When does ESG reporting become mandatory in Rwanda?
It already has for the first group. Rwanda brings entities in through four groups, each starting a year apart: Group 1 from financial years beginning on or after 1 January 2025, Group 2 from 2026, Group 3 from 2027 and Group 4 from 2028.
| Group | Who | Starts reporting for financial years from | First report published |
|---|---|---|---|
| Group 1 | Companies listed on the Rwanda Stock Exchange, and Tier I financial institutions | 1 January 2025 | 2026 |
| Group 2 | Public utility companies, and Tier II and Tier III financial institutions | 1 January 2026 | 2027 |
| Group 3 | Other entities preparing IFRS financial statements, including state-owned enterprises, and Tier IV financial institutions | 1 January 2027 | 2028 |
| Group 4 | Entities reporting under the IFRS for SMEs Accounting Standard | 1 January 2028 | 2029 |
The tiers of financial institution are those defined by the National Bank of Rwanda.
How does Rwanda's four-phase approach work?
Each group moves through four phases, one year at a time: initial phase reporting, intermediate phase reporting, full reporting under IFRS S1 and S2 with the ISSB's transition reliefs, and full IFRS reporting without them. The requirements grow at each step as the reliefs are reduced.
| Phase | Group 1 | Group 2 | Group 3 | Publish within |
|---|---|---|---|---|
| Initial phase | 2025 | 2026 | 2027 | 9 months of year end |
| Intermediate phase | 2026 | 2027 | 2028 | 7 months |
| Full, with transition reliefs | 2027 | 2028 | 2029 | 5 months |
| Full IFRS reporting | 2028 | 2029 | 2030 | 3 months |
For Group 1, that means initial phase reporting for 2025, intermediate for 2026, full reporting with reliefs for 2027 and full IFRS reporting for 2028; Groups 2 and 3 follow the same path one and two years later. The publication deadline tightens at each phase: within nine months of the year end in the initial phase, seven in the intermediate phase, five with the transition reliefs and three for full IFRS reporting.
What do listed companies and banks report in the initial phase?
It depends on the entity. Listed companies apply the Rwanda Stock Exchange's ESG reporting requirements, Tier I financial institutions apply a simplified version of IFRS S2 under the National Bank of Rwanda's 2024 guideline, and listed Tier I financial institutions must meet both.
Entities in Groups 2 to 4 follow the same initial phase as Tier I financial institutions: simplified, climate-focused disclosures covering their existing governance, risk management and strategy for climate-related risks and opportunities.
Initial phase by entity
Groups 2 to 4
What does the National Bank of Rwanda require?
The National Bank of Rwanda has issued two guidelines for the financial institutions it supervises: a 2023 guideline on managing climate-related and environmental financial risks, and a 2024 guideline on the disclosure and reporting of sustainability-related financial information.
2023 guideline
Managing climate-related and environmental financial risks.
2024 guideline
Disclosure and reporting of sustainability-related financial information.
Financial institutions must continue to follow those guidelines, alongside ICPAR's roadmap. For a Rwandan bank, that means two sets of expectations moving in step, starting with the simplified IFRS S2 disclosures in the initial phase.
When does assurance of sustainability reports start in Rwanda?
Assurance is not required during the initial, intermediate and transition-relief phases, although entities may choose to obtain it. It becomes mandatory when an entity moves to full IFRS reporting without reliefs: a limited assurance review covering all the sustainability disclosures, under the International Standard on Sustainability Assurance, ISSA 5000.
| Group | Limited assurance from | Reasonable assurance by |
|---|---|---|
| Group 1 | 2028 | 2030 |
| Group 2 | 2029 | 2031 |
| Group 3 | 2030 | 2032 |
An entity may stay on limited assurance for at most two years before it must obtain reasonable assurance. For Group 1, that means limited assurance from the 2028 reporting year and reasonable assurance by 2030 at the latest, with Groups 2 and 3 following one and two years later.
What about smaller companies?
Companies that prepare their financial statements under the IFRS for SMEs Accounting Standard form Group 4. From financial years beginning on 1 January 2028, they apply a simplified framework designed for the size and resources of smaller entities, with their first report in 2029.
ICPAR's roadmap also provides for training and capacity building for small and medium-sized audit firms, so that smaller companies can find assurance providers when they need them.
Group 4 · IFRS for SMEs
1 January 2028
Who oversees sustainability reporting in Rwanda?
ICPAR leads the roadmap, working with the National Bank of Rwanda, the Capital Markets Authority, the Rwanda Stock Exchange, the Ministry of Finance and Economic Planning, and Rwanda Finance Limited. The National Bank, the Capital Markets Authority and the Rwanda Stock Exchange began monitoring compliance with the first reports in 2026.
Each regulator oversees the entities in its own sector, which is why banks and listed companies have their own initial-phase requirements.
Working with
Monitoring compliance since 2026