Led by the Capital Market Authority (CMA) in partnership with the Rwanda Stock Exchange (RSE), the Rwanda National Investment Trust Ltd, and the Private Sector Federation (PSF), the initiative engaged over 700 enterprises across all four provinces and Kigali. Participants included SMEs, cooperatives, corporates and prospective issuers seeking guidance on raising equity and debt capital through formal markets.
CMA Chief Executive Officer, Thapelo Tsheole, said the nationwide effort successfully brought financial market opportunities closer to businesses that traditionally operated outside the capital.
'We set out to bring capital market opportunities to every part of Rwanda, and we achieved that. This effort represents the beginning of a wider strategy to extend financial participation and stimulate enterprise development through local markets,' he said.
Private Sector Federation CEO, Stephen Ruzibiza, noted that the capital market provides patient, partnership-oriented capital that can accelerate business expansion and reduce overreliance on collateral-based loans. He highlighted financing instruments such as corporate bonds, commercial paper, stock exchange listings and real estate investment trusts as tools that enable companies to diversify their capital base and scale sustainably.
Rwanda National Investment Trust Ltd CEO, Jonathan Gatera, emphasised that long-term domestic savings will continue to anchor the country's capital market growth.
'Increased saving drives domestic investment. That change in behaviour is fundamental to building sustainable financial capacity,' he said, pointing to the rising importance of pension schemes, unit trusts and pooled investment vehicles.
From the market operations perspective, Rwanda Stock Exchange Chief Executive Officer, Pierre Celestin Rwabukumba, stressed that public markets provide more than just capital, helping issuers strengthen governance and operational standards.
'A public listing provides not just funding, but structure, discipline, and visibility. For ambitious companies, it is a strategic evolution,' he said.
Speaking from private sector experience, Grain Millers Plc Chairperson, Chantal Habiyakare, said listing on the market transformed the company's competitiveness and formalisation.
'We are living proof that the market works. Going public helped us grow, formalise operations, and compete more effectively. It changed how we operate for the better,' she said.
Delivering the keynote address, Steven Biganiro, Director General of Capital Markets and Investment Schemes at the Ministry of Finance and Economic Planning (MINECOFIN), reaffirmed the government's commitment to mobilising domestic resources and strengthening financial independence.
'We have laid the foundation. The next step is to build an economy in which our own markets finance our own development. This is about sustainability and shared prosperity,' he said.
While the nationwide campaign has concluded, stakeholders agree that the work continues. The roadshows are seen as a catalyst for sustained engagement among enterprises, regulators and investors as Rwanda seeks to expand market participation and liquidity.
With more local companies exploring listings and international investors seeking entry into frontier markets, Rwanda is positioning itself to build a more transparent, inclusive and robust financial ecosystem capable of financing national development from within.
Wycliffe Nyamasege
