Rwanda successfully concluded its Capital Market Issuer Roadshows 2025, winding up a strategic endeavor that focused on increasing participation in the country’s capital market and deepening the involvement of private enterprise in long-term economic growth.
Spearheaded 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), the initiative reached over 700 enterprises in all four provinces and Kigali.
The outreach engaged small and medium-sized businesses, cooperatives, and prospective issuers, offering practical guidance on accessing equity and debt capital through formal markets.
The Chief Executive Officer of the Capital Market Authority, Thapelo Tsheole stated that the programme was designed to deliver financial market access to businesses outside the capital, many of whom had limited exposure to capital formation mechanisms.
“We set out to bring capital market opportunities to every part of Rwanda, and we achieved that. This effort represents the beginning of a wider strategy to extend financial participation and stimulate enterprise development through local markets.”
The Chief Executive Officer of the Private Sector Federation, Stephen Ruzibiza stated that 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.
“Through instruments such as corporate bonds and commercial paper, listings on the stock exchange, real estate investment trusts, and other specialised vehicles, businesses can finance expansion, diversify their investor base, and reduce dependence on collateral-based loans.”
From an institutional investment perspective, the Chief Executive Officer of the Rwanda National Investment Trust Ltd, Jonathan Gatera, called for a stronger culture of long-term saving to support national development goals.
He noted that increased saving drives domestic investment and that change in behaviour is fundamental to building sustainable financial capacity.
Gatera emphasised the role of pension schemes, unit trusts, and other pooled investment vehicles in anchoring the capital market’s long-term viability.
The Chief Executive Officer of the Rwanda Stock Exchange, Pierre Celestin Rwabukumba explained that beyond financing, public markets introduce operational standards that can benefit growing enterprises.
“A public listing provides not just funding, but structure, discipline, and visibility. For ambitious companies, it is a strategic evolution.”
Ms. Chantal Habiyakare, Chairperson of Grain Millers Plc, shared a compelling testimonial from the private sector.
“We are living proof that the market works. Going public helped us grow, formalize operations, and compete more effectively. It changed how we operate for the better.”
Steven Biganiro, Director General of Capital Markets and Investment Schemes at the Ministry of Finance and Economic Planning (MINECOFIN), reaffirmed the Government’s long-term commitment to domestic capital mobilisation and financial self-reliance.
“We have laid the foundation. The next step is to build an economy in which our own markets finance our own development. This is about sustainability and shared prosperity,” he said.
While the issuer roadshows concluded, the fundamental agenda continues. Stakeholders across sectors view the initiative as a catalyst for sustained engagement between enterprises, regulators, and capital providers.
With more local firms exploring the capital market and international investors seeking entry points into frontier economies, Rwanda is positioning itself to deliver a more liquid, transparent, and inclusive financial environment.
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Rwanda bright again
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