#CMARwanda quarterly LinkedIn newsletter, presenting key developments and initiatives in Rwanda’s capital market between January and March 2025
Capital Market Authority Rwanda
CMA Rwanda is a regulatory body primarily responsible for supervising, licensing, and monitoring the capital market.
Rwanda’s Capital Market Authority Issues Guidelines for Issuance of Green, Social, Sustainability, and other Labels (GSS+) Bonds
The Rwanda Capital Market Authority (CMA) issues new guidelines for the issuance of Green, Social, Sustainability, and other Labels (GSS+) Bonds to support Rwanda’s progress toward sustainable finance. This coincides with rapid growth in the sustainable bond market as investors become more aware of the systemic risks posed by climate change.
Green bonds dominate the sustainable bond market, and demand for these and other sustainable financial instruments continues to grow as climate change risks intensify. In response, Rwanda has adopted an ambitious strategy to establish itself as an International Financial Centre.
The GSS+ Bond Guidelines provide a regulatory framework for the public issuance and listing of GSS+ bonds within Rwanda’s jurisdiction. These guidelines complement existing legislation and regulations governing debt securities, ensuring a cohesive and robust approach to sustainable finance.
The Chief Executive Officer, Thapelo Tsheole - MComm, MBA noted that ‘‘The guidelines for the issuance of Green, Social, Sustainability, and other Labels (GSS+) Bonds focus on public issuance and do not cover private issuance of sustainable bonds or multi-jurisdictional issuance of GSS+ Bonds. However, the framework seeks to create securities that are internationally credible, replicable, and attractive to global investors.’’
Mr. Thapelo added that ‘‘The GSS+ Bonds Guidelines draw from international principles established by organizations such as the ICMA - International Capital Market Association Association (ICMA) and the Climate Bonds Initiative (CBI), aligning Rwanda’s sustainable finance efforts with global best practices.’’
Through the establishment of a regulatory environment that supports sustainable finance, Rwanda demonstrates its commitment to innovation, resilience, and leadership in addressing global financial and environmental challenges.
You can access the guidelines here.
How Mahwi Grain Millers Plc Raised Funds on Rwanda’s Capital Market
Rwanda's capital market has created a favorable environment for businesses to raise funds and expand their operations. Recently, Mahwi Grain Millers successfully leveraged this platform to secure financing for its growth initiatives.
Mahwi Grain Millers, established in 2018, specializes in processing grains into food products for both human and animal consumption. Based in the Bugesera Special Economic Zone in Southeastern Rwanda, the company currently produces and distributes 150 tonnes of refined maize flour daily. Its product range includes fortified maize flour for school feeding programs, premium maize flour for high-end consumers, and export markets. With a processing capacity of 250 tonnes per day, the company is well-positioned to scale its operations further.
The company raised FRW 3.3 billion through the issuance of the 1st tranche of a FRW 5 billion note programme approved by CMA to support its expansion efforts and contribute to the nation’s vision of achieving self-reliance in the agriculture sector after ensuring that the company meets the requirements including among others corporate Governance, availability of financial records, and company registration and availing a prospectus containing all the information required to allow potential investors to make an informed investment decision
According to the Chief Executive Officer of the Rwanda Stock Exchange, Pierre Celestin RWABUKUMBA ba, Mahwi Grain Millers' journey began through the “Capital Market Investment Clinic,” a program run by the Rwanda Stock Exchange designed to help SMEs to be investor-ready at any level of their development using the capital market ecosystem.
Rwabukumba encouraged other SMEs to explore the capital market as a means to raise funds, through a simplified process designed to facilitate access for smaller businesses.
The Managing Director of Mahwi Grain Millers Plc, Jean Claude Uwizeyemungu gu, noted that the Frw 3.3 billion raised not only enabled the company to expand its operations but also allowed it to diversify its product offerings and establish a foothold in export markets.
The Chief Executive Officer of Rwanda’s Capital Market Authority, Thapelo Tsheole - MComm, MBA speaking to the press during a media tour held on 30 January 2025, stressed the role of Rwanda’s capital market in supporting the country’s development goals under the Second National Strategy for Transformation (NST2). He stated that capital markets will play an essential role in assisting SMEs to raise capital, thereby unlocking additional funding opportunities to fuel their growth.
As Rwanda's capital market continues to grow, it is expected to provide businesses with greater access to capital while offering institutional and retail investors attractive long-term investment opportunities.
The Growing Impact of Collective Investment Schemes in Rwanda’s Capital Market
Rwanda’s financial sector is expanding, creating more opportunities for investors to grow their wealth. A webinar held on 5 February 2025, organised by the Capital Market Authority in collaboration with Rwanda National Investment Trust, BK Capital, and BCP Investment Managers, explored the benefits of Collective Investment Schemes (CIS). The virtual event brought together key industry leaders to educate the public on the advantages, risks, and accessibility of CIS.
CIS are investment funds that gather money from multiple investors and allocate it into a diversified portfolio of assets. These schemes offer several benefits, including professional fund management, lower investment risk through diversification, and access to investment opportunities that may be difficult for individual investors to reach.
In Rwanda, two CIS are currently licensed: the RNIT Iterambere Fund and the BKC Aguka Fund. By the end of December 2024, their total assets under management (AUM) had grown to RWF 67.49 billion, with 34,465 unit holders, up from RWF 64 billion and 28,895 unit holders in June 2024. This growth reflects increasing investor confidence and participation in Rwanda’s capital markets.
Nyirankera Agnes MBA, CCNA,15 years experience , CEO of BCP Investment Managers Ltd , noted that "The CIS industry can help create quality jobs in Rwanda by employing financial analysts and portfolio managers. It is a crucial part of our economy, offering diverse investment opportunities with professional management."
Siongo Kisoso , Managing Director of BK Capital Ltd stressed that "The future of CIS in Rwanda is bright. As the market develops, we expect greater innovation, increased investor participation, and a wider range of investment options. CIS provides a balanced approach, combining professional management with accessibility and risk diversification."
Gatera Jonathan , CEO of RNIT- RWANDA NATIONAL INVESTMENT TRUST said, "Since launching in 2016 as Rwanda’s first CIS, the RNIT Iterambere Fund has grown its assets from RWF 3 billion to over RWF 45 billion. Investors can start with as little as RWF 2,000 and only need an ID card. The Net Asset Value per unit has increased from RWF 1,000 to RWF 1,238, reflecting an annual net return of about 11.78%. We plan to introduce more schemes to enable broader participation."
Pierre Celestin RWABUKUMBA , CEO of the Rwanda Stock Exchange (RSE) noted "We are committed to educating the public on CIS, as they provide the easiest access to the market. I encourage BK Capital to consider listing on the RSE for visibility, and I urge all stakeholders to introduce more CIS and investment products to expand opportunities for everyone."
Thapelo Tsheole - MComm, MBA , CEO of the Capital Market Authority Rwanda (CMA), concluded that "CIS offers the simplest entry point for market investment. To enhance productivity, we must create more schemes, develop new investment products, and invest in technology. By working together, we can broaden the scope of CIS in Rwanda."
As Rwanda’s capital markets continue to expand, the rise of CIS will play a key role in driving financial inclusion and economic development, providing investors with accessible and secure long-term investment opportunities.
Rwanda's Capital Market Players Trained on AML Compliance
The Capital Market Authority of Rwanda (CMA) conducted a training session on 11 February 2025 to enhance its licensed players' capacity to comply with Anti-Money Laundering (AML) regulations. Facilitated by the Financial Intelligence Centre (FIC), the training highlighted the importance of AML compliance in safeguarding the integrity of Rwanda’s financial market.
The Chief Executive Officer of the Capital Market Authority, Thapelo Tsheole stressed the critical importance of Anti-Money Laundering, Counter-Terrorist Financing, and Counter-Proliferation Financing (AML/CFT/CPF) compliance.
CEO Thapelo affirmed that adherence to global standards is mandatory for all licensed capital market intermediaries and urged collaborative efforts to foster the sustainable growth of Rwanda's capital market industry.
The training equipped market participants with practical guidance on implementing risk-based approaches, ensuring beneficial ownership transparency, conducting customer due diligence (CDD), and applying enhanced due diligence (EDD). It also covered internal controls, governance measures, Targeted Financial Sanctions (TFS), and reporting obligations, preparing firms to identify and mitigate ML/TF/PF risks effectively.
Rwanda Capital Market Advances Green Finance
The Green Public Financial Management (PFM) Seminar, held in Kigali, brought together financial experts and policymakers to discuss integrating climate and environmental considerations into public financial management. Speaking at the seminar the Chief Executive Officer of the Capital Market Authority, Thapelo Tsheole, shared Rwanda’s achievements in building a strong green bond market.
“Rwanda’s commitment to green finance is evident through its Sustainable Finance Roadmap, which provides strategic direction for scaling up sustainable investments while ensuring sustainability in the country’s financial systems,” CEO Thapelo said.
One of Rwanda’s major financial market developments is the introduction of ESG (Environmental, Social, and Governance) Reporting Guidelines for the Rwanda Stock Exchange (RSE). Mr. Tsheole emphasized, “These guidelines align Rwanda’s financial markets with international sustainability standards, enhancing transparency, accountability, and responsible investing.” This initiative has improved investor confidence and market efficiency by ensuring financial disclosures meet international best practices.
Rwanda also launched Green, Social, and Sustainability (GSS+) Bonds, validated by industry experts and aligned with standards set by the International Capital Market Association (ICMA) and the Climate Bonds Initiative (CBI). Mr. Tsheole stated, “The successful issuance of these bonds affirms Rwanda’s commitment to creating credible and attractive green investment opportunities, keeping our financial markets competitive globally.”
In addition to GSS+ Bonds, Rwanda issued two Sustainability-Linked Bonds through the Rwanda Development Bank (BRD) and a Green Bond through Prime Energy Plc. “The issuance of sustainability-linked bonds by BRD and a green bond by Prime Energy Plc demonstrates Rwanda’s dedication to using capital markets to finance environmentally sustainable projects and strengthen investor confidence,” Mr. Tsheole noted.
Rwanda’s green finance initiatives attract private sector investment for climate-related projects, strengthen the capital market, and align the country’s policies with international commitments such as the Paris Agreement and the Sustainable Development Goals (SDGs). These initiatives also encourage responsible investing, boosting the credibility of Rwanda’s financial sector.
With strong policies and continuous innovation in green finance, Rwanda is positioning itself as a leader in sustainable financial development in Africa. “Our focus remains on ensuring that sustainable finance is not just a concept but a key driver of economic growth and environmental resilience,” Mr. Tsheole affirmed.
Building a culture of saving and investment in the Capital Markets among young people
The Capital Market Authority of Rwanda (CMA) emphasises the need for young people to adopt a culture of saving and investment, recognising its crucial role in ensuring long-term financial stability and economic prosperity.
Developing financial discipline at an early age establishes a solid foundation for wealth creation and strengthens personal finance management skills. Participation in the capital market enables young individuals to access wealth-building opportunities, benefit from compound interest, and establish responsible financial habits that contribute to long-term financial security.
Beyond personal financial benefits, youth involvement in capital market investments plays a significant role in driving national economic development. Investments in publicly traded companies support business expansion, create employment opportunities, and foster innovation key components of a resilient economy. To build a financially literate generation, investor education remains essential in equipping young people with the knowledge and skills required to make informed and strategic investment decisions.
As part of its commitment to investor education, CMA on Wednesday, 26 February 2025, hosted a group of interns from the Rwanda Stock Exchange (RSE) to provide them with deeper insights into Rwanda’s capital markets industry.
This initiative reflects CMA’s efforts to empower young individuals with practical investment knowledge, promote informed financial decision-making, and encourage long-term financial planning. By enhancing awareness and accessibility, Rwanda’s capital market continues to serve as a key driver of financial empowerment and sustainable economic growth.
Capital Market as a catalyst for Fintech Growth
The Chief Executive Officer of the Capital Market Authority of Rwanda, Mr. Thapelo Tsheole on Tuesday, 25 February 2025, addressed participants at the Inclusive FinTech Forum, where he participated in a panel discussion on “Bridging the Funding Gap: Building Private Capital and Leveraging Development Finance.”
Mr. Tsheole underscored the pivotal role of capital market in unlocking funding for fintech enterprises, emphasising the importance of a structured regulatory environment to consolidate resources and support sustainable sectoral growth.
"We are establishing a market that enables private investors and funds to finance various businesses," he stated. "Providers of capital require assurance that their investments remain secure."
He further highlighted the necessity of fostering robust local networks for private capital, urging stakeholders to leverage fintech solutions in mobilising funds. "People must utilise fintech solutions to facilitate funding," he added.
As part of ongoing market reforms, Mr. Tsheole noted that the Capital Market Authority had revamped collective investment schemes, providing individuals with surplus capital the opportunity to access the market through private equity, specialised funds, or crowdfunding mechanisms. These enhancements aim to create a more inclusive and dynamic financial ecosystem.
The Capital Market Authority remains committed to advancing regulatory frameworks and market structures that support private investment, innovation, and sustainable fintech development.
The Authority will continue to engage with stakeholders to build a resilient capital market that fosters economic growth and financial inclusion.
Building a Competitive and Accessible Capital Market in Rwanda
Rwanda’s capital market industry is experiencing remarkable growth, driven by strategic initiatives to enhance competitiveness, accessibility, and investor confidence.
The Capital Market Authority of Rwanda (CMA) is implementing key reforms to position the country as a leading investment hub in the region. The Chief Executive Officer of the Capital Market Authority, Thapelo Tsheole noted these developments during a live radio interview on Royal FM.
According to CEO Tsheole, Rwanda is actively strengthening its capital market through regulatory enhancements, expanded financial education programs, and digital transformation. The government has also introduced incentives to encourage new listings and is fostering the growth of the corporate bond market.
“Investors should consider Rwanda due to its strong governance, pro-business policies, and strategic position as a gateway to the broader East African market. The country’s stable macroeconomic environment and ongoing infrastructure investments provide compelling long-term growth opportunities,” said Tsheole.
“We are implementing regulatory improvements to enhance transparency, streamline listing requirements, and facilitate capital inflows. Legal and tax reforms have been introduced to attract global financial institutions, and partnerships with regional and international financial centers are being strengthened,” Tsheole explained.
To attract and retain foreign investors, Rwanda prioritizes policy consistency, regulatory stability, and investor-friendly reforms. New tax incentives make long-term investments even more attractive, including favorable tax rates for newly listed companies based on the percentage of shares sold to the public: a 20% tax rate for companies selling at least 40% of shares to the public and 25% tax rate for companies selling at least 30% of shares to the public.
Rwanda’s capital market is undergoing a transformative journey, with initiatives that drive competitiveness, liquidity, and investor engagement. With strong governance, business-friendly policies, and a commitment to financial sector development, Rwanda is positioning itself as a dynamic and attractive destination for investors regionally and globally.
CMA Rwanda's Fintech Regulatory Sandbox Paves the Way For Sustainable Fintech Growth
The Capital Market Authority (CMA) of Rwanda hosted a webinar focused on the evolving regulatory landscape designed to foster FinTech innovation while ensuring responsible market practices.
The virtual event convened key stakeholders to discuss strategies for building a dynamic, tech-driven financial ecosystem. Panelists stressed the importance of regulatory clarity, strategic collaboration, and the essential role of CMA Rwanda’s Fintech Regulatory Sandbox framework in enabling innovation.
Leila Rwagasana , FinTech Lead at Rwanda Finance Ltd outlined the country’s ambition to position Rwanda as a global financial hub through the Kigali International Financial Centre (KIFC).
“Through the Kigali International Financial Centre, we are working to attract global investors and technology-driven financial services,” she said. “Regulatory clarity and strategic partnerships are key to achieving this vision.”
Jerome NDAYAMBAJE, PMP®, Msc IT, Fintech, CISI, Financial Markets. , Digital Innovation Analyst at Capital Market Authority Rwanda shared insights into the authority’s Fintech Regulatory Sandbox programme, highlighting its role in adaptive policy development.
“The CMA Fintech Regulatory Sandbox is designed to help firms navigate regulatory requirements while promoting responsible innovation. It enables us to refine policies in real time in response to emerging trends,” he explained.
From an industry perspective, Mukiza Darius , Head of Fund Management at BK Capital Ltd , reflected on his organisation’s experience with the sandbox.
“Being part of the sandbox allowed us to explore new digital investment solutions within a structured environment. This initiative is crucial for market participants seeking to integrate FinTech into traditional financial services,” Mukiza noted.
Samuel Njuguna , CEO of Moneto Ventures, also praised the collaborative nature of the Fintech Regulatory Sandbox while testing their Tunzi App .
“The Fintech Regulatory Sandbox was instrumental in helping us refine our product while ensuring compliance with regulatory standards. This kind of collaboration between regulators and innovators is essential for FinTech growth,” he stated.
CMA’s Chief Executive Officer, Thapelo Tsheole - MComm, MBA reaffirmed the authority’s commitment to nurturing innovation within a secure and well-regulated financial environment.
“Our goal is to provide a framework that encourages innovation while safeguarding investor protection and maintaining market integrity,” he emphasized.
#CMARwanda Engages Kepler College Students on Capital Market University Challenge 2025
As part of our ongoing investor education and youth engagement initiatives, the Capital Market Authority (CMA) team participated in the Kepler College Career Fair, where we had the opportunity to engage students on the benefits of participating in the Capital Market University Challenge 2025.
During the engagement, students expressed great enthusiasm and curiosity about the capital market. Isaac, a Project Management student at Kepler, shared his excitement about joining the competition, stating that it presents a unique opportunity to deepen his understanding of how capital markets work and how young people can actively participate in shaping their financial future.
The Capital Market University Challenge is an interactive, quiz-based competition open to all university and higher learning institution students in Rwanda. It is designed to equip young people with practical knowledge on saving, investing, and navigating Rwanda’s capital market landscape — preparing them to become informed investors and future market professionals.
We encourage students from all universities and higher learning institutions across Rwanda to register and participate via https://investor.cma.rw/cmuc/login/index.php