Fifteen years ago, the launch of the Rwanda Stock Exchange (RSE) marked a decisive moment in Rwanda’s economic transformation.
What began as a bold policy ambition has today matured into a cornerstone of the country’s financial system one that has mobilized trillions of Rwandan francs, expanded investor participation, and financed national development.
Speaking at the anniversary celebrations, the Governor of the National Bank of Rwanda,
Soraya Hakizayiramye, reflected on the confidence required to establish a capital market in a young, fast-recovering economy.
“Fifteen years ago, the establishment of the Rwanda Stock Exchange marked a bold step in our nation’s economic journey.
It reflected a clear ambition to build a modern financial system capable of mobilizing long-term capital and integrating Rwanda more deeply into regional and global markets,” she said.
That ambition has delivered measurable results. Since trading began in 2011, the RSE has grown into a critical financial pillar.
By 2025, market capitalization had reached RWF 4.7 trillion, while annual turnover rose to RWF 340 billion.
Investor participation expanded significantly, with accounts surpassing 270,000, and listed companies distributing more than RWF 428 billion in dividends, underscoring the exchange’s growing role in wealth creation.
Beyond equities, the Governor highlighted innovation in the bond market, including green and sustainability-linked bonds, and ongoing collaboration between regulators and the exchange to explore foreign-currency-denominated instruments.
As of December 2025, bonds listed on the RSE totaled nearly RWF 2 trillion, held by a diversified mix of banks, institutional investors, and retail participants deepening liquidity and strengthening domestic capital markets.
For RSE Chief Executive Officer Celestin Rwabukumba, the anniversary is a moment of maturity.
“At 15, we are no longer young. We have come of age,” he remarked, likening the exchange to a teenager ready for higher learning.
He recalled that the journey began well before the first trade. In 2005, under Rwanda’s Vision 2020 strategy, the government approved a capital market development agenda to diversify the economy, reduce reliance on aid, and build sustainable financial systems.
That same year, Rwanda Stock Exchange Limited was registered years ahead of operations to safeguard the integrity of the future market.
That foresight has paid dividends. Since inception, total transactions on the RSE have reached approximately RWF 28 trillion about USD 20 billion, firmly establishing the exchange as a credible platform for investment and capital mobilization.
Acting Chairman of Capital Market Authority Eric Karekezi emphasized the exchange’s development impact.
Through the market, the Government of Rwanda has raised funds for roads, electricity, and hospitals, while companies have accessed capital to expand and create jobs.
In total, the RSE has facilitated more than RWF 2.7 trillion (around USD 2 billion) in capital raising equivalent to roughly 12% of GDP.
Looking ahead, the focus is on attracting small and medium sized enterprises, creating specialized market segments, and broadening investor participation.
Fifteen years on, the Rwanda Stock Exchange stands not as a youthful experiment, but as a proven engine of growth poised for an even more ambitious future.
