Rwanda’s stock exchange closed 2025 with higher turnover and broader participation, underscoring growing investor confidence and the maturation of one of East Africa’s smaller but increasingly innovative capital markets.
The Rwanda Stock Exchange (RSE) said market turnover reached $3.4bn in 2025, up from $2.9bn a year earlier, driven by regulatory improvements and sustained demand across equities, bonds, and over-the-counter markets.
According to the exchange, 2025 marked a period of strong growth, rising participation, and key institutional milestones, supported by new market segments and products.
“With expanding activity across equities, bonds, and over-the-counter markets, alongside the introduction of a green exchange window and multicurrency-denominated securities market segments, RSE continues to advance innovation, sustainability, and market development in Africa’s capital markets,” said Celeste Rwabukumba, the exchange’s chief executive.
Trading activity increased from 2024 levels, with OTC and repo transactions accounting for 92 percent of turnover. Bond trading totalled $125mn, while equities turnover stood at $4.2mn, reflecting the market’s continued tilt toward fixed-income instruments.
Product expansion and investor growth
In 2025, the exchange listed 16 new products, including 12 Treasury bonds and four corporate bonds, among them issues from Mahwi Grain Millers, Africa Medical Supplier, the International Finance Corporation, and Energicotel PLC.
Investor participation also rose sharply. Active investors exceeded 270,000, with more than 22,000 direct investors. Indirect participation through collective investment schemes reached 88,966, while the underlying investor headcount exceeded 250,000, the exchange said.
The stronger showing followed a record year in 2024, when secondary market turnover hit $85.3mn, breaking the previous $68.8mn mark. That year saw the listing of 15 Treasury bonds and three corporate bonds with a combined face value of $187mn.
Primary issuance momentum continued, highlighted by sustainability-linked and green bonds, including the first pure green bond issued in the Rwandan market. Total funds raised in 2025 amounted to $187mn, down 23.51 percent from $244mn in 2023. Coupon rates ranged from 11.85 percent to 13.29 percent, with subscriptions reaching 183.19 percent.
Economic analyst Angello Musinguzi said the 2025 performance reflected improving market depth and liquidity.
“This improved performance was supported by increased capital-raising activity, including government and private sector issuances, as well as the introduction of innovative instruments such as green and ESG-linked bonds,” he said, adding that these developments strengthened Rwanda’s position as an emerging regional financial hub.
Bond trading last year rose 38.09 percent, with $48mn traded across 729 transactions. Market capitalisation stood at $2.75bn by December 2024, slightly below $2.89bn earlier in the year, while active investors rose nearly 40 percent year-on-year.
Domestic investors accounted for 95.81 percent of participation, with regional and international investors making up the remainder.
Looking ahead to 2026, analysts expect steady growth, supported by infrastructure spending, a resilient services sector, and prudent macroeconomic management, even as global risks persist.
