In a statement, Agnes Nafula, the Head of the Secretariat at ASEA, said Rwabukumba’s appointment follows the resignation of Thapelo Tsheole, who also served as the CEO of the Botswana Stock Exchange.

Rwabukakumba will assume his new role on May 1, 2024.

“Mr. Thapelo Tsheole, the Chief Executive Officer (CEO) of the Botswana Stock Exchange (BSE) resigned from his position as CEO effective 31st May 2024 and consequently as the President of the African Securities Exchanges Association (ASEA),” the statement reads in part.

“…Mr. Thapelo will be succeeded by Mr. Pierre Celestin Rwabukumba, the CEO of the Rwanda Stock Exchange effective 1st May 2024 for continuity.”

Thapelo served as the President of ASEA for 15 months, having been elected to the position in November 2022.

He is credited with spearheading pivotal initiatives during his stint at ASEA through collaboration with the African Union (AU), United Nations Economic Commission for Africa (UNECA), and the Pan-African Payment and Settlement System (PAPSS), securing funding for phase two of the African Exchanges Linkage Project (AELP) project.

Notably, AELP is a flagship project of ASEA and the African Development Bank (AfDB) aimed at facilitating cross-border trading of securities in Africa.

On the other hand, Rwabukumba joined the ASEA Executive Committee in November 2018 and was elected as Vice-President in November 2022.

“His appointment marks a new chapter for ASEA, promising continued growth and collaboration within the African Securities Exchanges landscape under his stewardship,” the secretariat added.

The Economics graduate of the University of Buffalo (UB) in New York, United States, also serves as a non-executive in several institutions across finance, business development, hospitality, and industry in Rwanda and beyond. These institutions include the Securities Industry Training Institute (SITI East Africa), where he serves as Chairman, and New Faces New Voices – Rwanda, among others.

He previously served as the chairman of Kigali Cement Company, a private company that produces, Markets and sells cement in Rwanda and neighboring countries.

A seasoned negotiator, Rwabukumba also worked at the Central Bank of Rwanda in 2004, where he helped start the Capital Market Development Project. He has also completed an international Post Graduate Advanced Management Program (AMP) for Executives at Strathmore Business School.

Rwanda Stock Exchange CEO, Pierre Celestin Rwabukumba, has been appointed as the new President of the African Securities Exchanges Association.