Rwanda Broadens Investment Opportunities Through Capital Market Issuer Engagement

Rwanda on November 24 successfully concluded its 2025 Capital Market Issuer Roadshows, marking the end of a nationwide campaign aimed at boosting participation in the country’s capital markets and encouraging private-sector involvement in long-term economic growth.

The initiative led by the Capital Market Authority (CMA) in partnership with the Rwanda Stock Exchange (RSE), Rwanda National Investment Trust Ltd, and the Private Sector Federation (PSF) reached more than 700 enterprises across all four provinces and the City of Kigali. Participants included small and medium-sized enterprises, cooperatives, and prospective issuers seeking guidance on accessing equity and debt financing through formal markets.

CMA Chief Executive Officer Thapelo Tsheole said the campaign was designed to extend financial market awareness and access to businesses outside the capital, many of which had limited exposure to capital-raising opportunities.

“We set out to bring capital market opportunities to every part of Rwanda, and we achieved that,” he said. “This effort represents the beginning of a wider strategy to extend financial participation and stimulate enterprise development through local markets.”

PSF Chief Executive Officer Stephen Ruzibiza highlighted the unique value of capital markets in providing patient, long-term financing that differs from traditional lending.

“Capital market offers something that traditional finance cannot always provide: patient, long-term capital that comes in as a partner, not only as a lender,” he noted. “Through instruments such as corporate bonds, commercial paper, stock exchange listings, and real estate investment trusts, businesses can expand, diversify their investor base, and reduce dependence on collateral-based loans.”

Jonathan Gatera, CEO of Rwanda National Investment Trust Ltd, emphasized the importance of cultivating a stronger national savings culture to finance Rwanda’s development ambitions.

“Increased saving drives domestic investment,” he said. “That change in behaviour is fundamental to building sustainable financial capacity.”

He noted that pension schemes, unit trusts, and other pooled vehicles play a central role in anchoring the long-term viability of the capital markets.

Rwanda Stock Exchange CEO Pierre Celestin Rwabukumba underscored that public listings offer more than access to financing. He said they also raise operational standards.

“A public listing provides not just funding, but structure, discipline, and visibility,” he said. “For ambitious companies, it is a strategic evolution.”

From the private sector, Chantal Habiyakare, Chairperson of Grain Millers Plc, shared a firsthand account of the benefits of entering the public market.

“We are living proof that the market works,” she said. “Going public helped us grow, formalize operations, and compete more effectively. It changed how we operate for the better.”

Delivering the keynote address, Steven Biganiro, Director General of Capital Markets and Investment Schemes at the Ministry of Finance and Economic Planning (MINECOFIN), reaffirmed the Government’s commitment to strengthening domestic capital mobilisation.

“We have laid the foundation,” he said. “The next step is to build an economy in which our own markets finance our own development. This is about sustainability and shared prosperity.”

While the roadshows have concluded, officials say the broader agenda continues. The outreach is expected to catalyze stronger links between enterprises, regulators, and capital providers, creating momentum for deeper market participation.

With more local firms now exploring listing options and international investors increasingly seeking opportunities in frontier markets, Rwanda is positioning itself to build a more liquid, transparent, and inclusive financial ecosystem.