The Capital Markets Authority (CMA) of Rwanda has welcomed seasoned Botswana financial markets guru, Thapelo Tsheole, as its new Chief Executive Officer (CEO) replacing Eric Bundugu who has been acting at the helm of CMA from 2018 since the exit of Robert Mathu in 2017.
Mr Thapelo was appointed CEO a month ago, and he subsequently resigned his role as the head of the Botswana Stock Exchange, but had to wait a month to take up his new role. His departure from the Botswana Strock Exchange saw him lose his seat as the president of African Securities Exchanges Association (ASEA) and was replaced by Celestin Rwabukumba, the current CEO of Rwanda Stock Exchange, on April 10.
Mr Thapelo joins CMA Rwanda with over 20 years worth of experience in financial markets. He studied at the University of Botswana graduating with a bachelors of Social Sciences with a major in Economics from the University of Botswana. He continued his education journey with a Master of Commerce in Financial Markets from Rhodes University, and a Master’s Degree in Business Administration from the University of Cape Town.
Before his eight year tenure as the CEO of the Botswana Stock Exchange, he served in various positions at the Central Bank of Botswana. He is also a member of the South African Institute of Financial Markets and the Institute of Directors in South Africa. He has completed various financial markets programmes and a Leadership Development Programme at the University of Stellenbosch Business School.
He has enjoyed prominent board positions at the Special Economic Zone Authority, Botswana Accountancy Oversight Authority, Botswana Medicines Regulatory Authority, and the African Integrated Reporting Committee. In 2018, he was honored with the Presidential Order of Meritorious Service by the President of Botswana for his service. He also served as the President of the African Securities Exchanges Association and Chairman of the Committee of SADC Stock Exchanges.
Ugandan enterprises urged to explore regional oil and gas opportunitiesMr Thapelo will look forward to continuing the work of his predecessor, Bundugu, who has overseen the growth of corporate sector with increased capital access, oversaw sizeable company listings on the domestic bourse, and several regulations were enacted under his leadership, all aimed to stabilize the market. Bundugu also oversaw the creation of more public awareness for the participation of retail investors. Since 2018, CMA has seen the listing of CIMERWA and MTN Rwanda Plc, as well as issuance of new instruments including one corporate bond and a sustainability-linked bond by Rwanda Development Board.
He will also be at the forefront of executing CMA Rwanda’s 10-year Capital Market Master Plan of 2018-2028. The plan focuses on developing market infrastructure, diversifying financial products, and strengthening regulatory frameworks to ensure market integrity and investor protection. It also aims to build capacity among market participants, promote market awareness, and enhance regional integration to foster growth and development. By improving market infrastructure and regulatory frameworks, the plan seeks to increase efficiency, transparency, and accessibility.
The plan also prioritizes technology advancement, investor protection, and SME financing. It leverages technology to improve market operations, enhances investor protection through robust regulatory frameworks and effective dispute resolution mechanisms, and facilitates access to capital for small and medium-sized enterprises (SMEs) to support economic growth.
