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Business Education in Kigali
Team: Jake Bennett '06, Tricia Morente '07
Areas: Strategic Plan Development
Project Partners: World Bank (Public Sector Reform & Capacity Building Africa Region), International Finance Corporation’s Global Business School Network (GBSN)
The School of Finance and Banking (SFB) in Rwanda was created in 2002 and the first class of 126 business students was admitted in 2003. The school’s goal is to become a center of excellence in offering key business skills—particularly accounting, banking, and finance—in order to contribute to Rwanda’s private sector development.
Rwanda’s Human Resource and Institutional Capacity Development Agency (HIDA) is tasked with developing Rwanda’s capacity, both from a human resource and financial perspective. In this role, it works closely with the SFB in strengthening Rwanda’s public sector.
The Columbia team of MBA consultants worked with both the SFB and Rwanda’s HIDA. Over their winter recess, the Columbia team traveled to Kigali, Rwanda to develop key strategic initiatives for SFB around the goals of: reaching self-sustainability; developing certification programs in partnership with the Rwandan Finance Ministry; and building student partnerships with international business programs.
Helping the SFB Reach Self-Sustainability
As part of its long-term strategy, the SFB aims to decrease reliance on government funding, thus becoming self-sustainable in running school operations. Hand-in-hand is the additional goal of decreasing the tuition fee burden on each student, enabling more students to enroll for an MBA degree.
Through interviews with SFB staff, project stakeholders, and analysis of SFB’s financial reports, the Columbia MBA team analyzed current sources and uses of funds, as well as identified alternative revenue-generating, cost-cutting and efficiency-raising opportunities. The team performed a gap analysis, which identified key areas upon which to build (see diagram below). The final deliverable of this workstream was a self-sustainability business plan.