Dr. James NDAHIRO is the Rwanda Stock Exchange (RSE) Chairman. He is also the chairman for Zigama Credit and saving society and the chairman for societe Nouvelle d’Assurances du Rwanda (SONARWA).
He is Member of EAST African Legislative Assembly since where is the chairperson of the committee on communications, trade and investment which is one of the standing committees of the parliament.
He plays another role including Coordinator of Rwanda Investment Climate project (RICP) and Director for the Central African Affairs in the African Union of the blind.
He is also a member of the Association of Certified Chartered Accountants of England and Wales. He is a PhD holder in Accounting and Finance from the University of Manchester (UK) and an MBA in Accounting and Finance from Maastricht School of Management (Netherlands).
Mr. Karina is the Founder and Chairman of Faida Investment Bank and the Vice Chairman of the Nairobi Securities Exchange (NSE) Ltd. He is also the Vice Chairman of the Rwanda Stock Exchange, where he has played a key role in the set up of the Rwanda Stock Exchange (RSE) and serves as the Chairman of the Trading Committee. He is also a Board Member of the Central Depository and Settlement Corporation (CDSC), where he serves as the Chairman of the Finance Committee.
He is an accomplished stockbroker, an information technology professional and a successful businessman. He plays other roles including; Chairman of Asterisks Holdings, Chairman of Norwich Union Properties Ltd., Chairman of Association of Kenya Stockbrokers (AKS) Nominees Ltd and Founder Member of the Institute of Certified Securities and Investment Analysts (ICSIA). He is also a member of the Institute of Directors. He also served as the Director and Chairman of the Finance Committee of the National Chamber of Commerce and Industry.
Mr. Karina was instrumental in the establishment of the CDSC, the implementation of the NSE’s Automated Trading System (ATS), the Wide Area Network (WAN), and the Broker Back Office (BBO) system, as the Chair of the implementation committees that spearheaded these developments in the Kenyan Capital Markets. He has broad experience in advising institutional and corporate investors, corporate finance consulting and research analysis. He holds a Master of Science (MSc) in Corporate Finance from the University of Liverpool, in the UK.
Mrs. Amina Umulisa RWAKUNDA is a Board Director of the Rwanda Stock Exchange (RSE) since 2012. She is the current Senior Economist/ Director of Macroeconomic Policy at the Ministry of Finance and Economic Planning; and board Director of the NISR (National Institute of Statistics Rwanda). Mrs. Rwakunda is an Economist with over 12 years experience and a seasoned negotiator on regional integration matters where she has been serving as the Deputy Chief Negotiator for Rwanda’s High Level Task Force on the EAC Monetary Union and she is also involved in negotiations on fiscal related policies.
Mrs. Rwakunda holds a Masters in Globalisation and Development Economics from the University of Antwerp.
Innocent Idi KABANDA served as a member of the Rwanda Stock Exchange Board of Directors since May 2015.
He is also Board member of SOYCO Rwanda (soy bean factory) located at Kayonza District) since January 2016 and EPIC (Eastern Province Investment Company) since January 2016.
Mr. Innocent Idi KABANDA currently serves as Director of Portfolio Management Division of Rwanda Social Security Board (RSSB). He joined the RSSB in January 2007 as Investments Monitoring and Evaluation Officer and by September 2011 he had become the Director of Fixed Income Investments and in 2013 was appointed as Director of Non Fixed Income Investments.
In 2015, Innocent was promoted to Director of Portfolio Management Division. As Division Manager of portfolio Management, he was responsible for Analysis of the Fixed Income (bank term deposits, Government securities, mortgage and loans) and non-fixed income investments (Real estates and Equity) to determine prudent investment reallocation opportunities to generate additional yield or minimize investment risk; follow up the macro economic situation and prepare the report on regularly basis, especially to evaluate the trend of the inflation rate
Innocent holds a master’s Degree in Economics Policy Management from Kinshasa University sponsored by World Bank and a Bachelor’s Degree in Management from the National University of Rwanda.
He has attended a number of trainings, workshops, seminars and conferences both locally and internationally covering various areas of interest.
Board of Directors, Rwanda Stock Exchange (RSE)
Group Executive Director, MBEA Brokerage Services (Rwanda) Limited
Andrew Otengo OWINY currently serves as a Board Member on the Board of Directors of the Rwanda Stock Exchange (‘RSE’), and is the Chairman of the Board Finance & Administration Committee.
Andrew is a Group Executive Director and Group Head of Corporate Finance & Research with MBEA Brokerage Services (Rwanda) Limited (‘MBEA Rwanda’ or ‘MBSRW’), a Licensed Stock Broker Member of the RSE. At MBEA Rwanda, Andrew handled in the lead role, the 1st securities issue and listing on the Rwanda Over-the-Counter (‘OTC’) Market, a fixed income issue by Banque Commerciale du Rwanda S.A. (‘BCR’); and the 1st equity initial public offer (‘IPO’) and listing on the Rwanda Stock Exchange (RSE), the Brasseries et Limonaderies du Rwanda Ltd (BRALIRWA) IPO.
For over 14 years from 1997 to 2010, Andrew served as Managing Director (initially as Director and Executive Director) at MBEA Brokerage Services (Uganda) Limited (‘MBEA Uganda’), where he handled in a lead or co-lead role, seven (7) out of the eight (8) equity IPOs in Uganda, seven (7) out of the twelve (12) fixed income issues in Uganda, and four (4) out of the eight (8) cross listings on the Uganda Securities Exchange (‘USE’).
Prior to joining The MBEA Group, from 1991 to 2002, Andrew served as Senior Vice President and Head of International Finance at Pryor, Counts & Co., Inc., a full service boutique investment banking firm headquartered in Philadelphia, Pennsylvania in the United States of America (‘USA’).
Prior to joining Pryor Counts, Andrew worked as a Banking Officer in the Development Finance Department and the Agricultural Secretariat of the Central Bank of Uganda (‘BOU’) from 1988 to 1990.Over the same period, Andrew served as a Teaching/Tutorial Assistant in the Finance Department of the Faculty of Commerce at Makerere University, Kampala (‘MUK’), Uganda.
Andrew has, over the years, served on numerous other Boards of organizations across Africa.He currently serves as a Director on the Board of aBi Finance Limited, a Ugandan company that provides financing for agribusiness development; and, on the Board of G4S Secure Solutions (Uganda) Limited, a leading global international security solutions group, specializing in secure outsourcing of business processes, including manned guarding, courier logistics, cash solutions and security systems.
Andrew also served as Alternate Director on the Board of CAL Merchant Bank Limited (now Cal Bank Limited) in Accra, Ghana; Alternate Director on the Board of the National Merchant Bank of Zimbabwe Limited (‘NMBZ’) in Harare, Zimbabwe;and, Alternate Director on the Board of Securities Discount Company Limited (‘SDC’) in Accra, Ghana.He has also served as:Ag. Chairman of the Uganda Securities Exchange (USE);Governing Council Member/Director of the USE, where he served as Chairman of the Council Finance & Projects Committee;Director on the Board of the National Social Security Fund (‘NSSF’) of Uganda, where he served as Chairman of the Board Finance & Investments Committee;He has also served as Founding Chairman of the Uganda Stock Brokers Association (‘USBA’);and, Chairman of Uganda Rugby Union, the governing body of the Game of Rugby in Uganda.
In June 1997, Andrew, at the invitation of the United States Congress/House of Representatives Subcommittee on Africa of the House Committee on International Relations, provided written and oral testimony regarding “Africa’s Emerging Capital Markets”.
Andrew was the first recipient of the “Kikonyogo Capital Markets Award” (‘KCMA’) 2003, presented by Capital Markets Authority of Uganda (‘CMA Uganda’) in recognition of his exemplary contribution towards the development of the Ugandan capital market.The Award was named after the Late Governor of the Central Bank of Uganda (‘BOU’), Mr. Charles N. Kikonyogo, in recognition of his exemplary support and dedication to the development of the capital markets industry in Uganda.In 2007, Andrew received the Runner-up KCMA.
Andrew was nominated one of the “2009 Distinguished Wharton Alumni (contributing to Africa)” by the Wharton African Students Association (‘WASA’), of which Mr. Owiny was the Founding President; and the Wharton Club of Africa (‘WCA’), a congregation of Wharton Alumni from across the African Continent, both organizations associated with The Wharton School of the University of Pennsylvania in Philadelphia, Pennsylvania, USA.
Andrew served as a Judge on the Panel of Judges for the annual Rwanda Development Board (‘RDB’) Business Excellence Awards (Investor of the Year & Export of the Year Awards) in 2010, 2011 and 2012, and served as Chairman of the Judges Panel & Joint Master of Ceremony (‘MC’) in 2011.
Andrew received his Master of Business Administration degree in Finance & Accounting from the Wharton School of the University of Pennsylvania, and holds a Bachelor of Commerce honours degree in Finance from Makerere University, Kampala (‘MUK’), Uganda.
Pierre Celestin RWABUKUMBA, a Rwandan national born in 1974, is the current Chairman of the East African Securities Exchanges Association (EASEA) and Chief Executive Officer of the Rwanda Stock Exchange Ltd. He is the Co- founder and Chairman of Kigali Cement Company, a private company that produces, Markets and sells cement in Rwanda and neighboring countries, he is also a non Executive Director in Athi River Mining – Rwanda Ltd, and non Executive Director in Atlantis Microfinance (AMF) Ltd. He is also involved in different investment projects ranging from Real Estate, Poultry and Agro – processing to Energy production.
Mr. Rwabukumba started his career in financial services in New York City more than a decade ago after graduating from the University of Buffalo (UB), New York in the United States with A bachelors Degree in Economics. He worked in different professional positions as a stock broker, in Compliance and Operations and Institutional Investors’ Sales before he joined the Central Bank of Rwanda in 2004 to help start the Capital Market Development Project in Rwanda. Mr. Rwabukumba is also a seasoned negotiator as he has been instrumental in different negotiations on regional integration of the East African Community. He has served on different Capital Market Committees both at the national and the regional level the latest being the High Level Task Force negotiating the EAC Monetary Union. He is currently pursuing an Executive MBA at the East Southern African Management Institute (ESAMI) - Kampala, Uganda.
Mrs. IZA Irame
Mrs.Iza Irame is the Chief Executive Officer of Crystal Telecom Ltd and Chief Corporate Services Officer at Crystal Ventures Ltd .Prior to joining CVL, Iza was the Chief Executive Officer of African Alliance for four years. She led diverse corporate finance transactions in the Rwanda Market and has been instrumental in growing the local capital market industry. She was the first chairperson of the Rwanda Stockbrokers Association.
Prior to joining African Alliance, Iza was Group Finance Officer at the Horizon Group Ltd and worked as the Chief Accountant at the Office of the Prosecutor General. She currently serves as a non-Executive Director on various boards including the Rwanda Stock Exchange, African Alliance Rwanda, Zigama CSS and Rwanda Teaching University Hospital.
Iza holds a Bachelor’s degree in Finance from the Kigali Institute of Science, Technology and Management (KIST) and is an affiliate of the UK Association of Chartered Certified Accountants (ACCA).
Mr. Shehzad is the CEO of CDH Capital Ltd, a brokerage and Investment Banking service provider in Rwanda.He started his career in the Accountancy and Financial Sector. Shehzad has 19+ experience in the financial sector. He has been instrumental in setting and growing CDH Capital Ltd in the Rwandan Capital Market. He has been leading several financial advisory assignments in Rwanda in the past five years. He is currently the Chairman of the Rwanda Association of Stockbrokers and a Board Member of the Rwanda Stock Exchange
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