The Rwanda Capital Market Authority (CMA) has concluded nationwide issuer roadshows, an initiative designed to expand access to the country’s capital market and strengthen the contribution of private enterprise to long-term economic growth.
The program brought together key institutions including the Capital Market Authority (CMA), Rwanda Stock Exchange (RSE), Rwanda National Investment Trust Ltd (RNIT), and the Private Sector Federation (PSF), in a coordinated effort to engage businesses across all provinces and Kigali.
More than 700 enterprises took part in the outreach, ranging from small and medium-sized businesses to cooperatives and firms considering public listings. For many businesses outside Kigali, this was their first structured exposure to Rwanda’s capital-raising ecosystem.
The sessions introduced participants to practical pathways for raising funds through equity and debt instruments, while also explaining regulatory requirements and market expectations.
CMA Chief Executive Officer Thapelo Tsheole noted that the countrywide engagement was created with the intention of reaching firms that often operate far from major financial centers.
“We set out to bring capital market opportunities to every part of Rwanda, and we achieved that. This effort represents the beginning of a wider strategy to extend financial participation and stimulate enterprise development through local markets,” he said.
Eric Ngabonziza, the Head of Market Development at CMA emphasized that the program provided clarity for firms seeking alternative financing solutions. “We connected with businesses operating at the core of the real economy. What we found was interest, ambition, and a demand for credible financing alternatives.”
The Private Sector Federation echoed this position, arguing that Rwanda’s capital market must be accessible to a broader community of entrepreneurs. PSF Chief Executive Officer, Stephen Ruzibiza, explained Capital market offers something that traditional finance cannot always provide.
“Through instruments such as corporate bonds and commercial paper, listings on the stock exchange, real estate investment trusts, and other specialized vehicles, businesses can finance expansion, diversify their investor base, and reduce dependence on collateral-based loans,” he said.
Institutional investors also highlighted the importance of stronger domestic savings. RNIT Chief Executive Officer, Jonathan Gatera, underscored the link between savings culture and national development.
“Increased saving drives domestic investment. That behaviour shift is fundamental to building sustainable financial capacity. Pension schemes, unit trusts and other pooled investment structures will play an important role in creating a capital base that supports long-term economic plans,” he said.
From the perspective of public market operations, RSE Chief Executive Officer Pierre Celestin Rwabukumba pointed out that listing on the stock exchange offers more than funding. “A public listing provides not just funding, but structure, discipline, and visibility. For ambitious companies, it is a strategic evolution,” he noted.
His message was reinforced by local issuers who have already experienced capital market benefits. Chantal Habiyakare, Chair of Grain Millers Plc, said that access to public capital has allowed her company to grow and formalize operations.
In his keynote remarks, Steven Biganiro, Director General of Capital Markets and Investment Schemes at the Ministry of Finance and Economic Planning, said the government remains focused on mobilizing local capital as a pillar of fiscal sustainability.
“We have established the necessary groundwork. Now we must develop an economy in which domestic markets support our own development priorities. Reducing reliance on external financing depends on unlocking internal capital and supporting private-sector-led growth,” he said
With more local firms now exploring capital market opportunities and international investors showing interest in Rwanda’s frontier market potential, stakeholders view this as a catalyst for continued engagement among enterprises, regulators and investors.
