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Capital Market Development in Rwanda



Since inception, Rwanda’s capital market has been able to mobilise capital worth RwF 196 billion (USD 235 Millionboth inequities and bonds. Today, the Rwanda Stock Exhange market capitalization stands at RwF 3.1 trillion (USD 4.2 billion).


The Government of Rwanda through the Ministry of Finance and Economic Planning established the Capital Market Advisory Council (CMAC) in 2007 as a transitional body to assist in the creation of a capital market. In 2011, Capital Market Authority (CMA) was born following the publication of the Law.


CMA licensees and regulates the capital market industry players who include Rwanda Stock Exhange (RSE), all members of exchanges and all other capital market intermediaries


The Executive Director of the Capital Market Authority, Robert Mathu stressed that “Rwanda’s capital market has an active equity market and gradually emerging bond market for both corporate and Treasury Bonds. The market is gearing for additional capital market products in order to offer alternative and modern methods of mobilizing long term capital.”


Opportunities for investment in Rwanda’s capital market will continue to present  as the privatization program is implemented, the private sector embracing the capital market as an evitable source of long term capital for both equities and bonds. It is also expected that the capital market will continue to ride on the back of high economic growth in Rwanda and in the region.


Some of the capital market incentives include: exemption of capital gains and a value-added tax (VAT) on secondary market transactions and lowest withholding tax on dividends for listed companies and interest on listed bonds.

Domestic and international portfolio investors have had opportunities to own assets in the beverage industry, banking, telecom and in the domestic bond market. Rwanda has a clear vision for growth through public and private investment and politically stable with well-functioning institutions, rule of law and high level of governance.


CMA Rwanda is an active member of The East African Securities Regulatory Authorities (EASRA)  and an associate member of the International Organization of Securities Commissions (IOSCO).


The Capital Market Authority is responsible for: implementing Government policy on capital markets; regulating and supervising all capital market activities with a view to maintaining a proper code of conduct and acceptable practices on the capital market. CMA has a board of directors and reports to the Ministry of Finance and Economic Planning.

Up Next

IGALI, JULY 23, 2015: Global property portal Lamudi is rolling out a real estate hotline to bridge the gap between offline and online house-hunters in the emerging markets. The Dial for Home hotline, which is being progressively launched in more than 30 countries across the Lamudi network, is tailored to property-seekers without Internet access. The service allows house-hunters to call a toll-free hotline and explain their requirements to a customer service representative. They then receive a text message with details about available properties to buy or rent, including a link to the online listing. Lamudi Global’s Co-Founder, Kian Moini, said: “In many of our countries, the Internet penetration is rising fast but remains quite low. Often the key decision-makers when it comes to real estate are in an older age bracket and are not always early adopters of new technologies. The Dial For Home hotline gives these offline property-seekers access to the thousands of properties listed on the Lamudi website. For those without a steady Internet connection, this means their dream home is now just a phone call away.” Lamudi Rwanda Country Manager Wunmi Osholake said: “Today as we launch Dial4Home in Rwanda we are integrating ourselves gradually with the house-hunters experience when looking for their dream and come up with the most efficient and effective ways that give our clients exceptional services. We know how hard it is to find a property without information or guidance on the different properties available in the market. Dial4Home ensures our customers are getting the best deals in the market.” Lamudi has developed dedicated software to streamline the process and allow customer service staff to easily cross-reference the caller’s requirements with the company’s database of more than 800,000 listings. At the same time, developers and real estate agents receive an SMS with the caller’s details so they can contact the property-seeker. Additionally, a quality control team later follows up with each caller and sends through details about further available properties if the house-hunter did not secure their first choice. Dial4Home is now available in all Lamudi countries in Asia and parts of Africa, with the global roll out to be complete in the coming weeks.

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