Rwanda’s capital market is “entering a new phase of depth and confidence,” the Chief Executive Officer of the Capital Market Authority (CMA) Thapelo Tsheole said at Energicotel PLC’s Series II bond listing at the Rwanda Stock Exchange.
Tsheole cited momentum over the past year, including rising market capitalisation, deeper liquidity, and a clear uptick in investor participation. Framing recent activity regionally, he noted that two listings within a single week remain rare across Africa, an indicator of issuer confidence and robust demand.
He credited steady market development work and sustained investor education for enabling informed participation and more efficient allocation of savings. Looking ahead, he announced nationwide Issuer Townhall Roadshows in 2025 to equip private-sector firms with practical tools to access long-term finance and to broaden public understanding of capital market products and routes to market.
The Chief Executive Officer of the Rwanda Stock Exchange, Pierre Celestin Rwabukumba commended the issuer’s consistent execution and transparency, describing the pathway from the Capital Market Investment Clinic to a second bond listing as a marker of sustained growth and investor confidence.
Tsheole emphasised collaboration across the ecosystem issuers, intermediaries, investors, and partners, and highlighted growing citizen participation.
Acting Managing Director of BK Capital, Ivy Hesse pointed to Energicotel’s early preparation and clarity of intent, while Access to Finance Rwanda CEO Jean Bosco Iyacu said the listing reflects a maturing market. Energicotel Executive Director Ferdy Turasenga thanked investors and partners, stressing both commercial returns and wider social impact.
Energicotel’s Frw 2 billion Series II corporate bond, subscribed at 145% underlined the point. The tranche, part of a long-term fixed-rate programme launched in 2021, will fund power-generation and energy-efficiency projects aligned with Rwanda’s energy-transition priorities.