CEO Thapelo Tsheole Showcases Rwanda’s Capital Market Progress Through Legal Reforms, Innovation, and Investor Education

Mr. Thapelo Tsheole is the Chief Executive Officer of the Capital Market Authority

Rwanda’s capital market recorded notable progress in 2025 with a focused agenda around legal reforms, public awareness, and digitised supervision. The whole industry expanded access to long-term finance and enhanced investor trust.

The Chief Executive Officer of the Capital Market Authority, Thapelo Tsheole, described the year’s efforts as both transformative and necessary for market maturity.

“These reforms are more than regulatory checklists; they build trust, encourage innovation, and help Rwanda’s market keep pace with global trends,” he said in an interview.

One of the most significant milestones in 2025 was the enactment of a revised Central Securities Depository (CSD) law, which replaces the 2010 framework. The new legislation strengthens market operations by enhancing settlement systems, establishing clearer rules for collateral management, and introducing better safeguards against counterparty risk. These improvements are expected to support a more efficient and resilient trading environment.

In tandem, CMA finalised the regulations governing Collective Investment Schemes (CIS), a key move that widens retail investor access to professionally managed pooled investments. The Authority also introduced a draft law on virtual assets, laying the foundation for future oversight of digital assets in Rwanda’s capital market. A wider legal review is ongoing to align Rwanda’s market framework with international standards set by the International Organization of Securities Commissions (IOSCO).

Beyond policy and regulation, CMA Rwanda stepped up public engagement. Throughout the year, the Authority ran investor education campaigns across all four provinces and the City of Kigali. These sessions helped participants, particularly young people and first-time investors, gain a better understanding of capital market products and their rights as investors. The initiative supports CMA’s broader commitment to investor protection through financial literacy.

As part of its efforts to grow the supply of credible issuers, the Rwanda Stock Exchange and the Capital Market Authority continued to operate the Investment Clinic, offering practical support to small and medium-sized enterprises (SMEs). These businesses received guidance on corporate governance, disclosure requirements, and capital raising strategies. The clinic has helped several firms become more investor-ready.

Looking ahead, CEO Thapelo Tsheole said that CMA is laying the groundwork for the introduction of new financial instruments in Rwanda, including Real Estate Investment Trusts (REITs), Exchange-Traded Funds (ETFs), and sustainability-linked bonds. These products will offer investors more choice and support the development of deeper, more liquid capital markets.