Stronger and more integrated African capital markets are essential if the continent is to mobilise the long-term capital needed to finance its growth ambitions, according to Pierre-Célestin Rwabukumba, Chief Executive Officer of Rwanda Stock Exchange.

Speaking at the 13th Building African Financial Markets Forum in Dar es Salaam, Tanzania, Rwabukumba said Africa’s transformation will require efficient, trusted and inclusive markets capable of connecting savings with productive investment.

Rwabukumba is also the current Chairperson of the African Securities Exchange Association (ASEA).

“When I speak about markets, I like to speak about people because every exchange represented in this room tells an inspiring and unique story,” he said. “Behind every listed company is an entrepreneur who dared to dream, and behind every investment is a family saving for a child’s education, a retirement, or a better future.”

The forum, hosted by the Dar es Salaam Stock Exchange, brought together stock exchange executives, regulators, investors, fund managers, policymakers and fintech leaders from across Africa to discuss innovation, integration and inclusive participation in capital markets.

Rwabukumba noted that while Africa is seeing strong growth in entrepreneurship, innovation and new sectors such as fintech, renewable energy, digital services, healthcare and manufacturing, many businesses still struggle to access long-term financing.

“Our markets remain fragmented, cross-border investment is still too limited, too many African businesses struggle to access capital, and millions of our citizens have yet to become investors,” he said. “This is why integration is no longer an option; it is a necessity.”

According to Rwabukumba, harmonised markets can help improve liquidity, ease cross-border investment, expand investor participation and give African businesses wider access to capital. He said the objective is not simply to connect exchanges, but to create a more effective ecosystem through which opportunities can reach investors across borders.

“Our goal is not merely to connect exchanges and markets,” he said. “It is to connect opportunities, to connect entrepreneurs with investors, to connect savings with productive investments, and ultimately to connect Africa’s future with global capital.”

Rwabukumba also highlighted the role of technology in modernising African markets, pointing to artificial intelligence, blockchain, tokenisation, digital identity systems and mobile investing platforms as tools that can improve efficiency and broaden access.

He said capital markets must support infrastructure, small and medium-sized enterprises, sustainable finance, and wider participation by women, young people and first-time investors.

“Financing Africa’s transformation through African capital markets may seem ambitious today,” he said, “but together it is entirely achievable.”

For Rwanda Stock Exchange, the message is clear: harmonised and innovative capital markets offer one of the most practical pathways for Africa to mobilise capital, support enterprise growth and finance the continent’s long-term development priorities. - END