East African Securities Regulators Agree on Steps to Grow Sustainable Finance and SME Capital

Kampala, 6th June 2025 – the regional capital markets regulators, under the umbrella of East African Securities Regulatory Authorities (EASRA), concluded their 54th meeting which was held at Protea Hotel, Kampala, from 2nd to 6th June 2025. The meeting which was hosted by the Capital Markets Authority Uganda, brought together officials from Kenya, Uganda, Tanzania, Rwanda, and Burundi to take stock of ongoing efforts and agree on next steps for growing functioning, inclusive, and future-facing capital markets in the region.

Speaking at the close of the meeting, Ms. Josephine Okui Ossiya, Chairperson of EASRA and the Chief Executive Officer of Uganda’s Capital Markets Authority, said “the main focus of our discussions was how to respond collectively to emerging capital markets trends—from green finance and digital assets to unlocking private capital for small businesses”.

Some of the major issues considered during the meeting include; facilitating private capital to support SMEs; robust regulatory framework to support virtual assets and innovation; and supporting seamless trading of securities across the EAC-member countries.

The regional body discussed finalization of its Strategic Plan for 2025–2030, built around boosting investor confidence, improving market access, and embracing innovation. The plan draws feedback gathered across financial sector stakeholders grounded on regional and continental visions, including the EAC Vision 2050 and the AU’s Agenda 2063. Below are further details of key outcomes from the meeting.

Key Outcomes from the Meeting:

1. Greener Markets, Stronger Standards During the meeting, EASRA members agreed to move forward with a common regional approach to Environmental, Social, and Governance (ESG) standards. The goal is to support greater transparency and make it easier for sustainable investment to grow. The Regulators also committed to work together on shaping a regional carbon credit market framework to facilitate climate finance through the capital markets while ensuring proper oversight.

2. Opening Up Private Capital for SMEs There was consensus that small and growing businesses in East Africa still face challenges in accessing long-term capital. The Regulators took stock of the country-level initiatives and pledged to carry out a joint assessment of impediments to private equity, venture capital, and angel investors financing for SMEs, aiming at developing targeted reforms to unlock more funding for entrepreneurs and local businesses.

3. Clearer Rules for Virtual Assets and Innovation As financial technology continues to evolve, member states acknowledged the need for clear, well-thought-out regulation of virtual assets. Kenya and Rwanda have already taken the lead (developing draft regulatory frameworks), while the others are expected to follow. EASRA encouraged all countries to develop risk-sensitive frameworks and continue using regulatory sandboxes to safely experiment and innovate.

4. New Five-Year Strategy The regional body is working towards finalizing its Strategic Plan for 2025–2030, built around boosting investor confidence, improving market access, and embracing innovation. The plan draws feedback gathered across financial sector stakeholders grounded on regional and continental visions, including the EAC Vision 2050 and the AU’s Agenda 2063.

5. Cross-border Trading of Securities The regional securities regulators made a commitment to work towards the seamless trading of securities regionally by partnering with stakeholders on various initiatives aimed at enabling the trading, clearing and settlement of securities across the EAC. Regional trading of securities is critical to fulfillment of the common market pillar of free flow of capital across the EAC.

6. Growing the EASRA Family The meeting welcomed Burundi’s continued progress in developing sound capital market regulatory and operational structures ahead of the envisaged launch of the Burundi Securities Exchange. The meeting also expressed optimism in extending support for expanding EASRA membership to include the EAC new members—Democratic Republic of Congo, South Sudan, and Somalia. Members agreed that technical assistance and peer learning would be key to ensuring a smooth and inclusive transition.

Summarizing the outcome, Ms. Josephine Okui Ossiya said: “We’ve had honest conversations and made practical decisions. This meeting showed how much we can achieve when we work together especially in areas like green finance, fintech, and private capital. The future of our region’s capital markets looks promising.”

ENDS

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. Thapelo Tsheole Chief Executive Officer Capital Market Authority – Rwanda

Dr. Arsene Mugenzi Chief Executive Officer Capital Market Authority – Burundi

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