Taking Stock of the Achievements in Regional Capital Markets in the East Africa Community.
Zanzibar, the United Republic of Tanzania, 27 August 2026; the Consultative Committee of the East African Securities Regulatory Authorities (EASRA) convened its 56th Consultative Committee Meeting in Zanzibar, United Republic of Tanzania, from 17th to 21st August 2026. The meeting brought together securities market regulators from across the East African Community (EAC) to deliberate on strategic initiatives aimed at accelerating capital market integration, sustainable finance, financial innovation, investor protection, and institutional governance across the region. Present at the meetings, was the Director General of Ethiopia Capital Markets Authority (ECMA), Ms. Hana Tehelku, who expressed her delight being among peers.
On the onset, the gathering appreciated the many successful initiatives that were either running or accomplished in the various constituent markets, where both primary and secondary markets have remained resilient and progress despite the many headwinds experience in the region.
In a significant step towards strengthening sustainable finance in East Africa, the EASRA Consultative Committee, under the Chairmanship of Ms. Josephine Okui Ossiya, Chief Executive Officer of the Capital Markets Authority (CMA) Uganda, adopted an enhanced Carbon Markets Policy Paper, which will provide the basis for the development of a regional carbon market framework. The initiative reflects EASRA’s commitment to supporting the development of credible, transparent and well-regulated carbon markets that can mobilize capital towards climate-resilient and sustainable development across the region.
Ms. Ossiya emphasized the importance of regional collaboration, noting” As we gather here, we are reminded that the strength of our individual markets is closely linked to the strength of the regional market as a whole. Greater cooperation, regulatory harmonization and cross-border integration will enable us to mobilize larger pools of capital, broaden investment opportunities, strengthen investor confidence and better support the financing needs of our economies.”
The Consultative Committee underscored the importance of Environmental, Social and Governance (ESG) considerations and sustainability-related financial disclosures in promoting market integrity, transparency and consistency across East African capital markets. Members agreed to strengthen regional cooperation through the sharing of experiences, regulatory approaches and implementation practices in line with the International Sustainability Standards Board (ISSB) IFRS S1 and IFRS S2 Standards, as well as relevant International Organization of Securities Commissions (IOSCO) recommendations and respective national implementation roadmaps.
The Committee further recognized the need to progressively strengthen institutional capacity, supervisory frameworks and technical expertise to support effective regulatory oversight and implementation of ESG and sustainability-related disclosure requirements across the region.
The meeting also endorsed the transitioning of the Chairmanship of EASRA from Uganda to Burundi where the Chief Executive Officer of Capital Market Authority (ARMC) of Burundi Dr. Arsene Mugenzi becomes the new Chairman. Speaking during the closing session, Dr. Mugenzi, thanked and congratulated Ms. Ossiya for steering up the EASRA ship for the past two years and committed to maintain the collaborative spirit that has always been the foundation of the association.
With respect to advancing capital markets infrastructure and products developments, Dr. Mugenzi expressed appreciation to the African Development Bank (AfDB), through the African Development Fund, for providing a USD 9 million grant towards the East Africa and Horn of Africa Capital Markets and Payment Systems Integration Project (EAC-CAMPSI). He highlighted the importance of the grant in advancing regional capital market connectivity, noting “of particular significance will be the provision of support through the grant to the Capital Markets Infrastructure (CMI) project, which seeks to provide a platform for seamless trading of listed securities regionally.”
The EASRA Consultative Committee reaffirmed its commitment to the successful implementation of EAC-CAMPSI and pledged to work closely with the East African Community Secretariat and other relevant stakeholders to advance regional capital market and payment systems integration through EAC committee on Capital Markets, Pensions and Insurance (CMPIC).
The Consultative Committee commended the significant regulatory and market development milestones achieved across EAC Partner States. Among the developments highlighted were:
- Uganda:The Deal Flow Facility’s mobilization of nearly USD 11 million for local enterprises, alongside sandbox testing of tokenized government securities.
- Tanzania:Regulatory reforms in the foreign exchange market and measures opening the government bond market to international investors.
- Kenya:Continued growth in assets under Collective Investment Schemes, approaching KSh 1 trillion.
- Burundi:Operationalization of the Burundi Securities Exchange and listing of the Government Bonds.
- Rwanda:Progress in developing virtual asset regulatory frameworks and advancing capital market infrastructure reforms.
- Ethiopia:Progressing listing of state-owned entities in a programme aimed at enhancing efficiency and value as opposed to the traditional privatization efforts in most jurisdiction that come with “perceived” red tape connotation.
Members agreed to leverage these experiences and innovations across the region to deepen market liquidity, promote financial innovation, expand investment opportunities, strengthen investor protection and accelerate capital market development and integration within the EAC. CMA Kenya invited all the regulators present and their relevant market players to participating in the Africa Capital Markets Week to be held in Nairobi effective 5th September 2026.
In his closing remarks, CPA Nicodemus Mkama, Chief Executive Officer of the Capital Markets and Securities Authority (CMSA) Tanzania, which hosted the meeting, thanked the EASRA Members for their participation and reaffirmed the importance of continued regional cooperation. He stated “the 56th EASRA Consultative Meeting marks another important milestone in our collective efforts to advance the development and integration of capital markets across East Africa and, more broadly, to contribute to the growth, integration and transformation of financial markets across the African continent.”
Ms. Josephine Okui Ossiya
Chief Executive Officer
Capital Markets Authority – Uganda
Chairperson-EASRA
Mr. Wyckliffe Shamiah
Chief Executive Officer
Capital Markets Authority – Kenya
Mr. Nicodemus Mkama
Chief Executive Officer
Capital Markets and Securities Authority – Tanzania
Mr. Romeo Ngarambe
Chief Executive Officer
Capital Markets Authority – Rwanda
Dr. Arsene Mugenzi
Chief Executive Officer
Capital Market Authority – Burundi
NOTES TO THE EDITOR
EASRA was established in 1997 through a Memorandum of Understanding among the capital markets authorities of Kenya, Uganda, and Tanzania. Rwanda joined in 2009 and Burundi in 2011. EASRA facilitates harmonization of regulatory frameworks, regional market development, information sharing, and joint supervision initiatives across East African capital markets.
The 56th EASRA Consultative Committee meeting was hosted by the Capital Markets and Securities Authority Tanzania and took place at Golden Tulip Hotel, Zanzibar, from 17th to 21st August 2026.
