Rwanda Stock Exchange

Exchange entity Rwanda Stock Exchange (RSE)
Conducts business in Rwanda
Number of listed companies (Dec./16, WFE) 7
Market capitalization (in Millions USD, Dec./16) 2,147
Has signed the SSE Commitment Letter? Yes
Has prepared SSE Communication to Stakeholders? No
Requires ESG reporting as a listing rule? No
Offers written guidance on ESG reporting? No
Offers ESG related training? No
Provides sustainability-related indices? No
Has green bond listings? No
Additional Information
Organizational model of stock exchange
Regulatory bodies
Regulatory model
  • Capital Market Authority (CMA) was established by the Prime Minister’s Order of 28 March 2007 to initially guide the development of a Capital Market in Rwanda. It was previously referred to as the Capital Market Advisory Council (CMAC) till June 9th ,2011 , CMAC operated as the Capital Market Regulator, pending the creation of the CMA as provided in the Law N°11/2011 of 18/05/2011 published on 9th June, 2011.
  • CMAC facilitated the creation of the RSE as a Stock Exchange and admitted 10 members of the RSE awaiting licensing powers provided in the newly published CMA law. One of the statutory objectives of the Capital Market Authority, CMA is to promote and develop the capital markets industry in Rwanda. Investor education is one of the ways of attaining this goal.
About the stock exchange
  • The Rwanda Stock Exchange Limited was incorporated on 7th October 2005 with the objective of carrying out stock market operations.  The Stock Exchange was demutualised from the start as it was registered as a company limited by shares.
Ownership of Exchange (Shares >4% only) Share
Government of Rwanda 20%
Faida Securities Rwanada 10%
African Alliance Rwanada 10%
CDH Capital Ltd 10%
Baraka Capital 10%
MBEA Brokerage & Financial Services Rwanda 10%
Dyer & Blair Rwanada 10%
Rwanda Social Security Board (RSSB) 10%
MAGERWA 6%