This chapter analyses the political economy of Rwanda’s financial sector. It presents the evolution of Rwanda’s national banking sector and the ways the Rwandan Patriotic Front has sought to mobilise domestic resources to invest in strategic sectors. It provides an overview of how African financial sectors have been transformed in varied ways through adapting to three kinds of financial sector reforms: policies influenced by the market-led consensus, developmentalist strategies and the influence of offshore sectors. Rwanda, in its attempt to transform Kigali into a financial sector while mobilising state-driven investments for strategic investments and adopting ‘best practice’ financial sector reforms, encapsulates the contradictions associated with being influenced by these three sets of policies concurrently. Next, the chapter describes how the Rwandan government has innovatively mobilised domestic resources to fund strategic investments. Innovations include its pension fund, the Rwanda Social Security Board. The chapter concludes by discussing how elite vulnerability has constrained the capacity of the Rwandan government to concentrate resources and financial expertise in one specific financial institution, thereby inhibiting the effectiveness of strategic investments.