The Institute for Legal Practice and Development (ILPD) signed a Memorandum of Understanding (MoU) with Rwanda Finance Limited (RFL) to train financial sector professionals. This agreement was formalized on Thursday, August 1, 2024, at the ILPD headquarters in Nyanza, Southern Province.

Rwanda Finance Limited, established in 2019, aims to provide guidance and promote the financial sector to expand beyond domestic boundaries and become internationally competitive.

The institution oversees all sectors related to finance, including banks, insurance companies, legal advisors, tax professionals, accountants, and others. However, it has been observed that the knowledge of legal matters related to their work is not at a satisfactory level, given the Rwandan government's ambition to elevate the quality of operations to an international standard.

Nick Barigye, the CEO of RFL, mentioned that after identifying gaps in the legal aspects of the financial sector, they decided to collaborate with ILPD to train their staff and other professionals in the financial sector.

He explained, “There are laws we have put in place but are not being used effectively, and some of our partners do not understand them. For example, there are 21 laws that were issued in the past four years, but most people are not even aware of them. We need ILPD to raise awareness and train us because we recognize its capabilities.”

Barigye expressed enthusiasm for the agreement and looked forward to working with ILPD to enhance the legal knowledge of financial sector professionals.

He stated, “We need this training urgently because there are still gaps. For instance, investors coming to Rwanda may require specific things, and sometimes those of us involved may not fully understand or may only have partial knowledge; in such cases, services become inadequate.”

Dr. Muyoboke Karimunda Aimé, the Rector of ILPD, welcomed RFL’s request, noting that it aligns with ILPD’s mission and capabilities.

He said, “Providing training is a very positive thing for us and aligns with our goal of advancing legal practices. These efforts match our objectives, and we have continued to build capacity in developing and promoting business-related laws. We are also seeking partnerships with institutions and universities, including those abroad, to strengthen ourselves. Collaborating with us will further benefit everyone.”

Following the signing of the agreement, there will be a campaign for all institutions under RFL’s oversight to send their staff to ILPD for legal training related to finance. The training will start with short-term sessions.