Strong Regulation Is the Bedrock of a Strong Stock Exchange as RSE Marks 15 Years

The Acting Chief Executive Officer of the Capital Market Authority (CMA), KAREKEZI Ngabonziza has said a stock exchange can only expand and remain resilient when it is grounded in strong regulation that builds confidence and safeguards investors.

Speaking at the Rwanda Stock Exchange (RSE) 15^th Anniversary Gala under the theme “15 Years of Resilience and Steady Growth,” KAREKEZI said the exchange is “only as strong as its regulatory foundation.” He said CMA has put in place the legal and supervisory architecture and works to keep trust “earned, regulated, and reinforced every single day,” enabling the market to operate credibly and draw long-term capital.

KAREKEZI set a clear goal for the next stage: positioning the Rwanda Stock Exchange among Africa’s Top 5 stock exchanges. He said progress will be powered by technology and digitalisation, backed by a world-class regulatory and legal framework, and advanced through new products such as REITs, ETFs, derivatives, diaspora bonds, and a green finance window to attract sustainability-focused capital.

The event convened Government leaders, regulators, and private sector partners to take stock of the exchange’s contribution to Rwanda’s economic transformation since its launch in 2011. RSE Board Chairman Julien Kavaruganda said the priority is to mobilise savings and investment and bring more SMEs to market, while RSE Chief Executive Officer Pierre-Célestin Rwabukumba pointed to the scale of capital mobilisation achieved over the past 15 years.

Rwanda’s capital market momentum is evident in the exchange’s performance: Frw 28.011 trillion in total value transacted (about 133% of GDP), Frw 6.6 trillion in market capitalisation (about 30% of GDP), and Frw 2.71 trillion raised to support infrastructure and business expansion. Participation has also widened, with over 270,000 active investors, 95% of whom are local Rwandans.