The Rwanda’s Capital Market (CMA) and Chartered Institute for Securities and Investment (CISI) signed the Memorandum of Understandings (MoU) on Thursday, 1st September on the implementation of a qualifications-led licensing programme for the capital market industry.The aim is to grow professionalism and promote development in the capital markets in Rwanda.
CMA and CISI have agreed to work together to enhance and promote professionalism and professional standards in the financial services industry throughout Rwanda.
The Minister of Finance and Economic Planning, Ambassador Claver Gatete who witnessed the signing ceremony of the MoU said: “The capital market provides the best alternative for long-term financing for development initiatives and promote the sector in general.”
“This programme is in line with our vision of sustaining economic development, stakeholders, brokers and other participants can be trained to really run the market effectively,”he added.
Speaking during the event, the Executive Director of CMA, Mr Robert Mathu said: “The agreement will look to develop a special relationship to support practitioners attain, maintain and develop knowledge and skills and promote the highest standards of ethics and integrity in the securities and investment industry in Rwanda and the region; thereby making the qualifications more relevant to financial professionals working in Rwanda’s capital market sector.”
Helena Green, International Manager at CISI stressed that “The CMA and CISI will work together to provide a qualifications pathway for practitioners in differing job functions. The CISI’s internationally recognised qualifications will be the foundation for this. We are delighted to provide assistance for this certification programme which is an important step for Rwanda towards boosting the professionalism of its capital markets and enhancing its attractiveness as an investment destination in sub- Saharan Africa.”
The Capital Market Authority (CMA) was established by the Law N°11/2011 of 18/05/2011 to guide in the development of a capital market in Rwanda. One of the statutory objectives of the CMA is to promote and develop the capital markets industry in Rwanda and investor education is one of the ways of attaining this goal.
The CMA’s vision is to be a key contributor to Rwanda becoming a competitive financial center through mobilization of long term capital and their mission is to nurture wealth by facilitating the development of an orderly, fair, transparent and efficient capital market.
CISI is a not-for-profit educational organization which emerged from the London Stock Exchange when it was demutualized over 20 years ago. It currently employs 125 professionals and has over 700 industry volunteers to its credit.The Institute operates globally, with its headquarters in London. In the last twelve months, over 40,000 CISI qualifications have been taken in over 75 countries and over 40,000 people are individual members, with about 20,000 being fully qualified.