The Capital Market Authority of Rwanda on Thursday, 26 February 2026 convened a consultation workshop with market stakeholders and partners to review the Draft Regulation on Intermediary Service Platform Operators, as part of efforts to create a conducive regulatory environment that supports the development of fintech innovation for Rwanda’s capital markets.
The proposed regulation has been introduced in response to the results of Fintech Innovations’ testing within the CMA Fintech Regulatory Sandbox a
Speaking during the consultation, the Digital Innovation Analyst at the CMA, Mr. Jerome NDAYAMBAJE stated that the CMA Fintech Regulatory Sandbox has enabled the live testing of Fintech Innovations within a controlled environment, and the proposed regulation aims at supporting the innovations’ graduation from the sandbox testing to full deployment to the wider market.
The CMA’s Acting Chief Executive Officer, Mr. Ngabonziza Karekezi said that the stakeholder feedback will play an important role in shaping practical and market-fit regulation. He said the draft regulation is intended to provide a clear framework for Fintech Innovation graduating from sandbox testing and similar business models that may come in future.
The draft regulation sets out requirements on licensing, conduct, governance, security, and supervision. The aim is to establish clear standards for intermediary service platform operators while supporting market integrity, investor protection, and orderly market development.
Ag. CEO Karekezi said continued engagement with stakeholders remains necessary to ensure the final regulations respond to market realities and support the Fintech Innovations with potentials to deepen Rwanda’s capital market development.
Bob Junker, Head of Cooperation at the Embassy of Luxembourg in Rwanda, commended Rwanda’s openness to innovation and technology, describing both as important drivers of growth.
The draft regulation is expected to guide operators that facilitate access to capital market services through Fintech Innovations. By setting minimum standards and clear regulatory expectations, the framework could strengthen the trust and confidence in the market and provide greater clarity for firms seeking to introduce new fintech business models
The consultation marks another step in Rwanda’s efforts to deepen its capital market while maintaining investor confidence. Once adopted, the regulation is expected to support a more secure, efficient, and modern market environment.