Capital Market Issuer Roadshows: from the countryside to Kigali’s stock exchange

As part of the Support to the development of Kigali International Finance Centre project, a roadshow was organised by the Capital Market Authority (CMA) and the Rwanda Stock Exchange (RSE) to bring the capital markets closer to local communities and potential investors.

Capital markets are places where investors with money (capital) meet companies or governments that need money :

• investors are keen to bring their capital in exchange for future returns;
• companies and/or governments need capital to grow, start projects and/or build infrastructure, so they reach out for money (commonly referred to as “raising capital”).

They connect through the capital markets, in this case, the RSE, where investors can purchase :

• issued shares : investors become part of the company by putting capital into it (as shareholders) and receive dividends (payments based on their number of shares). Their capital will grow if the business does, allowing them to sell their shares at a higher price;
• issued bonds : investors become lenders to the company and receive interest on their capital.

Note that other types of investments, also called securities (like shares and bonds), can be listed on a stock exchange (exchange traded funds, derivatives, options, futures, funds, structured products).

The RSE acts as a practical platform to connect and guide these players. The CMA operates as an essential regulator, ensuring that Rwanda’s capital market is safe, well-regulated, and attractive to both domestic and foreign investors through the development and enforcement of appropriate regulations. 

Thanks to these exchanges, investors can increase their savings, and businesses can expand while contributing to the economic growth of the country.

As part of a nationwide tour, the initiative reached out directly to entrepreneurs and business owners eager to grow and expand, ensuring that information on capital market opportunities is shared beyond major urban centres.

In Kayonza (Eastern Province), the session brought together entrepreneurs, cooperative members and representatives of local institutions in a space for dialogue and exchange. Participants engaged actively in discussions on available financial instruments and explored how stock market listings can help strengthen their businesses by increasing visibility and creating connections with both national and international investors.

Delivered in Kinyarwanda, the session was highly interactive and designed to provide participants with clear, practical guidance on how to access financing through Rwanda’s stock exchange. Participants were introduced to the RSE’s Investment Clinic programme, supported by the Luxembourg Development Cooperation, which helps selected SMEs become investor-ready and connect to capital-raising opportunities.

Real-life examples were shared, highlighting companies that have successfully graduated from the programme and issued bonds on the market :

• Africa Medical Supplier Plc : issued RWF 5 billion in bonds with a 5-year maturity at 13.25% interest;
• Mahwi Grain Millers Plc : issued RWF 5 billion in bonds with a 5-year maturity at 15% interest;
• Prime Energy Plc : raised RWF 9.58 billion through its debut green bond (for projects that have positive environmental or climate benefits) with a 7-year maturity at 13.75% interest.

Following the session, LuxDev staff, alongside partners and business representatives, were invited to join a spontaneous visit to a regional grain-milling and storage facility. The visit, initiated by a local entrepreneur eager to join the RSE programme, offered a concrete illustration of the growing interest among businesses in the region in engaging with Rwanda’s capital markets.

This initiative demonstrates how development cooperation can support market-based solutions and private sector growth. By improving access to capital, businesses are better equipped to invest in their ambitions, create new jobs and diversify their sources of financing beyond traditional bank loans. In doing so, they contribute to building a more resilient and inclusive economy. 

The Support to the development of Kigali International Finance Centre project is financed by the Grand Duchy of Luxembourg and implemented by LuxDev, the Luxembourg Development Cooperation Agency.