Welcome to CMA Fintech Regulatory Sandbox Application portal

Thank you for your interest in the Capital Market Authority’s Fintech Regulatory Sandbox. The Regulatory Sandbox is meant to allow for testing of Fintech innovations that have the potential to contribute in the development of Rwandan Capital Markets.

The CMA Fintech Regulatory Sandbox covers Fintech innovations that affect the entire value chain of securities market, saving and investment/wealth management, commodity and derivatives market including but not limited to:

  • Capital raising or investment-based crowdfunding and covers
    - Equity based crowdfunding;
    - Debt based crowdfunding;
  • Brokerage, securities trading, securities borrowing and lending, clearing and settlement of securities;
  • Saving and Investment/wealth management;
  • Investment advisory and corporate finance;
  • Credit ratings;
  • Commodity exchange and derivatives including Over-The-Counter (OTC) derivatives;
  • Any other areas related to securities, fund management, commodity and derivatives market.
  • Regulatory Technologies (RegTech) and Supervisory Technologies (SupTech);

The Fintech innovations should be introducing novelty features that will add significant value and accelerate the development of the capital markets in Rwanda. Both start-ups and established firms with Fintech innovations that are ready to be consumed are encouraged to apply for the Fintech Regulatory Sandbox and applications are received on a rolling basis.

The applicants need to complete an online application form through this portal. The application form contains the necessary supporting information of the application to participate in the Regulatory Sandbox. The completed application form, along with all required supporting documentation, must be submitted to the CMA through this online application form. If the CMA has questions or require additional information, they will contact you.

The completeness and clarity of the information provided in the application will determine the time taken for the CMA to review your sandbox application. The form must be filled by any senior official and approved by the CEO. They must declare and confirm the accuracy of information in the application form and all the attachments.

To access the online application form, an account needs to be created and validated. Click on the create account button and fill the form. You will receive a notification to your email to validate your account. After your account is validated, you will be able to login and start your application. If you have issues when creating your account, or need any clarification before submitting your application, or during the application and review process, please write to fintech@cma.rw

You can also access the application form and CMA Fintech Regulatory Sandbox Guidelines in pdf format below the login section of this page to guide you before you proceed. Refer also to the CMA Fintech Innovation page for more details on CMA Fintech Regulatory Sandbox.