The East African Community (EAC) has initiated a process to accelerate regional capital markets integration, a crucial step towards achieving the East African Monetary Union. The EAC secretariat has reactivated the regional Sub-Committee of the Capital Markets, Insurance and Pensions Committee (CMIPC). This move follows a directive from the 18th Meeting of the Sectoral Council on Finance and Economic Affairs (SCEFA) to resume the Committee's work and strengthen regional coordination on capital markets integration.
A three-day meeting of the Capital Markets Sub-Committee was held in mid-September 2026, bringing together senior technical representatives from Securities Exchanges, Capital Markets and Securities Regulatory Authorities, and Central Securities Depositories across the EAC Partner States. The meeting marked the first formal engagement of the Sub-Committee since 2019. Mr. Dickson Ssembuya, Director Research and Market Development at the Capital Markets Authority Uganda, emphasized the importance of resuming the Committee's work to strengthen regional coordination and advance the EAC capital markets integration agenda.
The meeting was chaired by Mr. Ssembuya on behalf of Ms. Josephine Okui Ossiya, the Chief Executive Officer of the Capital Markets Authority Uganda. He highlighted that the last engagement of Chief Executives under this Sub-Committee was in 2019, and since then, integration efforts have continued without regular coordination and oversight. The resumption of the Committee's work is critical to ensuring that all EAC capital markets move forward together.
Mr. Aime Uwase, Director of Planning at the EAC Secretariat, underscored the strategic importance of the meeting. He stated that the resumption of the Capital Markets Sub-Committee's activities comes at a critical time as the Community advances preparations for the East African Monetary Union. Strong coordination among regional institutions is essential to building integrated, efficient, and resilient capital markets capable of mobilizing investment and supporting sustainable economic development across the region.
The meeting resulted in several key outcomes, including the endorsement of updated Terms of Reference for the Capital Markets Sub-Committee. The revised framework broadens participation to reflect the expanded membership of the EAC and strengthens the Sub-Committee's mandate in areas such as regulatory harmonization, market development, product diversification, and the interlinking of regional financial market infrastructure.
The Sub-Committee also recognized the need to develop a comprehensive regional business requirements specification to inform the design and implementation of a regional capital markets connectivity framework. This framework will ensure seamless cross-border capital market activities within the Community. The outcomes of the meeting are expected to accelerate the development of interconnected regional capital markets infrastructure and strengthen regulatory cooperation among Partner States.
The accelerated integration of regional capital markets is anticipated to facilitate cross-border investment, contribute to more efficient mobilization of long-term capital, and support the development of innovative regional financial products. Ultimately, this will enhance the region's readiness for deeper financial and monetary integration, bringing the East African Monetary Union closer to realization.
Key points
- The East African Community has reactivated its Capital Markets Sub-Committee to accelerate regional capital markets integration.
- The Sub-Committee's resumption aims to strengthen regional coordination and advance the EAC capital markets integration agenda.
- The meeting's outcomes are expected to accelerate the development of interconnected regional capital markets infrastructure and strengthen regulatory cooperation among Partner States.
