Education Resources

An Introduction to the Rwanda Stock Exchange

If you are new to investing, we invite you to download’s “Introduction to the Rwanda Stock Exchange.” This presentation is aimed at people who are new to investing in equities and bonds. The presentation is designed to answer basic questions, such as:

-How does the equity market work?

-What determines a share’s price?

-Why do share prices go up and down?

-What are the benefits of owning shares?

-What are the risks of owning shares?

-How do I know which stocks to buy and sell?

-What is a bond?

-What is the difference between a bondholder and a shareholder?

-How do I buy and sell shares and bonds?

-How much does it cost to trade?

An Introduction to Financial Statements

Company financial statements form the backbone of this website. Three types of statements are presented: the income statement, balance sheet, and statement of cash flows.

The income statement reports how much a company earned during the period of analysis. The balance sheet summarizes what a firm owns and what it owes at a given point in time. The cash flow statement reports cash inflows and outflows during a given period.

In all cases, presents information drawn from financial statements on an “as reported” basis. Where available, in addition to the data presented on the website itself, we provide original company-issued documents in PDF format for download.

Analysis of the financial statements presented on can provide a wealth of information to investors. For those of you unfamiliar with financial statement analysis, we suggest checking out the U.S. Securities and Exchange Commission’s Beginners’ Guide to Financial Statements. A web search for “financial statement analysis” will also produce numerous free, online sources of further information.

An Introduction to Financial Ratios

In addition to financial statements, calculates and presents numerous financial ratios for our users. As useful indicators of a company’s operating and financial performance, financial ratios are the cornerstone of fundamental analysis.

Some ratios – return on assets, for example – are applicable across all industries. Others – a bank’s non-performing loan coverage ratio or a supermarket’s cash conversion cycle – are not. For this reason, the ratios presented on for Bank of Kigali and Kenya Commercial Bank are divided into six categories: profitability, efficiency, liquidity, asset quality, capital adequacy, and market sensitivity. For Bralirwa, Nation Media Group, and Uchumi, data are presented within four categories: profitability, margins, liquidity, and solvency.

The ratios presented on this website can be used to identify trends for one company over time or to compare two or more companies in the same sector – for example, Bank of Kigali and Kenya Commercial Bank – to see how they compare to each other.

Comparing the same ratio for a given company over time is a useful way to identify positive and negative trends. Successful companies generally have sound ratios, so deterioration in a given area could provide cause for concern for the company’s future prospects. Similarly, if a given company’s ratios are not as good as a competitor’s, or are below their industry’s average, the company may not be as well managed as others.

Although dozens of ratios are presented on, many more may be calculated using the financial statements contained on our site. A quick web search will yield scores of websites, articles, courses, videos and other material to help you understand the principles and specifics of ratio analysis.

How to Invest is designed as a tool for investment research. If you are new to investing in Rwanda, you may want to view the Rwanda Stock Exchange’s Stock Market for Beginners presentation. The Rwanda Capital Market Authority’s Handbook is another useful resource.

Once you are ready to invest, you will need to contact a stockbroker. A list of brokers authorized to trade on the RSE can be found on the “Brokers” tab of this website. The broker of your choice can walk you through the account opening and transaction process.

To invest on the Rwanda Stock Exchange a prospective investor must open an account with a broker. Although account opening requirements vary from one firm to the next, some general requirements hold across the board.

Price Data

The Rwanda Stock Exchange (RSE) provides pricing data for all listed securities through a ticker on the RSE’s website. Daily, weekly, and monthly reports are also available for download. presents end-of-day and historical share price data for all listed securities. Data can be viewed by clicking the “Charts” tab of each company’s menu.