According to the IMF, in 2010 out of 183 countries, Kenya was at number 154 and Rwanda at 165 in terms of GDP per capita ($1,662 vs $1,217)
But on nominal GDP, Kenya is at number 85 with 32.4 Billion dollars and Rwanda 138 with 5.7 Billion dollars

After observing the Rwandan stock market the past year the following are my notes and conclusions:

1.Bank of Kigali listed in September 2011 @ Rwf 135 and is now @ Rwf 125 with outstanding offers of 595,200 shares and no bids as at 6/01/2012

2.Braliwa breweries listed in January 2011 @ Rwf 170 and is now @ Rwf 325 with outstanding offers of 24,400 shares and bids of 85,400 shares as of 6/01/2012.

3.Nation media group listed in November 2010 @ Rwf 1200 is still @ Rwf 1200

4.KCB which listed in June 2009 is at @ Rwf 175 with a high of Rwf 185 in the past 12 months.

little activity goes on in the last two counters.

Conclusion: best company to bet on right now is Braliwa since its the sole brewery in Rwanda. My speculation for Bank of Kigali losing value is due to the entry of competition into the market (including Kenyan banks)

By the way, does BoK have plans of expanding across the region?

I think there is no Rwandan bank that is currently looking outside. A lot of potential abound inside