The future of Africa’s financial landscape hinges on building capital markets that are not just technically sound but fundamentally serve the needs of ordinary citizens.
This was the central message delivered by Ms. Josephine Okui Ossiya, Chief Executive of the Capital Markets Authority (CMA) Uganda, at the 2025 Capital Market Summit in Addis Ababa, Ethiopia, where she offered reflections on the sector’s resilience and strategic evolution.
Ms. Ossiya emphasised that while regulation is often perceived as distant and procedural, its true purpose lies in protecting and advancing the savings, confidence, and future of the people it serves.
Balancing Protection and Growth
She noted that at the core of the CMA Uganda’s operations is the delicate balance between safeguarding investors and actively fostering market expansion.
Ms. Ossiya articulated a simple yet profound regulatory philosophy, saying, “Regulation should never be a barrier to innovation; it should be the bridge.”
This philosophy, she revealed, is evidenced by concrete policy actions which include;
Regulatory Sandbox
She revealed that CMA Uganda introduced the Regulatory Sandbox to promote safe innovation, not stifling innovation, allowing new financial technologies and products to be tested in a controlled environment.
Broadening Inclusion
Ms. Ossiya explained that the upcoming Islamic Capital Markets framework is set to further deepen inclusion, catering to a wider segment of the population and diversifying funding sources.
Uganda’s Powerful Market Transformation
Ms. Ossiya pointed to several recent milestones that underscore a quiet but powerful transformation of Uganda’s capital markets, noting the following:
CIS Boom
She said that Collective Investment Schemes (CIS) have witnessed spectacular growth, surging by more than 600% in under five years. “This democratises finance by allowing everyday citizens to invest their savings securely,” Ossiya stated.
Democratised Access
She pointed out that recent telecom listings successfully opened doors for thousands of first-time investors, making ownership in large national companies accessible.
Future Issuers
She also observed that strategic tax incentives for private capital are helping cultivate the next generation of large companies ready to list and raise capital, strengthening the issuer pipeline.
These achievements, according to Ms. Ossiya, translate directly into real people gaining real access to opportunities that were once distant or exclusive.
Regional Synergy and the Path Ahead
She highlighted, however, that despite the progress, several challenges persist, notably the reluctance of some private companies to list due to concerns over dilution, disclosure, or cultural norms.
She asserted that “Market deepening requires the entire ecosystem; regulators, policymakers, industry, and the public, to move together.”
She championed Regional Cooperation through bodies like the East African Securities Regulatory Authority (EASRA), calling it a “superpower” that allows African markets to share challenges, learn openly, and harmonise standards, making African markets stronger when they speak with one coordinated voice.
A Lesson for Emerging Markets
Offering targeted advice to her regulatory peers, particularly as Ethiopia begins to develop its capital markets, Ms. Ossiya recommended starting with a focus on Collective Investment Schemes.
“Start with Collective Investment Schemes. They democratise finance. They build trust. They mobilise domestic savings. And ultimately, they give confidence to your very first issuers,” she advised.
In conclusion, Ms. Ossiya affirmed her professional commitment to help create pathways for investment, growth, dignity, and generational progress.
Africa’s capital markets, she insisted, are more than technical systems; they are stories of entrepreneurs, savers, pensioners, and future generations who deserve strong, transparent, and inclusive systems.