Rwanda Stock Exchange (RSE) has enabled around Rwf2.71 trillion in capital raising since its inception in 2011, while overall trading activity has surpassed Rwf25.3 trillion.

The data was announced during the celebration of the company’s fifteenth anniversary in Kigali on February 19.

Company officials said this signals deeper investor participation and expanding options for businesses and government to fund development priorities, according to officials.

According to Pierre-Célestin Rwabukumba, RSE’s chief executive, when the bourse started, the capital market was little more than an over-the-counter platform.

"Today, the Exchange handles trillions. This growth is not just about numbers, it is about creating a credible platform that allows businesses to raise capital, governments to finance infrastructure, and citizens to participate in national development through investment,” he remarked.

During the same period, Rwabukumba noted that more than Rwf28 trillion worth of shares and bonds have been traded.

Current data also shows the Rwanda Stock Exchange’s market capitalisation has hit Rwf6.6 trillion from Rwf1.5 trillion in 2015, comprising approximately Rwf4.7 trillion in equities and Rwf1.9 trillion in debt instruments.

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The bourse has attracted more than 270,000 investors, with Rwandans making up 95 per cent of the total.

"Companies and government institutions also rely on the Exchange, demonstrating confidence in the governance and regulatory framework we have built,” Rwabukumba noted.

"This trust enables deeper participation, larger investments, and a healthier financial ecosystem overall,” he added.

The Exchange has helped fund government infrastructure projects through bonds and enabled private companies to expand their operations, create jobs, and grow Rwanda’s economy.

"By providing alternative channels for financing, the market reduces dependence on traditional loans or external aid, offering a sustainable way to fund development and build long-term economic resilience," he said.

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Early listings such as Bralirwa Plc and Bank of Kigali Plc helped lay the foundation of Rwanda’s capital market, while thousands of investment accounts were opened.

Soraya Hakuziyaremye, the Governor of the National Bank of Rwanda (BNR) observed that the Rwanda Stock Exchange has broadened investment opportunities, empowered individuals, and institutions to diversify portfolios, and expanded financial inclusion, particularly among youth and women.

"Stock exchanges are not just about trading, they mobilize long-term savings and channel them into productive sectors, driving private sector growth, infrastructure development, and innovation,” she said.

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The period from 2020 to 2024 marked a breakthrough and maturation of the Exchange. Despite global uncertainty during the COVID-19 pandemic, revenue and profits surged, enabling the Exchange to pay dividends to shareholders for the first time.

Listings such as Cimerwa Plc and MTN Rwanda Plc, alongside the introduction of green, corporate, and sustainability-linked bonds, reflected a growing diversity of investment products.

Hakuziyaremye highlighted that the next 15 years for Rwanda’s capital market should be defined by scale, sophistication, and inclusivity, growing not only in size but in depth and quality.

She also noted that the Exchange should serve as a central engine for innovation, entrepreneurship, and Rwanda’s journey toward high-income status.

Challenges

Despite the progress, Rwabukumba indicated that the market is still nascent and faces challenges, including limited liquidity, low financial literacy, and a relatively small investor base.

"The key is continued investment in education, technology, and human capital, while fostering trust among all stakeholders,” he said.

"By doing so, we can ensure the market continues to mature, expand and become a driver of Rwanda’s economic transformation,” he added.

The chief executive noted that new financial products such as real estate investment trusts, exchange-traded funds, green and sustainable bonds, and Sharia-compliant instruments are set to be introduced.

"These innovations aim to attract more international investors, encourage domestic savings, and diversify investment options,” he noted.