Illuminating Africa’s Path to Generational Wealth, One Child at a Time:Rachel’s Journey to Founding Ruwah

At 10 years old, on a visit to her home country Cameroon, Rachel watched children her age selling sweets, not as a hobby but as essential to making ends meet. A simple yet profound question circled her mind: “Why are they not in school?” Rachel’s father, recognising her inquisitiveness, explained the harsh realities of poverty and inequality. This planted a seed of curiosity and compassion — tinged with a sense of guilt about her own privileged upbringing — that would shape Rachel’s future.

Now, as the founder of Ruwah, Rachel is on a mission to nurture that seed into a forest of knowledge, opportunity, and generational wealth for Africa’s children. Her purpose is clear: to empower the youngest minds of Africa with financial literacy skills, equipping them with the knowledge and confidence they need to break the cycle of poverty and become architects of their futures and the future of the continent.

Rachel is the sixth founder to be featured in our series on Africa’s Hidden Gems which amplifies the voices of African entrepreneurs who are leading the charge in tackling some of the continent’s most pressing sustainability challenges.

A Personal Journey to Ruwah

A former investment banker turned tech entrepreneur, Rachel’s journey to founding Ruwah unfolds across continents, bringing together elements of her family history, and a lifelong mission to empower Africa’s youth.

Rachel was born in Cameroon but grew up in France as the last born of seven children. She quickly learned the importance of reliance and tenacity. As she humorously recounts “my entire childhood was about me existing among these big personalities, so what did I do? I developed an even bigger personality”.

Rachel entered the world of development finance as a young adult. She found herself working at the International Finance Corporation (IFC) and recalls how, at the time, “I was sure that by going into finance and economics, I would be able to understand how to fix what was broken on the continent”.

She was convinced that “by having the right infrastructure, by building industries, we could create jobs and transform our natural resources. We would sell at a fair price on the global market, and we would distribute that wealth properly to the population.” After years spent working on large scale infrastructure projects with the IFC and a move to Nigeria in 2012, Rachel realised, “it was a bit more complex than that”.

Instead, Rachel became increasingly curious about bottom-up approaches and individual attitudes towards money. Perhaps, she thought, “it has to do with how we utilise our resources, how we bring them to life, and how we leverage them to create wealth”. And ultimately, this is something that starts with the individual.

With this mindset shift from the macro to the micro, Rachel went back to university in 2020 for Harvard’s Senior Executive Program for Africa. It was there that Ruwah — which began as an education project — was birthed.

The Challenge: Breaking the Cycle of Poverty

“Ruwah” is a name laden with rich symbolism. In the Hausa language — mainly spoken in parts of Niger, Nigeria, Cameroon and Ghana — it signifies “water”, a force that embodies both tranquillity and boundless strength, an unstoppable stream in its course. In Arabic, “Ruwah” carries connotations of a “beautiful soul” and “wisdom”. The Bible interprets it as a triumphant cry, an exclamation of victory. It’s a term that transcends linguistic and religious boundaries, resonating with the diverse cultures found on the African continent. Ultimately, as Rachel states, “it’s exactly how I look at our youth”.

By 2050, the continent is projected to be home to 40% of the world’s population under 18, amplifying the global implications of their decisions. If Africa (and the world) is to flourish, we must prepare our children and, for some of us, grandchildren (😊) to be responsible, confident, and morally conscious economic actors.

However, challenges loom large on this path. In sub-Saharan Africa, the proliferation of microfinance and digital products has improved financial inclusion but it has also given rise to a concerning trend — over-indebtedness. This is partly a result of “ill-willed lenders”, but it is also a reflection of the lack of financial education across the continent.

This lack of education and an unhealthy relationship with money — a topic rarely discussed at home or taught in schools — contributes towards a “cycle of poverty”.

Rachel reminds us that true wealth is, in reality, a rarity. It is the ability to safeguard and sustain assets and fortunes, a skill often eluding those who have not received adequate financial education.

Rachel’s personal experience adds a poignant layer to this challenge. She candidly shares the profound impact of her father’s death 23 years ago. Her family went from “living very comfortably to having a life of continuous bad luck overnight. Why? Because succession planning, estate planning is often not something we do”.

Using South Africa as an example, only 15% of South Africans have a Will when they die. This means “every generation has to start over, and we consistently fail to build generational wealth”.

Rachel emphasises that this shift towards financial education has broader societal benefits beyond the individual. “When you are preoccupied with your own financial struggles it is challenging to think about let alone prioritise the well-being of others. However, once our basic needs are met, it’s almost a natural inclination to seek self-actualisation and aspire to aid others, unburdened by hunger or immediate financial concerns….unlocking human potential and fostering positive contributions to society”.

Fostering Financial Literacy for a Brighter Future

The solution to this challenge, as Rachel advocates, is educating every single child about how money works, how to grow it, and how to cultivate a healthy relationship with it. By imparting these fundamental financial skills at an early age, we can empower individuals to break free from the constraints of financial instability and, in turn, foster a generation that not only thrives but also contributes positively to their communities and society at large.

Ruwah is the combination of an innovative subscription-based financial literacy platform and prepaid debit card — for children (from 7 years) and teenagers (up to 18 years).

The platform incorporates cutting-edge artificial intelligence, harnessing the power of gamification to make financial literacy an enjoyable and engaging learning experience. It offers access to an extensive EdTech ecosystem and is meticulously put together, with extensive input from parents, children, psychologists, and counsellors, to cater to children’s unique needs.

The platform is designed to grow alongside the child’s development journey. It begins with foundational concepts such as understanding profit, identifying assets, distinguishing between good and bad debt, and reading financial statements. As children progress, they delve into more advanced topics, including investment strategies. The overarching goal is to teach children not only what money is but how to make it work for them, and ultimately, how to multiply it to effect positive change.

Parents are encouraged to provide allowances and utilise Ruwah’s prepaid debit cards as a practical means to teach financial responsibility. These allowances can be tied to various activities, such as chores at home or the attainment of specific goals.

Additionally, Ruwah promotes the entrepreneurial spirit, inspiring children to explore opportunities like selling homemade products.

What Next: A Generation of Change Makers

Ruwah aims to expand its reach significantly. Rachel’s goal is “to be in every African country and in every single school by 2030”. Rachel wants a future where the children nurtured by Ruwah become agents of positive change in their own lives and communities. But she doesn’t want them stopping there. She sees them actively participating in the global economy with a sense of ownership and purpose.

This vision resonates so much with my own vision of having more African voices in rooms and at tables where decisions are being made about solutions to global Sustainability challenges.

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