A resilient economy needs more than ambitious development plans. It needs the ability to mobilise resources from within the country, support businesses as they grow and give citizens opportunities to participate in the economy they are helping to build.

For Rwanda, this is closely linked to the goals of the National Strategy for Transformation (NST2) and Vision 2050. Increasing domestic savings and investment will be important to financing the country’s development, strengthening businesses and supporting Rwanda’s ambition to become a self-reliant country.

This was the central message of a Retail Investor Webinar hosted by the Rwanda Stock Exchange (RSE). The webinar brought together senior officials from the RSE, the Capital Market Authority (CMA), Rwanda National Investment Trust (RNIT), entrepreneurs and other market participants to discuss how companies can raise capital and how Rwandans can participate as investors.

“If we want to achieve NST2 and the Vision 2050, we need to increase our savings rate from 14% to 28% before 2029. This requires participation from both sides: companies coming to the market to raise capital and investors participating in the market. Bringing these two sides together will help us continue moving toward the goal of becoming a self-reliant country,” the RSE CEO said during the webinar, which coincided with the World Investor Week 2026 and featured WFE Ring the Bell for Financial Literacy.

The message reflects the two sides of a functioning capital market. Companies need access to long-term funding to expand, create jobs and contribute to economic growth. Investors, meanwhile, need opportunities to put their savings to work and benefit from the growth of businesses and public projects.

Rwanda’s capital market has continued to develop, with 10 companies currently listed and more than 10 corporate bonds on the bourse. The value of the products, listed companies and bonds on the market has reached about USD 6 billion, equivalent to around 37 percent of Rwanda’s GDP.

Continued growth, however, will depend on more companies coming to the market and more citizens understanding how they can participate.

Dan Rwiyamirira, the head of business development at MO Capital, one of the brokerage firms operating in the country, explained that buying shares in a listed company makes an investor part-owner of that business. Investors may benefit when the company performs well, including through dividends or an increase in the value of their investment.

“When you buy shares in companies listed on the capital market, you become one of the owners of that company. It is not just about the status of being a shareholder; there are real benefits to that investment,” he said.

He pointed to locally listed companies such as Bank of Kigali and Bralirwa, noting that people who invested in their shares when the market was still developing have seen the value of their investments grow over time. Government bonds provide another option, allowing citizens to lend money to the government and earn a return while supporting projects that benefit the wider population.

For this system to build confidence and resilience, investors must be protected and given reliable information. Dr James Ndahiro, Technical Advisor at the CMA and a financial expert, explained that the Authority establishes rules to prevent fraud and other illegal activities. Companies raising funds must clearly explain how much money they need, where it will be invested and how their activities will be managed.

“Our responsibility as the regulator is to prevent fraud and other illegal activities in the capital market,” he said, adding that companies must be transparent so investors can make informed decisions.

The CMA also supports investors through financial education and encourages them to work with licensed intermediaries who can guide them through the investment process. Investors, in turn, have a responsibility to provide accurate information and make decisions based on reliable information.

Ruziga Emmanuel Masantura, Head of Business Development, Marketing and Sales at RNIT-Interambere Fund, emphasised that the market is open to a wide range of investors.

RNIT currently has about 100,000 accounts serving approximately 360,000 people, up from around 12,000 accounts two years ago. This growth has been supported by efforts from RNIT, the CMA, the RSE and brokers to reach communities and promote financial education.

For Shami Rindiro Benigne, Founder and Organizer of Girlspark Fund, participation can begin with a simple saving habit: “Save before you spend.” Her experience showed how saving can help people respond to immediate needs while working towards greater financial independence.

Building a culture of saving and investment

Building a more resilient economy is not only the responsibility of government or financial institutions. It requires companies that are prepared to raise capital responsibly and citizens who are willing to save, learn and invest.

By bringing these two sides together, Rwanda can strengthen domestic financing and move closer to the goals of NST2, Vision 2050 and a more self-reliant future.