Speaking at this year’s RSE listings forum under the theme "Scaling Your Business: A Forum for Investments and Growth, Leveraging the Power of Capital Markets," stakeholders emphasized the pivotal role of capital markets in fostering business resilience and national economic transformation.

In his remarks, Pierre Celestin Rwabukumba, Chief Executive Officer of the RSE, highlighted the crucial place SMEs occupy in Rwanda’s economy and the pressing need for them to broaden their horizons beyond traditional financing models.

“Across Rwanda, SMEs are not just businesses. They are the backbone of our economy, creating jobs, serving local communities, and fueling innovation. But despite their importance, many SMEs still face a critical challenge of access to capital,” Rwabukumba said.

He noted that while personal savings, bank loans, and informal lending networks remain important, they are often inadequate for scaling businesses. Capital markets, he explained, offer SMEs access to long-term, sustainable funding as well as increased credibility and visibility.

“Listing your company on the Rwanda Stock Exchange can help you raise funds from both institutional and individual investors. It also opens the door to corporate bonds and treasury instruments that can attract large-scale capital,” he stated.

A central highlight of this year’s forum was the Capital Market Investment Clinic Program, designed to prepare companies for investor engagement. Through diagnostic assessments, targeted support, and guidance on corporate governance and transparency, the clinic connects SMEs to the broader capital market ecosystem.

“This is not just about raising money. It’s about preparing your business to grow with transparency, good governance, and strategic focus. The clinic helps SMEs become investor-ready, and that’s a game-changer,” Rwabukumba emphasized.

Pierre Celestin Rwabukumba, Chief Executive Officer of the RSE, highlighted the crucial place SMEs occupy in Rwanda’s economy.

Representing the Capital Markets Authority, Dr. James Ndahiro praised the evolution of Rwanda’s capital markets and stressed the government’s commitment to maintaining a supportive but principled regulatory environment.

“We have carried out reforms to ensure that the business environment allows both small and big companies to operate. But we don’t compromise on governance. It is essential for investor trust, market stability, and long-term success,” he said.

Ndahiro acknowledged the challenges that many SMEs face in navigating the rigorous listing process but affirmed that CMA and its partners are dedicated to supporting issuers at every step.

“Yes, it can be difficult and costly but capital does not come on a slip of faith. You must demonstrate readiness, transparency, and accountability. Once that’s in place, the possibilities, both domestic and international, are immense,” he admitted.

Ndahiro emphasized that CMA’s role extends beyond regulation to active advisory support and market facilitation. “We support potential issuers in this journey. And our support is well aligned with the clinic. We ensure that price-sensitive information is disclosed, that governance standards are met, and that the market remains liquid and fair,” he said.

A central highlight of this year’s forum was the Capital Market Investment Clinic Program, designed to prepare companies for investor engagement.

Adding a policy perspective, Herbert Asiimwe, Head of Financial sector Development at the Ministry of Finance and Economic Planning (MINECOFIN) called for broader participation in the capital markets ecosystem.

“We are committed to nurturing an enabling environment that supports long-term economic transformation, and capital markets are a crucial piece of that puzzle,” Asiimwe said.

“As we continue building this ecosystem, we urge more companies, especially those in high-growth sectors, to attend and actively engage in upcoming forums. The strength of our capital markets depends on the diversity and vibrancy of the businesses that participate in them.”

A key partner in Rwanda’s development, Charlotte Helminger, Chargée d’Affaires at the Embassy of Luxembourg, reaffirmed Luxembourg’s strong support in advancing financial inclusion and sustainable development.

She explained that the partnership with Rwanda is rooted in a shared vision one where inclusive, transparent, and well-regulated capital markets are at the heart of sustainable economic development.

"We believe that by supporting market infrastructure, investor education, and access to finance, we can empower more local businesses to grow and attract long-term investment. Rwanda has shown strong leadership in this area, and we’re proud to be part of its journey,” she said.

As Rwanda positions itself as a regional hub for innovation and investment, the future belongs to businesses that are transparent, strategically focused, and ready to leverage the power of capital markets.

Through initiatives like the investment clinic, Rwandan SMEs now have both the tools and the support they need to make that future a reality.

This year’s RSE listings forum was held under the theme "Scaling Your Business: A Forum for Investments and Growth, Leveraging the Power of Capital Markets."