Rwanda Finance : Why Africa needs more international finance centres

Africa's emerging financial hubs are solidifying their positions on the global index, showcasing a growing openness of regional economies and a push for international recognition. Cities across Africa are climbing the ranks to become top global financial centers, bolstering their ability to draw in investments and propel economic development across the continent, according to the latest global index. Tuti Mouyelo, the Chief Investment Officer at Rwanda Finance Limited, discussed the importance of establishing more international finance centers during a recent CNBC Africa interview. Mouyelo highlighted the necessity for financial centers to serve as the backbone for economic growth. She pointed to Rwanda Finance Limited's debut ranking at the top in South Sala Africa in the Global Financial Centres Index (GFCI) as evidence of the demand for increased competition within Africa's financial landscape. Recognizing a financial center like the Kigali International Financial Center signals the presence of a conducive ecosystem, encompassing policies and talent that attract investors and facilitate the necessary services for investments to flow into and through a country. Thus, Mouyelo emphasized the critical need for more recognized financial centers across Africa. In response to questions about what distinguishes International Financial Centers (IFCs) like Casablanca and Kigali from more locally-focused financial centers such as Nairobi and Ghana, Mouyelo advocated for the term 'Pan-African Financial Centers.' She underscored that centers like Kigali attract investments that impact the entire continent, unlike some centers that primarily target projects within their respective countries. By positioning Kigali as a Pan-African hub, the center has drawn investors from regions beyond Rwanda, demonstrating its value in facilitating cross-border transactions. Mouyelo elaborated on Rwanda Finance Limited's strategic positioning within the market, focusing on sustainable projects, innovation, technology, and impact investment. The center aims to be a leading hub for sustainable initiatives, positioning itself as the go-to financial center for projects aligned with Sustainable Development Goals (SDGs) and Environmental, Social, and Governance (ESG) principles in Africa. Additionally, Rwanda aims to carve out a niche in the FinTech sector, offering a conducive environment for innovation and technology companies to thrive. The center also champions impact investment, attracting alternative investments and serving as a destination for fund managers seeking to structure their funds within the region. As Africa navigates capital flight challenges in the aftermath of the global pandemic, Rwanda Finance Limited is actively engaging with fund managers and companies looking to domicile their funds in Kigali. The center's focus on sustainability, innovation, and impact investment sets it apart in the competitive financial landscape, positioning it as a hub for transformative and socially responsible financial activities. With a commitment to fostering cross-border investments and nurturing a conducive environment for businesses, Rwanda Finance Limited aims to be a beacon for financial excellence across Africa.