The Rwanda Stock Exchange (RSE) closed 2025 with landmark achievements across turnover, market capitalization, and market innovation, setting a strong foundation as it prepares to mark 15 years of operation at the end of January 2026.
The Exchange recorded an annual turnover of Frw 187.84 billion, surpassing the previous high of Frw 129.42 billion set in 2024.
In another first, total market capitalization reached Frw 4.65 trillion in equities. When fixed-income instruments worth Frw 1.92 trillion are included, total market capitalization rose to Frw 6.58 trillion (USD 4.5 billion), underscoring the market’s growing scale and maturity.
Trading activity remained robust, with the OTC/repos market recording an annual turnover of Frw 4.48 trillion, reflecting increased liquidity and sophistication in Rwanda’s financial markets.
The RSE continued to serve as a key capital-raising platform for Rwanda’s economy. During 2025, Frw 9 billion was raised for small and medium-sized enterprises.
Global development institutions, including the International Finance Corporation (IFC), utilized the Exchange to raise Frw 24 billion through the second tranche of the Umuganda Bond, while the Government of Rwanda mobilized Frw 326 billion from the market to finance public projects.
Beyond trading, Kigali strengthened its position as a continental financial hub after the RSE hosted the 28th Annual African Securities Exchanges Association (ASEA) Conference.
The three-day gathering brought together more than 25 African stock exchanges, regional bodies, government institutions, and global investment partners to advance discussions on market integration, regulatory cooperation, and sustainable capital flows.
The Exchange also launched a Green Exchange Window for green bonds and ESG-linked securities, alongside platforms for Real Estate Investment Trusts (REITs) and Exchange-Traded Funds (ETFs).
In addition, a Multicurrency Denominated Securities (MDS) market segment was introduced to support issuance and trading in multiple currencies and enhance cross-border investment.
The Exchange has also embarked on the development of an Islamic finance framework, scheduled for launch early next year, to facilitate Sharia-compliant products and enable issuers and investors to utilize the local capital market.
In a continental first, Kigali hosted the inaugural ASEA Pan-Africa ESG Awards, recognizing African leadership in environmental, social, and governance standards.
The RSE further strengthened its global standing by joining the World Federation of Exchanges (WFE) and the United Nations Sustainable Stock Exchanges Net Zero Financial Service Providers Alliance.
Complementing these milestones, the RSE organized sustainability capacity-building programs for financial practitioners in Rwanda, in partnership with Luxembourg Aid & Development.
As the Exchange approaches its 15th anniversary at the end of January 2026, the achievements of 2025 highlight a market that has evolved into a critical national financing platform with growing regional and global relevance.
