According to RSE data, the total market capitalisation reached Frw 6.68 trillion ($4.6 billion), with equities accounting for Frw 4.7 trillion ($3.3 billion) and debt instruments valued at Frw 1.9 trillion ($1.3 billion).
Total market turnover stood at Frw 4.8 trillion ($3.4 billion), dominated by over-the-counter and repo transactions, which made up 92% of activity at Frw 4.54 trillion. Bonds and equities contributed Frw 181.8 billion ($125.1 million) and Frw 6.7 billion ($4.2 million) respectively.
Capital markets also saw growth in fundraising, with Frw 359.02 billion ($250.1 million) raised in 2025, Frw 326 billion through Treasury bonds and Frw 33.02 billion via corporate bonds. Market indices reflected this upward trend, with the RSI Index rising 12.96% to 14,792.6 and the ACSI Index increasing 22.45% to 182.26.
Investor participation continued to expand, with 22,731 direct investors, 88,966 indirect investors, and an underlying investor base exceeding 250,000.
RSE also listed 16 new products, including 12 Treasury Bonds and four corporate bonds from companies such as Mahwi Grain Millers, Africa Medical Supplier (AMS), International Finance Corporation (IFC), and Energicotel PLC.
Several strategic initiatives marked 2025 as a year of innovation. RSE introduced the Green Exchange Window (GEW) and the Multi-Currency Denominated Securities Market Segment (MDS).
RSE CEO Pierre Celestin Rwabukumba said in November that the initiatives aim to deepen private-sector participation, expand access to long-term finance, and support sustainable investment across Rwanda and the continent.
'The market is ready for these instruments,' Rwabukumba said, noting that RSE has already raised more than Frw 70 billion through sustainability-linked and green bonds, reflecting strong investor interest in sustainable finance.
Additionally, in 2025, the exchange hosted the inaugural Pan-Africa ESG Awards and the 28th African Securities Exchanges Association (ASEA) Annual Conference, while gaining membership in the World Federation of Exchanges (WFE) and joining the UN Sustainable Stock Exchanges (SSE) Initiative's Net Zero Financial Services Providers Alliance.
"The year 2025 marked a period of strong market growth, increased investor participation, and major institutional achievements for Rwanda Stock Exchange," RSE stated, adding, "With expanding activity across equities, bonds, and OTC markets, alongside the introduction of GEW and MDS segments, RSE continues to advance innovation, sustainability, and market development in Africa's capital markets."
With these developments, the Rwanda Stock Exchange continues to strengthen its profile in the East African capital market landscape, attracting both domestic and international investors.
Wycliffe Nyamasege
