeks to promote Kigali as a financial hub. This assignment is supported and funded by Luxembourg Cooperation as part of the RWA024 Project in support of the development of the Kigali International Financial Centre, KIFC.
Department issuing the request: Strategy Department
Place of assignment: Kigali-Rwanda
Duration of the assignment: 5 months (from the start of the contract)
Deadline for applications: 23rd June 2025
Applications to be submitted to: procurement@rfl.rw
Contact number: +250783803374
- Background/ Context
Rwanda has set an ambitious goal to become a high-income knowledge-based economy by 2050, with the development of a thriving financial services sector playing a pivotal role in achieving this vision. The Kigali International Financial Centre (KIFC) is central to this strategy, positioned to develop Rwanda into a preferred financial services hub and fund domicile in Africa. The KIFC aims to attract and broaden the pool of financial services and products available, engaging more regional and global actors. Recent years have already witnessed institutional investors committing to domicile their flagship Pan-African based funds in Rwanda, demonstrating the growing attractiveness of the KIFC.
The 1st Financial Sector Skills Survey Report, launched on December 10, 2024, provided an analysis of the sector’s human capital, which was accompanied by the recently released Labour Force Survey 2025, Q1. Financial services currently employs 0.8% of Rwanda’s workforce. Between 2019 and 2025, the number of people working in the sector grew from 37,000 to 42,000 — an average increase of 13.5%. However, only a small fraction, around 2% of the financial sector professionals, are considered highly specialized, holding internationally recognized professional qualifications, as per the Financial Sector Skills Survey report 2024, which highlights that the current talent pool is insufficient to meet the growing demands of the KIFC.
With the continued growth and development of the Kigali International Financial Centre, the need to attract, build, and retain a highly specialized pool of financial professionals to capitalize on emerging opportunities remains paramount. Rwanda has made significant strides in establishing a robust regulatory framework, attractive tax policies, and sound governance systems. The current strategic focus is on talent attraction and development to ensure Rwandan professionals are well-prepared to serve the expanding needs of the financial centre and to further enhance its competitiveness on the global stage. The findings of this skills survey will be crucial in informing targeted interventions and strategies to address identified gaps and build a future-ready workforce for the KIFC.
About the Kigali International Financial Centre (KIFC)
KIFC is a national flagship initiative to transform Rwanda into a financial services and business hub. It includes Rwanda’s financial ecosystem and investors looking to set up in Rwanda to invest across the African continent.
About Rwanda Finance Limited (RFL)
The Government of Rwanda established RFL as the lead agency to advance the competitiveness of the financial industry in Rwanda and facilitate increased investment and trade in the country. Over the past four years, RFL has worked with key stakeholders and partners to develop and promote KIFC through facilitating investment promotion, policy and regulatory reform advocacy, and sector upskilling.
For more details, click on the link cf966eb4-852c-4a8b-8b2d-c88cea37302a_Request_for_Proposals__Skills_Survey_Final.pdf
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