The Capital Market Authority of Rwanda welcomes all Fintech Innovations that want to test their Fintech innovations in the CMA Fintech Regulatory Sandbox. The Fintech Regulatory Sandbox is meant to aid both the CMA and innovators to understand the emerging trends on financial technology and regulatory requirements through mutual learning and engagement. The framework provides evidence-based tool for fostering innovation while allowing the Authority to maintain allegiance to regulatory objectives. 

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:

1. Capital raising or investment-based crowdfunding and covers:

  • Equity based crowdfunding;
  • Debt based crowdfunding;

2. Brokerage, securities trading, securities borrowing and lending, clearing and settlement of securities; 
3. Saving and Investment/wealth management; 
4. Investment advisory and corporate finance;
5. Credit ratings;
6. Commodity exchange and derivatives including Over-The-Counter (OTC) derivatives;
7. Regulatory Technologies (RegTech) and Supervisory Technologies (SupTech);
8. Any other areas related to securities, fund management, commodity and derivatives market.

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 regulatory sandbox framework is governed by the CMA Fintech Regulatory Sandbox Guidelines of April 2023, available here.