CMA MARKS 30 YEARS OF BUILDING UGANDA’S CAPITAL MARKETS

The Capital Markets Authority (CMA) Uganda on Tuesday marked the official launch of its 30th Anniversary celebrations, commemorating three decades of developing, promoting and regulating Uganda’s capital markets under the theme, “CMA@30: Reimagining Uganda’s Capital Markets for a Sustainable Future.”

The press conference, held at the Uganda Media Centre, brought together Government officials, including Hon. Henry Musasizi, Minister of Finance, Planning and Economic Development, and Hon. Cissy Mulondo, Minister of State for Finance (General Duties), as well as former and current leadership of CMA, market participants, partners and members of the media.

The conference unveiled activities leading up to the main anniversary celebration and Capital Markets Awards on 8 October 2026 at the Kampala Serena Hotel.

Established in 1996, CMA was created to develop, promote and regulate an orderly, fair and efficient capital markets industry in Uganda. Over the past 30 years, the Authority has built the regulatory and institutional foundations of Uganda’s capital markets, supporting the mobilisation of long-term capital, the regulation and development of market intermediaries, and the protection of investors.

Ms. Josephine Okui Ossiya, CMA’s Chief Executive Officer, highlighted the growth of Uganda’s capital markets over the past 30 years.

“Segregated fund assets had grown to more than UGX 6 trillion. Domestic market capitalisation on the Uganda Securities Exchange had surpassed UGX 15 trillion. Assets under management in our Collective Investment Schemes have grown to UGX 7.06 trillion, and total funds mobilised through the capital markets have reached UGX 23.4 trillion. Public understanding of capital markets has risen to 60.8 percent, and more than 220,000 Ugandans hold funded Collective Investment Scheme accounts, while more than 235,000 investors have maintained Securities Central Depository accounts. Today, CMA regulates more than 160 licensed market participants,” Mrs. Josephine Okui Ossiya stated.

The CEO emphasised participation as one of CMA’s most important priorities.

“We want to see funded Collective Investment Scheme accounts grow to one million within five years. This is not simply a numerical target. It represents a different vision of financial participation in Uganda. We also want to see more Ugandans investing in shares, as well as more public and private companies coming to market to list on the securities exchanges.”

Minister Musasizi said: “Government has set out an ambitious agenda for this country. Through the Fourth National Development Plan and the Tenfold Growth Strategy, we have committed ourselves to transforming Uganda into a much larger and more industrialised economy, anchored on agro-industrialisation, tourism, minerals, oil and gas, science and technology, and a competitive, private-sector-led economy.

“That transformation cannot be financed by the national Budget alone. We need long-term, patient capital that is prepared to be invested for ten, fifteen or twenty years to build the assets that will carry this economy forward.

“He urged that a strong, innovative and inclusive capital market has become indispensable. Where a bank can lend for three or five years, a capital market can mobilise capital for a generation.

“Infrastructure bonds, project bonds, real estate investment trusts, green and sustainability-linked bonds, and public offers of shares in our growing enterprises are the practical tools by which Uganda will finance its own transformation, increasingly with its own money.

“Financing the industrial parks and agro-processing zones envisioned under Tenfold Growth will require instruments that allow pension funds, insurance companies, diaspora investors and ordinary Ugandans to co-invest alongside Government and development partners.

“Financing the energy, transport and digital infrastructure that will unlock our tourism and minerals potential will require infrastructure bonds and project finance structures that this market must be ready to support.”

Minister Mulondo emphasised key priorities for the years ahead, including accessibility, trust and sustainability.

“Accessibility: bringing capital market participation within reach of more Ugandans, in more parts of the country, through simpler products and digital channels. Trust: continuing to strengthen supervision, disclosure and enforcement so that every investor who enters this market can do so with confidence. And sustainability: ensuring that the institutions we build today, and the products we introduce, are designed to endure and to serve Uganda’s development for decades to come.”

As CMA marked 30 years, the anniversary served as both a celebration of the journey travelled and a call to reimagine what Uganda’s capital markets could achieve over the next three decades.

A key highlight of the press conference was the recognition of the three individuals who have led CMA as Chief Executive Officers, each representing a defining chapter in the Authority’s institutional journey.

Mr. Japheth Katto, the founding Chief Executive Officer, reflected on the pioneering years of the Authority and the work involved in establishing the foundations of Uganda’s capital markets.

Mr. Keith Kalyegira, the second Chief Executive Officer, reflected on the period of consolidation, institutional strengthening and the continued evolution of the market.

Ms. Josephine Okui Ossiya, the current Chief Executive Officer, spoke about the Authority’s ongoing efforts to scale participation, deepen public awareness and position Uganda’s capital markets for a more inclusive and sustainable future.

The press conference also provided an opportunity to look beyond the achievements of the past three decades and consider the future of Uganda’s capital markets.

“As the Board looks to the next decade, several priorities stand out clearly,” noted Mr. Sseremba. “We must pursue innovation deliberately, embracing financial technology, digital onboarding and new instrument types, while maintaining the risk-based regulatory discipline that protects investors.

“We must champion sustainable finance. We must deepen inclusion, ensuring that participation in this market extends beyond Kampala’s financial district to every region of this country and to our diaspora communities abroad.”

The Authority also recognised the contribution of its partners, market participants and private-sector institutions whose collaboration has supported the development of Uganda’s capital markets over the years.

Partners participating in the CMA@30 celebrations include Stanbic Bank Uganda, Uganda Securities Exchange, Old Mutual Uganda, Bank of Uganda, MTN Uganda, Centenary Bank, KCB Bank, Quality Chemicals, Deposit Protection Fund (DPF), National Social Security Fund (NSSF), Roofings, Financial Sector Deepening Uganda (FSD Uganda), Insurance Regulatory Authority (IRA), Standard Chartered Bank, Presidential CEO Forum, SanlamAllianz, Agape Wealth Management and Housing Finance Bank, Nation Media Group and Vision Group Uganda.

The partners represent the wider ecosystem that has contributed to the growth of Uganda’s capital markets, including financial institutions, market infrastructure, issuers, investors, regulators and development partners.

The Authority reiterated its commitment to deepening financial literacy and investor education, broadening retail and youth participation, strengthening investor confidence, and positioning the capital markets sector to contribute even more meaningfully to Uganda’s sustainable economic growth.

Several activities have been planned as part of the CMA@30 celebrations, including:

  • The Capital Markets Symposium and Awards, taking place on 8 October 2026.
  • University engagements, including the University Quiz Challenge by Vision Group.
  • Youth campaigns and regional outreach programmes.
  • Engagement of nationwide opinion leaders, coordinated with the Uganda Financial Literacy Association.
  • Market-intermediary outreaches in downtown Kampala and Kikuubo, supported by multilingual radio messaging.
  • Heightened public awareness and financial literacy for farmers through the Seeds of Gold programme on capital markets nationwide.
  • A stronger pipeline of retail and youth participation in the market.
  • Reinforced market reputation, investor confidence and public trust in the regulator.
  • A documented institutional legacy through the 30-Year Impact Report and documentary series.
  • An “Explain Capital Markets to your Grandmother” public campaign that simplifies the market in plain, relatable language. The campaign is also available on YouTube and other digital channels, including TikTok and Instagram, to engage younger audiences.
  • Nationwide investor education and public engagement programmes.

If you are a SACCO, investment club, school or any organised group and require knowledge about capital markets, please email us at education@cmauganda.co.ug or call our toll-free line on 0800 100 031.

About the Capital Markets Authority

The Capital Markets Authority (CMA) is the statutory body established in 1996 (Cap 64) to develop, promote and regulate an orderly, fair and efficient capital markets industry in Uganda. CMA’s mandate includes promoting the development of capital markets, licensing and supervising market intermediaries, and protecting investors.

For Media Inquiries:
Please contact Lyn Tukei, Communications and Public Relations Manager, CMA, via lyn.tukei@cmuganda.co.ug or call 0800 100 031.

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