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The Capital Market Authority (CMA) is a regulatory public institution established by Law, with the responsibility, among others, to protect investors in the capital market by promoting and ensuring an orderly, fair, transparent and efficient capital market in Rwanda. Among the tools used to achieve its mandate, the CMA authorizes, through licensing, businesses intending to offer, promote or sell capital market services or products to investors. 

In line with its investor protection mandate, the Authority hereby cautions the general public about unlicensed entities or individuals who are carrying on or purporting to carry on offering, promotion or selling of capital market services or products including online forex trading. These businesses claim to be duly licensed in Rwanda and often promote investment opportunities through social media. CMA informs investors that it has not yet licensed any entity to provide online forex trading brokerage services in Rwanda and any dealings in this type of investment remain at the investor’s own risk.

CMA further urges investors to always ascertain whether the engaging firms are licensed to operate capital market business in Rwanda before accepting to deal in their proposed investment products or services. The list of firms licensed to operate capital market business in Rwanda can be found on CMA’s website (

The Authority also takes this opportunity to inform the general public that any person conducting capital market business (offering, promoting or selling capital market services or products) in Rwanda without a license commits an offence punishable by law. The Law N°01/2011 of 10/02/2011 regulating capital market in Rwanda states, in its Article 6: Restrictions on the capital market of the Law: “No person shall carry out or purport to carry out capital market business in Rwanda unless he/she is licensed, approved or exempted under this Law”.

Any person who may have any inquiries or has been approached by these unlicensed firms is advised to notify the Capital Market Authority (CMA) on