In 2015, the Rwandan Ministry of Finance and Economic Planning mandated the Capital Market Authority (CMA) of Rwanda to develop a Capital-Market Master Plan (CMMP). This plan will set the CMA’s policy strategy for the next 10 years. It will advance a strategic agenda for deepening debt markets, expanding listings on the Rwanda Stock Exchange, developing an ecosystem of financial sector intermediaries, and further integrating Rwanda’s capital markets with those of its East African neighbors.

With the CMMP in mind, this report provides essential background information on the state of the Rwandan financial sector and the prospects for capital-market deepening.