Stronger and more integrated African capital markets are essential to financing the continent’s economic transformation, according to the Chief Executive Officer of Rwanda Stock Exchange, Pierre-Célestin Rwabukumba.
Speaking at the 13th Building African Financial Markets (BAFM) Forum in Dar es Salaam, Tanzania, Rwabukumba urged African stock exchanges to deepen regional cooperation, embrace innovation and expand investor participation to unlock long-term financing for businesses and infrastructure across the continent.
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Rwabukumba, who also chairs the African Security Exchange Association, said the continent’s future cannot rely solely on governments or development finance institutions. He said it requires efficient and trusted capital markets capable of mobilising domestic and international investment.
"When I speak about markets, I like to speak about people because every exchange represented in this room tells an inspiring and unique story,” he said.
"Behind every listed company is an entrepreneur who dared to dream, and behind every investment is a family saving for a child’s education, a retirement, or a better future.”
The forum, hosted by the Dar es Salaam Stock Exchange (DSE) on Wednesday, July 1, marked the DSE&039;s 30th anniversary and brought together stock exchange executives, regulators, investors, fund managers, policymakers and fintech leaders from across Africa.
The event focused on strengthening regional cooperation, improving market liquidity, accelerating digital transformation and broadening access to investment opportunities.
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Rwabukumba said Africa is increasingly becoming a hub of innovation, with entrepreneurs establishing fintech firms, digital banks, renewable energy companies, healthcare startups and manufacturing businesses that are developing home-grown solutions to the continent’s challenges.
However, he noted that many promising businesses still struggle to secure long-term financing.
"Our markets remain fragmented, cross-border investment is still too limited, too many African businesses struggle to access capital, and millions of our citizens have yet to become investors,” he said.
"This is why integration is no longer an option; it is a necessity.”
According to Rwabukumba, greater cooperation among African stock exchanges would increase market liquidity, make it easier for investors to move capital across borders and create more opportunities for businesses to raise funds.
"Our goal is not merely to connect exchanges and markets,” he said. "It is to connect opportunities, to connect entrepreneurs with investors, to connect savings with productive investments, and ultimately to connect Africa’s future with global capital.”
He also called on exchanges to accelerate the adoption of emerging technologies such as artificial intelligence, blockchain, tokenisation, digital identity systems and mobile investing platforms.
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These technologies, he said, have the potential to modernise African financial markets while expanding participation among retail investors.
"Capital markets must finance infrastructure that connects our countries. Exchanges must support small and medium-sized enterprises that create jobs, accelerate climate resilience through sustainable finance, and ensure that women, young people and first-time investors become participants in Africa’s economic transformation,” he said.
Rwabukumba noted that African exchanges have already made significant progress by modernising trading systems, strengthening regulatory frameworks, introducing new financial products and embracing digital technologies.
Still, he said, much more remains to be done to improve market depth, diversify investment products and attract more investors.
The BAFM Forum was organised by the Dar es Salaam Stock Exchange in collaboration with the African Securities Exchanges Association (ASEA).
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Discussions also focused on practical strategies to enhance liquidity, strengthen regional integration, promote sustainable finance, encourage retail and institutional investor participation, and explore innovative financing instruments such as environmental, social and governance (ESG) products, exchange-traded funds (ETFs), real estate investment trusts (REITs) and SME financing platforms.