More than 270,000 Central Securities Depository (CDS) accounts have been opened in Rwanda’s capital market, but the Rwanda Stock Exchange (RSE) is seeking to turn the growing number of account holders into active investors.

The call was made on Wednesday, October 7, during a retail investors’ webinar and X Space held as part of World Investor Week 2026, which also featured a "Ring the Bell” ceremony to promote financial literacy and encourage more people to explore investment opportunities in the capital market.

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The growing number of CDS accounts shows increasing interest in the capital market, but, according to experts, many people still hesitate to invest because they do not understand how the market works or believe it requires large amounts of money to get started.

RSE chief executive Pierre Celestin Rwabukumba said the market has grown to 160 listed securities, including 10 listed companies and more than 10 corporate bonds.

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The market is now valued at Rwf6 trillion ($4.6 billion), with equities accounting for $4.6 billion and debt securities $1.5 billion. The combined value is equivalent to 37 percent of the country’s GDP, while equities alone account for 28 percent, Rwabukumba said.

However, he added that participation remains below the market potential, given the size of the business community and the number of people earning incomes in the country.

"Both savers and companies have not fully come into the market and the range of investment products also needs to expand as more companies come to the capital market,” he said.

"The market should not be viewed only as a place to raise money through shares, people can also invest through many more products that include bonds and debt securities. We are also developing more products that include real estate investment trusts, Islamic finance products and exchange-traded funds.”

Rwabukumba said increasing domestic savings is also important for financing the country’s development ambitions, with the national savings rate targeted to rise from 14 pern cent to 28 per cent by 2029.

"This requires both sides of the market: the companies raising capital and the investors putting their money into the market,” he said.

He noted that banks remain an important source of financing but cannot meet all the funding needs of businesses and individuals, making the capital market an alternative channel for mobilising savings and financing investment.

Many potential investors remain hesitant because they are unsure how the market works, have concerns about safety or believe investing requires large amounts of money. The experts sought to address these concerns by explaining investment products, their risks and returns, and how to open a CDS account and make a first investment.

James Ndahiro, an adviser at the Capital Market Authority (CMA), said investor protection remains a key part of efforts to bring more people into the capital market.

He said the CMA has regulations governing market participants and requires those handling investments to provide information that is accurate and supported by evidence.

"Anyone investing in the market should understand that their money is protected by rules and regulations that must be followed,” Ndahiro said.

He said the CMA also works through licensed intermediaries, including brokers, to help investors understand the products available, assess potential returns and make informed decisions.

"We have employees and intermediaries who are required to use the information they have responsibly and in the interests of investors,” he said.

"The problem is that people sometimes want to treat investments like a retail shop: they put money in today and want to take it out tomorrow," he said.

"Investors need to give their investments enough time to generate returns, particularly where returns are distributed over a longer period."

Ndahiro said brokers have an important role in explaining how different investments work and helping investors understand the timing of returns.

He said the CMA's role goes beyond regulation to developing the market and ensuring that investors and those raising capital operate under clear guidelines.

"The capital market brings buyers and sellers together, and both sides are motivated by the same thing, the opportunity to make a return,” he said.

Ruziga Emmanuel Masantura, the Head of Marketing and Sales at Rwanda National Investment Trust (RNIT), said participation has grown significantly but remains small compared with the size of the population.

He said RNIT has about 100,000 accounts serving around 360,000 people, up from roughly 12,000 accounts two years ago.

"This is a great improvement but it’s still small compared with a population of about 14 million. Participation is not limited by age or social group. Anyone is able to invest through the available channels,” Masantura said.

Prospective investors can open investment accounts through banks or licensed intermediaries, and investment funds such as unit trusts have systems in place to safeguard investors’ money, he added.

Masantura also pointed to RNIT’s record as part of efforts to build investor confidence, saying the institution had received clean audit opinions over the past 10 years and had not recorded cases of fraud.

He said growing awareness of investment products has contributed to the increase in participation, with financial education helping more people understand the options available to them.

Dan Rwiyamirira, a broker at MO Capital Ltd, said investing in shares gives individuals part ownership of a company and allows them to benefit when it makes profits through dividends.

"Bralirwa’s initial public offering prices were around Rwf136 per share about 10 years ago, compared with about Rwf520 today. An investor who bought at the IPO and held the shares could have seen their investment grow about fourfold,” he said. "This is a capital gain and investors should be patient because returns take time to build.”

The stock exchange is seeking to reach young professionals and first-time earners, entrepreneurs and small-business owners, university students and recent graduates, civil servants, SACCO members and savings groups.

18-year-old investor Benigne Shami Rindiro started saving while in primary school. By Primary Three, she had accumulated Rwf600,000, part of which she used to buy a cow, so her savings could generate income.

Her experience later pushed her to help other girls learn how to save and grow their money. She started with a small group and eventually began working with RNIT to learn more about investing and how to generate returns from their savings.