On Thursday, 25 June 2026, the Capital Market Authority (CMA) Rwanda has capped a high-impact study tour of Nigeria with a deep-dive engagement at the Central Securities Clearing System (CSCS) Plc — Nigeria's premier post-trade infrastructure and the backbone of one of Africa's largest capital markets.
Africa learning from Africa — that was the spirit of the visit. Led by Chief Executive Officer Mr. Romeo Ngarambe, the CMA Rwanda delegation engaged directly with CSCS leadership, including Chief Executive Officer Mr. Shehu Yahaya Shantali, in a frank, forward-looking exchange on building world-class market infrastructure for Rwanda.
The engagement closed a packed Nigeria mission that also took the delegation to the Securities and Exchange Commission, the Debt Management Office, and the Nigerian Exchange Group — a clear signal of CMA Rwanda's ambition to build at continental scale.
The message from Lagos was bold and clear: Africa's markets will advance faster when African institutions learn from, and build with, one another — adapting proven solutions rather than reinventing the wheel. CSCS shared its journey as an asset-class-agnostic central securities depository: a fully dematerialised market and a standout migration to a T+1 settlement cycle delivered with effectively flawless execution. This mission is about turning those lessons into action for Rwanda.
Together, both sides explored settlement-cycle modernisation, CSD risk-rating readiness, dematerialisation, and post-trade technology — agreeing to keep building, with the regulator engaged and regional integration firmly in view through bodies like WACMI, AMEDA and the World Forum of CSDs.
The future of African capital markets is connected, ambitious, and built together. And Rwanda is right at the heart of it.