KIGALI – As the Rwanda Stock Exchange (RSE) marks its 15th anniversary, the milestone is serving not only as a celebration of progress but also as a moment of reflection on the structural adjustments needed to deepen the country’s capital markets.
Since beginning operations in 2011, the Exchange has facilitated roughly Frw 2.71 trillion in capital mobilization. Cumulative trading turnover has exceeded Frw 28 trillion, while market capitalization has expanded to Frw 6.6 trillion — a significant rise from Frw 1.5 trillion recorded in 2015.
Investor participation has also grown steadily, with more than 270,000 accounts registered today. Rwandans represent approximately 95 percent of the investor base, reflecting strong domestic engagement.
Yet, despite these achievements, Exchange leadership acknowledges that Rwanda’s capital market is still in a development phase. Limited liquidity, relatively low financial literacy, and a modest investor pool compared to the country’s population remain pressing challenges.
“When the Exchange was established, trading was largely informal and limited. Today, we manage transactions worth trillions, built on a platform designed to give businesses credible access to capital,” said Chief Executive Officer Pierre-Célestin Rwabukumba.
He noted that the credibility gained over the past decade and a half — enabling government infrastructure financing and citizen participation in investment — now lays the groundwork for the next stage of reforms.
Driving liquidity, innovation and regulatory strength
Liquidity remains one of the Exchange’s primary constraints. Although volumes have improved over time, sustaining more vibrant market activity requires broader participation and more diversified financial products.
To tackle this, RSE is preparing to roll out new instruments including real estate investment trusts (REITs), exchange-traded funds (ETFs), green and sustainability-linked bonds, multicurrency securities, and Sharia-compliant products. The goal is to expand investment choices, attract foreign capital, and stimulate domestic savings.
Speaking during the 15th anniversary event on February 20, 2026, Rwabukumba emphasized that product innovation will play a key role in drawing international investors while strengthening local market activity.
He added that collaboration with the Capital Market Authority (CMA) and the National Bank of Rwanda (BNR) remains central to improving compliance standards, transparency, and investor protection.
“Confidence in our governance and regulatory framework is what enables companies and public institutions to raise funds through the Exchange. That trust is essential for deeper participation and long-term market health,” he said.
Dr. Soraya Munyana Hakuziyaremye, Governor of the National Bank of Rwanda, highlighted the wider economic significance of capital markets.
“Stock exchanges go beyond buying and selling shares. They mobilize long-term savings and direct them toward productive sectors, supporting private sector expansion, infrastructure financing, and innovation,” she noted.
Financial literacy and long-term resilience
While participation has expanded to over 270,000 investors, officials acknowledge that broader public understanding of capital markets remains critical for sustained growth.
RSE leadership says continued investment in financial education, technology, and human capital development will be necessary to strengthen confidence and widen access.
The Exchange’s evolution has included landmark listings, steady growth in market capitalization, and greater product variety. Between 2020 and 2024, the market experienced a notable expansion phase marked by increased dividend activity and the introduction of additional bond categories.
Looking ahead, the focus extends beyond numerical growth. The Exchange aims to deepen market activity, enhance resilience, improve inclusivity, and solidify its role as a key financing channel for enterprise and innovation.
Fifteen years after its launch, the Rwanda Stock Exchange now stands at a reform crossroads — with liquidity enhancement, regulatory robustness, product diversification, and investor education forming the pillars of its next chapter.
