The Rwanda Stock Exchange (RSE) has launched a campaign to encourage banks and insurance companies that are not yet listed to join the exchange, as it seeks to increase the number of listed firms and expand access to long-term capital.

The initiative started with a roundtable bringing together chief executives of banks and insurance companies that are not listed on the exchange, on July 28, the first in what RSE says will be a series of targeted engagements with potential issuers.

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Officials said the exchange is now focusing on banks and insurance companies because investor demand continues to outpace the supply of investment opportunities, while many businesses still depend on short-term bank borrowing instead of raising long-term capital through the market.

RSE Chief Executive Officer Pierre Celestin Rwabukumba said the Exchange has traditionally focused on attracting investors but is now turning its attention to companies that could raise capital through the market.

"Most of the time, we have been talking to people as investors or potential investors. This time, we are talking to companies that could list on the market because we have to increase the number of listings,” he said.

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Rwabukumba said the exchange will now engage the institutions individually to help them understand the listing process and the financing options available through the capital market.

RSE currently has 151 listed instruments, including equities, government securities and corporate bonds, with more than 350,000 investors participating in the market. In 2025 alone, the exchange facilitated the raising of Rwf359 billion, comprising Rwf326 billion through government treasury bonds and Rwf33 billion through corporate bonds.

The exchange&039;s total market capitalisation (combined value of all securities listed) now stands at Rwf6.68 trillion, equivalent to nearly 40 per cent of Rwanda's Gross Domestic Product (GDP).

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Rwabukumba said that places Rwanda ahead in regional market capitalisation relative to GDP, although he noted that much of the market's value is concentrated among a handful of large companies.

"If almost 40 per cent of GDP is represented by only around 10 listed companies, it tells you that we have the bigger companies on the market, but not enough companies listing, small and medium companies are left out,” he said.

Rwabukumba said listing enables companies to raise fresh capital without relying solely on debt while broadening their shareholder base and increasing their visibility.

Besides equity listings, the exchange encouraged companies to consider raising capital through corporate bonds, green bonds, sustainability-linked bonds, social bonds, Islamic finance instruments, and Real Estate Investment Trusts (REITs), saying the products are attracting increasing interest from both domestic and international investors.

Chief Executive Officer of the Capital Market Authority (CMA) Romeo Ngarambe said banks and insurance companies should view the capital market as more than an alternative source of financing, arguing that it can help institutions strengthen governance, transparency, and long-term growth.

He said companies can access long-term capital through instruments such as equity, corporate bonds, and sustainability-linked bonds, reducing their dependence on short-term borrowing while broadening their investor base.

"Raising capital through the market does more than provide financing. It strengthens corporate governance, improves disclosure, and reinforces financial discipline. Those are qualities that support sustainable growth well beyond the financing itself,” he said.

Ngarambe said the CMA continues to strengthen the regulatory framework to make it easier for institutions to access the market, including improving approval processes and expanding sustainable finance regulations.

He urged prospective issuers to engage regulators early, saying close collaboration with the exchange, advisers and investors helps companies move more efficiently from initial interest to a successful listing.

Benedicte Himbaza, the Head of Fixed Income Trading in the Treasury Department at GTBank Rwanda Plc, said the roundtable had highlighted the capital market as an additional source of long-term financing for banks, beyond the traditional funding channels the sector has relied on for years.

"We have traditionally looked at raising funds through conventional channels, but today's discussions showed that the capital market also offers strong funding opportunities. There are several instruments that banks can explore to raise capital that can ultimately be channelled into lending to our customers,” she said.

Himbaza said the bank, as a subsidiary of GTBank Group, which is already listed on the Nigerian Exchange, could instead consider options such as cross-listing or issuing bonds through Rwanda's capital market.

"Cross-listing is one option that can be explored. We can also look at raising funds through different types of bonds. These are opportunities worth considering,” she said.

The exchange is also expanding its Enterprise Growth Market Segment, which prepares small and medium-sized enterprises to access capital markets by strengthening their governance and financial reporting before they seek public financing.