By Lora Benson
The Chartered Institute for Securities & Investment (CISI) and the Capital Market Authority of Rwanda (CMA) have renewed their partnership to enhance the professionalism of Rwanda’s capital markets, marked by the signing of a new Memorandum of Understanding (MoU) at CISI’s London headquarters.
The signing took place during a high-level visit organised by TheCityUK under the Kigali International Financial Centre (KIFC) Skills Council initiative. The Rwandan delegation, comprising senior representatives from government, regulators, the stock exchange, and financial development institutions, explored how to address financial services skills gaps in the sector. The visit forms part of Rwanda’s wider strategy to develop a robust and inclusive financial ecosystem.
Signed by CISI CEO Tracy Vegro OBE and CMA Chief Executive Thapelo Tsheole, the MoU sets out a framework to build capacity in Rwanda’s capital markets through mandatory qualifications and an annual continuing professional development (CPD) requirement.
A key pillar of the agreement is a new three-part licensing pathway for Rwandan capital markets practitioners. This includes CISI’s International Introduction to Securities & Investment qualification, an updated Rwanda Regulatory Assessment, and a role-specific technical unit – a model aligned with international standards and best practice.
The introduction of CPD as a condition for licence renewal will help ensure that practitioners maintain up-to-date knowledge and skills that are fit for the future. These reforms align with Rwanda’s broader goals to position Kigali as an International Financial Centre.
Tracy Vegro OBE, CISI CEO commented: “CISI is committed to working in partnership with the CMA to support its delivery 
of an innovative, premium suite of qualifications, lifelong learning CPD and membership for Rwandan financial services practitioners. Enhanced standards, skills and knowledge are crucial in building a professional financial services sector and essential in maintaining consumer trust and confidence.”
Thapelo Tsheole, CEO of CMA, added: “Today marks a significant milestone in our journey towards enhancing the professionalism and integrity of Rwanda's capital markets. Through this partnership with the Chartered Institute for Securities & Investment (CISI), we are introducing a qualifications-led licensing programme that will equip our market practitioners with the necessary skills and ethical standards to thrive in an increasingly complex financial landscape. This initiative aligns with our vision to position Rwanda as a competitive financial centre and supports the implementation of the Capital Market Long-Term Development Strategy, which is pivotal to our long-term economic development goals.”
This renewed collaboration marks a significant step in Rwanda’s capital markets development and reinforces CISI’s role as a key strategic partner in advancing financial sector skills across Africa.