Rwanda’s capital market has “entered a new phase of depth and confidence,” the Chief Executive Officer of the Capital Market Authority (CMA), Thapelo Tsheole told delegates at AFSIC – Investing in Africa 2025, citing rising turnover and broader participation across asset classes.
Speaking at the Rwanda Country Summit, jointly hosted by the Rwanda Development Board and the Kigali International Financial Centre, Tsheole joined a panel on “Capitalising on Growth: Rwanda’s Role as Africa’s Rising Investment Powerhouse”. The conversation set out how Rwanda offers global investors a favourable environment under a modern, competitive regulatory framework.
Panellists highlighted Rwanda’s strategic position as a gateway for international capital and pointed to regulatory reforms that have attracted investment funds and special-purpose vehicles to domicile in the country. CEO Tsheole added that Rwanda’s capital market is actively looking for partners and prospective issuers, with regulators “on the front line of innovation” to keep pace with market needs.
Market performance in 2025 has been broad-based. Corporate bonds raised Rwandan francs 46 billion, including green and sustainability-linked paper. On the sovereign side, 14 Treasury bond auctions and reopenings mobilised Frw 246 billion, with an average subscription of 293 per cent, a clear signal of robust demand.
The secondary market strengthened markedly. Equity turnover rose to Frw 63.5 billion in 2025, up from Frw 4.7 billion in 2024, while trading volumes climbed to 425.2 million shares from 22.4 million a year earlier. Bond-market turnover reached Frw 148.5 billion, a 167 per cent year-on-year increase. Assets in collective investment schemes advanced to Frw 71.4 billion, up 12 per cent on 2024.
CEO Tsheole credited the momentum to an improved regulatory landscape, tighter disclosure standards, and sustained investor education efforts. He said the forthcoming Capital Market Issuer Townhall Roadshows 2025 will support prospective issuers to list shares, issue bonds, and meet disclosure obligations, widening the pipeline of investable opportunities.
AFSIC – Investing in Africa remains one of the continent’s premier investment forums, convening business leaders, investors, and financiers in London to explore high-potential ventures across African markets.