FSD Africa, CISI and CMA Partner to Strengthen Rwanda’s Capital Market

PARN Global News Article - 3rd May 2019 


The Capital Market Authority, Rwanda (CMA Rwanda) announced that it has formed a partnership with the UKAID funded Financial Sector Deepening Africa (FSD Africa) to strengthen Rwanda’s Capital Markets. The Africa Regulator Support Programme is a continent-wide initiative designed to strengthen the continent’s capital market regulators to reach international standards. CMA partnered also with the Chartered Institute for Securities & Investment (CISI) to launch qualifications-led licensing programme in the Rwandan capital market industry to enhance and promote professional standards in the securities and investment industry in Rwanda.

Through the programme, FSD Africa will fund an institutional capacity assessment to review and strengthen CMA Rwanda’s operations, a critical step in enhancing CMA Rwanda’s operations to ensure it has the capacity to implement the Capital Market Masterplan successfully. The masterplan, which was completed with FSD Africa support last year, outlines the actions needed over a ten-year time horizon to broaden the financing base of the Rwandan economy. In addition, CMA Rwanda will be supported to collaborate and share knowledge with capital market regulators across the continent.

The Financial Sector Deepening (FSD) Africa Regulator Support Programme in Rwanda was launched which is an umbrella programme aimed at strengthening capacity building of securities market regulatory bodies in 8 African markets, CMA Rwanda included. FSD Africa is a £30 million financial sector development programme funded by UK aid from the UK Government aimed at reducing poverty across sub-Saharan Africa by building financial markets that are efficient, robust and inclusive. FSD Africa has been supporting CMA in various initiatives including the development of the 10-year Rwandan Capital Market Master Plan and CISI implementation in Rwanda.

 Speaking during the event, the acting Executive Director of the Rwanda’s Capital Market Authority, Bundugu noted   that:   “We are partnering with FSD Africa and CISI to develop a special relationship to support capital market   practitioners to   advance their knowledge and promote the highest standards of ethics and integrity in the securities   and investment   industry in Rwanda and the region to efficiently direct the flow of savings and investment in the   economy in ways that   facilitate the accumulation of capital to boost the country’s development.”

 As part of the Asset Backed Securities Development (ABS) Programme that began in 2018, CMA, AFR and FSD Africa are   working together to encourage the development and uptake of asset backed securities in Rwanda. The ABS programme is   conducting an assessment of the existing enabling environment to support the development of ABS transactions in   Rwanda and to work with potential issuers and transaction advisers in the analysis of demonstration ABS transactions, in   the housing, financial and power sectors. Securitization of assets through the issuance of ABS will support the   Government’s ambitions to create an ecosystem to fast-track economic growth by opening up the capital   markets to enable Rwandan households and entrepreneurs to access long-term finance.

 In addition, in 2017 FSD Africa partnered with the not-for-profit, global professional body the Chartered Institute for Securities & Investment (CISI) to deliver skills development for capital markets professionals across Rwanda. Through the programme capital market professionals across the country are making use of a training programme which will help them build their skills and knowledge. To date, over 250 students have been trained and certified through partnership with the University of Rwanda and an additional 250 expected to complete certification by April 2019.

Sarah Metcalf, Rwanda Country Director for the UK Department for International Development commented: “We congratulate CMA and our Rwandan and African financial sector development programmes on their partnership in support of Rwanda’s Capital Market Masterplan implementation. Gradual development and uptake of capital market products is vital since it will help to unlock domestic and international long-term investment and direct it to where it is needed most. This will help to fuel growth and additional finance for the implementation of Rwanda’s National Strategy for Transformation.”

Kevin Moore, Chartered FCSI and CISI Global Business Development Director said: “We are extremely pleased to be partnering with the CMA on this important project which will ensure Rwandan financial services professionals are qualified to global best practice standards.”

Mark Napier, Director, FSD Africa commented: “FSD Africa is delighted to partner with the Capital Markets Authority and Access to Finance Rwanda in helping to realise the Capital Market Masterplan.  Having supported the development of the Masterplan itself, we are pleased to be able to follow through with its implementation. We continue to believe there is an exciting opportunity for capital markets to play a valuable role in Rwanda, enabling access to long-term finance for Rwandan households and entrepreneurs alike.”

Waringa Kibe, Country Director of Access to Finance Rwanda remarked, “The partnership with FSD Africa is timely. Access to Finance Rwanda appreciates this initiative and looks forward to supporting the growth of Rwanda’s capital market to increase national savings and grow domestic investments”.

The two-and-a-half-year Africa Regulator Support Programme will provide funding to build the capacity of capital market regulators across the continent, provide world-class technical assistance, encourage closer collaboration among regulators and conduct research to support the development of new policies and regulations. CMA Rwanda is the fourth capital market regulator to join the Africa Regulator Support Programme which began in September 2018. FSD Africa will implement the programme in a further eight markets including; Nigeria, Ghana, Kenya, Mozambique, Tanzania, Uganda, Zambia and Zimbabwe. 

For more information contact:

Lara Cornaro
Communication Coordinator
FSD Africa
[email protected]
+254 700 176 846

Magnifique Migisha
Public Relations & Communication Officer
Capital Markets Authority
[email protected]
+250 252 500 332/5

About FSD Africa

 FSD Africa is a non-profit company which aims to increase prosperity, create jobs and reduce poverty by bringing about a transformation in financial markets in sub-Saharan Africa and in the economies they serve. It provides know-how and capital to champions of change whose ideas, influence and actions will make finance more useful to African businesses and households. It is funded by UK aid from the UK Government.  For more information, visit: www.fsdafrica.org

About CMA Rwanda

Capital Market Authority (CMA) is a Rwandan public institution established by the Law No.23 /2017 of 31/05/2017 responsible for developing and regulating the capital markets industry, commodities exchange and related contracts, collective investment schemes and warehouse receipts system. The CMA derives its mandates from the Law N°11/2011 of 18/05/2011 establishing the CMA, determining its mission, powers, organization, and functioning. The CMA continues to maintain a conducive environment to enabling Rwanda’s economy to access long-term funding through the capital markets as well as ensuring investor protection. For more information, visit www.cma.rw

About CISI

The Chartered Institute for Securities & Investment’s mission is to help members attain, maintain and develop their knowledge and skills and to promote the highest standards of ethics and integrity in the securities and investment industry.

Based in the City of London, the CISI is a global organisation with representative offices in financial centres such as Dublin, Barcelona, Nairobi, Manila, Dubai, Mumbai and Colombo. We work in close cooperation with regulators, firms and other professional bodies worldwide and over 40,000 examinations were sat in 80 countries in the last twelve months.With 45,000 members in 104 countries the CISI is the professional body which sets examinations and offers qualifications for those working, or looking to establish a career in the financial planning, wealth management and capital markets industry. For more information, visit: