AFSIC 2025: Rwanda Highlights Capital Market Growth

Rwanda’s capital market Authority CEO Thapelo Tsheole shared insights into capital market developments at AFSIC 2025 in London, highlighting the country’s progress in financial sector growth.

Speaking at the Rwanda Country Summit jointly hosted by the Rwanda Development Board and the Kigali International Financial Centre, CEO Tsheole joined a panel under the theme ‘Capitalising on Growth: Rwanda’s Role as Africa’s Rising Investment Powerhouse’. The conversation outlined how Rwanda offers global investors a favourable environment under a modern and competitive regulatory framework.

Panellists at AFSIC 2025 underlined Rwanda’s strategic position as a gateway for international capital, citing regulatory reforms that have attracted investment funds and special-purpose vehicles to domicile in the country.

Market performance has been broad-based in 2025. Corporate bonds raised Rwandan francs 46 billion, including green and sustainability-linked issuances. On the debt side, 14 Treasury-bond auctions and reopenings mobilised Frw 246 billion, with an average subscription rate of 293 per cent, a signal of robust investor appetite.

CEO Tsheole also said that the secondary market recorded strong gains. Equity turnover rose to Frw 63.5 billion in 2025, up from Frw 4.7 billion in 2024. Trading volumes jumped to 425.2 million shares from 22.4 million a year earlier. Bond market turnover reached Frw 148.5 billion, a 167 per cent year-on-year increase. Assets in collective investment schemes climbed to Frw 71.4 billion, up 12 per cent from 2024.

Tsheole credited the momentum to an improved regulatory landscape, tighter disclosure standards, and sustained investor education efforts. He noted that the upcoming Capital Market Issuer Townhall Roadshows 2025 would support prospective issuers to list on the exchange, issue bonds, and comply with disclosure obligations, thereby expanding the pipeline of investable opportunities.

AFSIC – Investing in Africa remains one of the continent’s premier investment forums, convening business leaders, investors, and financiers in London to explore high-potential ventures across African markets.