Speaking across several high-level panels, the Chief Executive Officer of the Capital Market Authority (CMA), Thapelo Tsheole, positioned institutional investors, pension funds, insurers, collective investment schemes, and banks as the bedrock of Rwanda's next growth phase. With long-term horizons and sizeable asset bases, these investors offer the stability and scale required to support market depth and sustained capital formation.
Tsheole acknowledged the challenges of deploying long-term capital in frontier markets, noting the need for strong governance, technical capacity, and robust risk frameworks to safeguard investors' interests while driving productive investment.
He also emphasised Rwanda's regulatory model, rooted in clarity, predictability, and investor protection. The CMA follows a consultative approach and in 2025 engaged more than 700 enterprises nationwide to ensure that regulation remains proportionate, practical, and responsive to a rapidly evolving market landscape.
Regionally, Rwanda continues to collaborate through the East African Securities Regulatory Authorities (EASRA), advancing cross-border listings, shared innovation frameworks, and harmonised oversight standards. This enhances market connectivity and widens access to capital across East Africa.
On foreign participation, Tsheole pointed to the Multicurrency Securities Directive as a breakthrough for diaspora and international investors. Rwanda's diaspora remits between USD 600â€"800 million annually, roughly 6% of GDP. New instruments such as diaspora bonds and digital savings products aim to channel a portion of these flows into long-term national investment priorities.
IGIHE
Source : https://en.igihe.com/business-62/article/rwanda-s-capital-market-enters-a-new-phase-of-growth
