For many African businesses, the idea of listing on a stock exchange has long seemed like a distant dream, reserved for multinational corporations or companies with decades of track record. But recent developments in Rwanda are showing that this path is not just for the few—it is becoming a realistic, practical option for small and medium-sized enterprises with ambition and vision. Chantal Habiyakare, chairperson of Mahwi Grain Millers, knows this firsthand. When her company raised its first Rwf5 billion through the Rwanda Stock Exchange, it was more than just a financial milestone. “We pay interest every six months, we don’t pay capital for the next five years,” Habiyakare explains. ALSO READ: Rwanda launches Africa's second Green Taxonomy plan: This is what it means “This patient capital allowed us to operate without extra stress, establish proper management, and gain credibility. People and institutions now trust us, and we were able to work with banks and other financial bodies without extra collateral.” For Mahwi Grain Millers, listing opened doors beyond money. It gave the company visibility, a solid board of directors, and a framework that made potential investors confident. Habiyakare emphasizes that the process, while lengthy, is worth it. “To anyone with a bankable project, do not hesitate. Opening up your books and showing your capability can unlock resources that drive growth,” she says. ALSO READ: Kigali International Financial Centre’s five years of positioning Rwanda as major financial hub Rwanda’s approach reflects a broader ambition for the continent. Pierre Celestin Rwabukumba, CEO of the Rwanda Stock Exchange, highlights a persistent challenge: Africa’s markets are underdeveloped. Outside South Africa, the average country lists barely one company a year, leaving investors with few options and low liquidity. “We must shift the mindset from relying solely on debt to embracing equity. There is untapped potential, both in terms of companies and savings,” he says. Rwabukumba points to innovations already underway, including a Green Exchange Window for environmentally and socially sustainable projects, and the approval of hard-currency instruments, allowing companies to raise financing in dollars. These moves aim to modernize the market and align it with global trends, making it easier for African businesses to access long-term capital without the limitations of traditional banking. The Capital Market Authority (CMA), led by Thapelo Tsheole, sees this as the perfect time for Rwanda’s market to grow. “We are young but fast-growing. Turnover is at its highest, and our market index is performing well,” he says. Tsheole also underscores the potential for regional collaboration, noting that intra-African trades are minimal, even though the market represents hundreds of millions of people with significant GDP. “Rwanda sits strategically to exploit this untapped market,” he adds. Government support is equally clear. Steven Biganiro, Director General of Capital Markets and Investment Schemes at Rwanda’s Ministry of Finance, points to the country’s long-term development blueprints, Vision 2050 and the National Transformation Strategy 2, which identify capital market development as a priority. A ‘vibrant market,’ he notes, not only attracts investors but also reduces reliance on public debt and fosters private sector-led growth. “The roadshows and engagements we’ve held show a growing interest from both local and international players. The challenge now is to sustain this momentum and convert connections into tangible market activities,” Biganiro says. For business owners, the message is straightforward: the stock exchange is not just a financial tool, it is a platform for credibility, growth, and long-term planning. Habiyakare’s experience with Mahwi Grain Millers shows how access to patient capital, strong governance, and investor confidence can transform an SME from a little-known player into a business with a five-year vision and measurable impact. The broader African narrative mirrors this potential. If companies and governments embrace equity culture, diversify their funding sources, and leverage platforms like stock exchanges, the continent could see a new wave of enterprise growth. Listing may seem complex, but it is not exclusive. Beyond the numbers and listings, the message from Rwanda’s capital market leaders is clear: this is as much about changing mindsets as it is about raising funds. Companies that embrace transparency, open their books, and engage with investors signal that they are ready to grow and lead. The continent’s capital markets are evolving, with new tools like green and sustainability-linked instruments giving businesses the chance to raise capital while supporting environmental and social goals. For African entrepreneurs and investors alike, listing on the stock exchange is more than a financial step—it is an opportunity to shape the continent’s economic future responsibly, investing not just for profit, but for lasting impact.
