Rwanda’s financial sector continues to attract international attention, with Capital Market Authority (CMA) CEO Thapelo Tsheole highlighting the country’s steady progress and growing investor confidence during the AFSIC 2025 – Investing in Africa summit held in London.
Speaking at the Rwanda Country Summit, jointly organized by the Rwanda Development Board (RDB) and the Kigali International Financial Centre (KIFC), Tsheole joined a high-level panel discussion under the theme “Capitalising on Growth: Rwanda’s Role as Africa’s Rising Investment Powerhouse.” The discussion centered on how Rwanda is positioning itself as a leading destination for global capital through progressive reforms, investor-friendly policies, and an increasingly competitive regulatory framework.
“Rwanda has built a financial ecosystem that promotes transparency, stability, and growth,” Tsheole said. “Our regulatory reforms, improved market infrastructure, and investor education efforts have helped deepen liquidity, attract institutional capital, and drive sustainable financial inclusion.”
Panellists at AFSIC 2025 emphasized Rwanda’s role as a strategic entry point for international investment funds, citing the country’s consistent policy reforms that have enabled special-purpose vehicles (SPVs) and investment funds to domicile in Rwanda through the Kigali International Financial Centre. These reforms, they noted, reflect Rwanda’s ambition to become a trusted financial hub in Africa, bridging regional and global capital flows.
Rwanda’s market performance in 2025 has been particularly strong across both debt and equity segments. Corporate bond issuances reached Frw46 billion, including several green and sustainability-linked bonds, signalling investor confidence in Rwanda’s commitment to sustainable finance. On the sovereign side, 14 Treasury bond auctions and reopenings mobilized Frw246 billion, recording an impressive average subscription rate of 293 per cent, underscoring robust investor appetite and market depth.
The secondary market also experienced remarkable growth. Equity turnover surged to Frw 63.5 billion in 2025, compared to Frw 4.7 billion the previous year.
Trading volumes expanded sharply to 425.2 million shares, up from 22.4 million in 2024, while bond market turnover reached Frw 148.5 billion, marking a 167 per cent year-on-year increase.
Institutional investment also showed healthy momentum, with assets in collective investment schemes rising to Frw 71.4 billion, representing a 12 per cent increase from 2024. Tsheole attributed this growth to an improved regulatory landscape, tighter disclosure standards, and continued investor sensitisation programs that build trust and transparency in the market.
Looking ahead, the CMA plans to roll out the Capital Market Issuer Townhall Roadshows 2025, aimed at engaging prospective issuers, educating them on listing and bond issuance processes, and supporting compliance with disclosure obligations. The initiative is expected to expand Rwanda’s pipeline of investable products and enhance the overall depth of the domestic capital market.
AFSIC – Investing in Africa remains one of the continent’s most influential investment platforms, bringing together global financiers, development partners, and African business leaders to explore opportunities across emerging markets. Rwanda’s strong presence at this year’s forum reaffirmed its growing influence as a model for innovation, regulatory excellence, and sustainable capital market development on the continent.
“Rwanda’s capital market is not just about numbers; it is about building confidence, promoting transparency, and mobilizing long-term capital for inclusive development,” Tsheole concluded. “We are committed to ensuring that our markets remain accessible, efficient, and globally competitive.”
