Rwanda Capital Markets Authority highlights institutional investors and multicurrency securities as pillars of the next growth phase

The Rwanda Capital Markets Authority published remarks by its Chief Executive Officer, Thapelo Tsheole, from the Capital Market Summit in Addis Ababa, setting out a vision of Rwanda’s capital market moving from early-stage reform to deeper institutionalisation, regional integration and global engagement. The strategy positions institutional investors, including pension funds, insurers, collective investment schemes and banks, as the core source of long-term capital needed to deepen markets and support sustained capital formation. The update also flagged conditions for deploying long-term capital in frontier markets, including stronger governance, technical capacity and risk frameworks, alongside a regulatory model focused on clarity, predictability and investor protection. CMA reported engaging more than 700 enterprises nationwide in 2025 as part of a consultative approach to keep regulation proportionate and practical. Regionally, Rwanda is working through the East African Securities Regulatory Authorities to advance cross-border listings, shared innovation frameworks and harmonised oversight standards. For foreign participation, Tsheole pointed to the Multicurrency Securities Directive and noted diaspora remittances of USD 600–800 million annually, around 6% of GDP, with instruments such as diaspora bonds and digital savings products intended to channel part of these flows into long-term investment priorities.