According to Thapelo Tsheole, Chief Executive Officer of the Capital Market Authority (CMA), the country is in the middle of a regulatory and structural overhaul aimed at positioning Rwanda as a credible, regional financial hub.
Speaking on The Long Form podcast, Tsheole opened up about his personal journey and explained how the Capital Market Authority of Rwanda is introducing new regulatory frameworks to unlock opportunities for both investors and companies.
Rising savings culture and Frw 60 billion in unit trusts
At the heart of Rwanda's retail-investment growth is the rise of unit trusts, pooled vehicles that allow individuals to invest small amounts collectively.
The two main players, Rwanda National Investment Trust (RNIT) and BK Capital's Unit Trust, have together amassed over Frw 60 billion in managed assets, growing by more than 30 percent in the past year alone.
Tsheole said unit trusts have helped ordinary Rwandans access the capital market more easily. He noted that such products are regulated and 'a safe place to put money.' During the discussion, it was highlighted that unit trusts currently offer annual returns of around 10â€"12 percent.
From land to listed assets
Tsheole emphasised the need for citizens and businesses to rethink where they place their money.
'Land is good,' he said, 'but it's illiquid. Selling it takes time, while government bonds or listed shares can be sold almost instantly.'
CMA's outreach programmes, conducted in partnership with the Private Sector Federation, now target small and medium-sized enterprises to consider listing or issuing corporate bonds.
CMA runs a nationwide campaign to educate investors on portfolio diversification, moving from 'saving to true wealth creation.'
Toward digital and regional integration
Rwanda's capital market, still in early stages compared to its East African peers, is preparing for automation. The Rwanda Stock Exchange has begun testing a new trading system that will allow faster, online transactions and remote participation, including from the Rwandan diaspora.
Tsheole said Rwanda's capital market should have 'long automated as a basic principle,' noting that digitisation is key to improving access, especially for investors in the diaspora.
At the same time, Rwanda is part of an African Development Bankâ€"backed project to interlink regional exchanges, enabling investors in Nairobi, Kampala, or Kigali to trade across borders seamlessly.
A foundation for sustainable growth
Since he assumed his role in June 2024, Tsheole has doubled CMA workforce, strengthened partnerships with institutions such as the Chartered Institute of Securities (UK), and initiated specialised training abroad for Rwandan staff. Two employees are currently on nine-month fellowships in the United States and France, while others are being trained locally through a new partnership with the Chartered Institute.
His vision, he said, is clear: 'There's no way Rwanda can sustain economic growth for a long time without a developed capital market. It is the cornerstone of every modern economy.'
From Mochudi to Kigali
Raised in the rural village of Mochudi in south-eastern Botswana, Tsheole's journey to leading one of Africa's youngest capital-market regulators is rooted in humble beginnings and a deep belief in education as a tool for transformation.
'I come from a poor family. My parents were not in formal employment, and when you come from such humble beginnings, you always have an urge in yourself to succeed, to work hard,' he recalled.
'Education sort of worked for me… I was one of the students who got relatively very high marks, and the encouragement from teachers and the admiration from other students propelled me to keep on pushing.'
That persistence eventually led him into finance. After joining the Botswana Stock Exchange (BSE), he rose through the ranks to become Chief Executive Officer in 2016. Under his leadership, the exchange achieved record profitability, higher listings, and greater investor participation. In 2022, he also served as President of the African Securities Exchanges Association (ASEA).
Having reached the peak of his success in Botswana, Tsheole felt it was time for a new challenge. 'I just felt the best dancer should know when to leave the floor,' he said. 'I had always wanted to work outside the country to have that experience.'
When Rwanda approached him in 2023, he was drawn by what he called 'the Rwanda story', a nation rebuilding with discipline and vision.
'It's such phenomenal work that has been done, and you can see a lot of growth potential. Yes, the market is relatively small compared to a lot of other African countries, but in terms of potential and growth, it's there.'
Modernising the rulebook
When he assumed office in Kigali, he found the capital market's legal foundation 'outdated and overtaken by events.' In response, CMA launched a comprehensive reform agenda that includes updates to the Capital Market Law, Central Securities Depository (CSD) Law, Collective Investment Schemes Regulations, and Virtual Assets Framework.
'You can't grow the market without proper rules and regulations and laws,' Tsheole said, noting that Rwanda still needed to strengthen its regulatory foundation to support growth.
Among the most urgent priorities is the Virtual Assets Law, expected to be enacted before the end of the year. It will allow Rwanda to regulate cryptocurrencies and digital assets, helping the country avoid being 'grey-listed' for financial-compliance risks.
As reforms take hold and more Rwandans invest through unit trusts and bonds, the capital market is steadily moving from the margins of finance to the centre of Rwanda's growth strategy.
Watch the full interview below.
Wycliffe Nyamasege
