East African Community is now speeding up regional capital markets integration for monetary Union

The Arusha-based, East African Community has kick-started the process to fast-track the regional capital markets integration.

To accomplish that, the East African Community (EAC) secretariat has now reactivated the regional Sub-Committee of the Capital Markets, Insurance and Pensions Committee (CMIPC).

The move is paving the way for accelerated implementation of regional capital markets integration initiatives supporting preparations towards the East African Monetary Union.

The commitment was made during a three-day meeting of the Capital Markets Sub-Committee held in the third week of September 2026 that brought together Chief Executive Officers and 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 and follows a directive of 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.

Chairing the meeting on behalf of Ms. Josephine Okui Ossiya, the Chief Executive Officer of the Capital Markets Authority Uganda, Mr. Dickson Ssembuya, Director Research and Market Development at the Authority, emphasized that the resumption of the Committee’s work was critical to strengthening regional coordination and advancing the EAC capital markets integration agenda.

“The last engagement of Chief Executives under this Sub-Committee was in 2019. Since then, integration efforts have continued, but without the regular coordination and oversight that this Committee was established to provide. Today’s meeting represents an important step towards restoring that collaboration and ensuring that all EAC capital markets move forward together,” said Mr. Ssembuya.

Speaking on behalf of the EAC Secretariat, Mr. Aime Uwase, Director of Planning, underscored the strategic importance of the meeting.

“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 mobilising investment and supporting sustainable economic development across the region,” said Mr. Uwase.

The Director called on Partner States to maintain a shared commitment to developing capital markets that are efficient, inclusive, resilient and supportive of the broader objectives of the East African Monetary Union.

Among the key outcomes of the meeting was the endorsement of updated Terms of Reference for the Capital Markets Sub-Committee, reaffirming its role as the principal technical and policy coordination mechanism for regional capital markets integration.

The revised framework broadens participation to reflect the expanded membership of the EAC and strengthens the Sub-Committee’s mandate in areas including regulatory harmonisation, market development, product diversification, and the interlinking of regional financial market infrastructure.

The meeting also noted the need to develop a comprehensive regional business requirements specification to inform the design and implementation of a regional capital markets connectivity framework.

The development of a connectivity framework will ensure seamless cross-border capital market activities within the Community.

The Sub-Committee also reviewed progress made under previous capital markets integration initiatives undertaken during the diagnostic stage for the establishment of the East African Monetary Institute (EAMI) and received updates on development support for a follow-up phase.  

The outcomes of the meeting are expected to accelerate the development of interconnected regional capital markets infrastructure, strengthen regulatory cooperation among Partner States, facilitate cross-border investment and contribute to more efficient mobilisation of long-term capital.

They will also support the development of innovative regional financial products and enhance the region’s readiness for deeper financial and monetary integration.