RSE Endorses Capital Markets as Impetus to Scaling Rwandan Businesses

Rwanda Stock Exchange (RSE) has endorsed capital markets as a critical pathway for scaling businesses—positioning them as a gateway not only to financing, but to global competitiveness.

This endorsement was at the center of discussions during the 2026 Listings Forum hosted on Thursday by the Rwanda Stock Exchange, bringing together government officials, private sector, and market experts.

The forum serves as a dynamic platform for discussion on how entrepreneurs and companies regardless of size can access funding, pursue listing opportunities, and contribute to Rwanda’s growing investment landscape.

Speaking at the event, RSE Chief Executive Officer Pierre Celestin Rwabukumba framed capital markets as more than just an alternative source of financing, describing them instead as a strategic enabler of economic expansion.

“Capital markets allow ideas to become companies, companies to become industries, and industries to transform nations,” he said.

For years, Rwandan businesses relied on banks as their primary lifeline for growth. However, capital markets are being endorsed not just as an alternative, but as a powerful catalyst for these businesses.

“It’s good that banks exist because without them, people wouldn’t have a place to get money.” Rwabukumba noted. “With capital markets, you are getting money directly from the owners not intermediaries (Banks) and they are not going to charge you more because the bank money is more expensive than the capital market.”

To access the capital markets, businesses pass through the “investment clinics” to demonstrate credibility, transparency, and long-term vision in order to attract serious investment and get listed.

Muhizi Deexon, the Founder and CEO of IGITREE, is among entrepreneurs who are currently at the clinic stage where he pitched his cow DNA-based milk production idea. He affirms that the clinic is going to benefit their business in different ways including access to funds to implement delayed ideas.

He said “Going to pitch to different funders that don’t understand the science sector, is very hard. But this organisation (RSE) has made it easier for us to access funds and bring impactful solutions for the ecosystem.”

Beyond accessing funds and investment, applicants to the program state hat once they join, they will gain a lot in terms of the proper functioning and growth of their businesses, as explained by Carl Mabuka, the Head of Business and AI at Kwik Koders.

“For software companies, we focus on building the software without focusing on building the company. So, being able to build both at the same rate gives us the best chance of growing.” Mabuka said. “We need the capital to scale, but we also need the legitimacy to be able to approach bigger companies.”

The endorsement by the Rwanda Stock Exchange was echoed by Antoine Marie KAJANGWE, the Permanent Secretary from the Ministry of Trade and Industry, highlighting the investment clinic as a vital platform that equips businesses with the capacity to expand and compete on the international stage.

“You need to comply with national, regional, international regulations and standards to be able to compete. This raises the profile of our businesses, and we believe that it will make our businesses stronger, and ready to compete for the future.” He said.

The RSE Listings Forum is an annual climax awareness campaign aimed at taking Rwanda’s capital markets to the doorstep of companies in different sectors of the economy.

The forum is meant to forge constructive engagements among stakeholders towards assisting companies in different sectors to access the capital markets and fully understand capital market value addition to their businesses.