Category: Banking & Finance
Contact Information
  • Telephone: +250 252 500 332/ 5
  • Email:
  • Postal Address: P O Box 6136
  • Website:
  • Location: Central, Kigali, rwanda
  • Physical Address:


The Capital Market Advisory Council (CMAC), now Capital Market Authority (CMA) since June 9th ,2011 was established by the Prime Minister’s Order of 28 March 2007 to initially guide the development of a Capital Market in Rwanda. CMAC operated as the Capital Market Regulator, pending the creation of the CMA as provided in the Law N°11/2011 of 18/05/2011 published on 9th June, 2011. CMAC facilitated the creation of the RSE as a Stock Exchange and admitted 10 members of the RSE awaiting licensing powers provided in the newly published CMA law.

The Authority is responsible for:

  1. Implementing the Government policy on Capital Market;
  2. Preparing draft policies on capital market;
  3. Advising Government on policy relating to the capital market;
  4. Promoting public awareness on the capital market and develop such market;
  5. Elaborating action plans and conducting studies in order for CMA to achieve its mission;
  6. Formulating principles and regulations for the capital market;
  7. Making regulations governing capital market business in accordance with the Law regulating capital market in Rwanda;
  8. Controlling and supervising all capital market activities with a view to maintain proper code of conduct and acceptable practices on the capital market;
  9. Registering capital market business and related instruments provided for by the Law regulating capital market in Rwanda;
  10. Issuing, suspending, and withdrawing licenses and approvals related to capital market business;
  11. Seeking to achieve fairness, efficiency and transparency in the functioning of the capital market;
  12. Protecting citizens and investors in capital market from unfair and unsound practices or practices involving fraud, deceit, cheating or manipulation;
  13. Monitoring, supervising, and take actions with regard to the compliance with this Law and regulations thereto related as well as with the Law regulating capital market in Rwanda and regulations thereto related;
  14. Co-operating and collaborating with other regulatory bodies in accordance with the provision of the Law regulating capital market in Rwanda;
  15. Consulting concerned organs prior to making any decision to modify principles and regulations of the profession that may have impact on the functioning of the capital market;
  16. Keeping adequately and timely records of decisions made in the accomplishment of CMA mission;
  17. Accomplishing any other mission assigned by the Law regulating capital market in Rwanda.


5th Floor, Ecobank Building
Avenue de la Paix