The Capital Market Authority (CMA) has appointed Eric Ngabonziza Karekezi as its Acting Chief Executive Officer, replacing Thapelo Tsheole, who had led the authority since 2024. Karekezi has worked with some of the world’s top banks, including J.P. Morgan Chase, HSBC, BNP Paribas, and UBS. The appointment announced on Wednesday, January 7, by the CMA Board of Directors as the Board took immediate effect. It advances its process to select and appoint a permanent CEO. In his new role, Karekezi will lead the institution during this transition period while continuing to implement CMA’s strategic plans aimed at building a transparent, strong, and well-functioning capital market in Rwanda, the board said. ALSO READ: 2025 marked a turning point for the capital market The Board said it has full confidence in Karekezi’s “leadership capabilities and reaffirmed its trust in the professionalism and commitment of the CMA team to sustain strong institutional performance.” Karekezi replaces Thapelo Tsheole, an entrepreneur and former head of Botswana Stock Exchange, who stepped down as CMA chief executive in December. Karekezi has over 20 years of experience in financial and public-sector leadership. Before his appointment, he served as Head of Market Development at CMA, where he led key initiatives to strengthen Rwanda’s capital market and improve access to financing for productive investments. He had previously worked as a Technical Advisor in the Office of the Deputy Governor of the National Bank of Rwanda, where he supported digital transformation and financial market development, including work on the Central Bank Digital Currency and digital finance strategies. Karekezi holds an Executive Master’s degree in Management from Solvay Brussels School of Economics and Management and a Master’s degree in Marketing from Coventry University. He has also completed executive programmes in open banking and finance regulation at Cambridge Judge Business School and in FinTech at the National University of Singapore.
