The East African Capital Markets Conference (EACMC 2025), held in Kampala this week, concluded with a powerful consensus: the future of the region’s finance lies in the strategic embrace of Digital Transformation and Sustainable Finance.
The gathering of regulators, policymakers, and market leaders from across East Africa affirmed that these two forces are not just trends but essential catalysts for achieving profound economic growth and financial inclusion.
Held under the theme, “Shaping East Africa’s Capital Markets through Digital Transformation and Sustainable Finance,” the conference provided a pivotal platform for charting a new course for regional investment and integration.
Inclusion, Transparency, and Innovation
The mood of the conference was captured by the leadership of the host nation’s market. Paul Bwiso, CEO of the Uganda Securities Exchange (USE), highlighted the urgency of the moment.
“Technology and sustainability are not optional; they are catalysts driving transparency, inclusion, and long-term growth across the region,” he stated.
This sentiment was echoed by Mr. Samuel Mwogeza, a USE Board Director, who framed the theme as a “challenge” and a “call” to action
He emphasised that opportunity belongs to those who dare to innovate, noting that investors now demand “more transparency, more accessibility, and more speed.” Technology, he argued, is redefining markets, while sustainability has become a non-negotiable responsibility.
The Sustainable Finance Model
A core focus of the conference was mobilising the significant capital required to finance national development and structural transformation across the East African Community (EAC).
Mr. Saul Sseremba, Board Chairperson of the Capital Markets Authority Uganda (CMA), laid out a clear ambition: “Our goal is clear: to make Uganda’s capital markets the engine room of long-term, inclusive economic growth.”
He stressed that achieving this goal requires moving beyond conventional financing methods, noting that the markets must actively leverage innovative instruments to unlock the “trillions of shillings” necessary for key national transformation projects. These instruments, he said, include:
Green Bonds: To fund climate change mitigation and adaptation projects.
Shariah-compliant finance: Tapping into Islamic financing models.
Private Equity: Providing growth capital for ambitious enterprises.
Securitisation of infrastructure projects: Converting long-term infrastructure assets into tradable securities.
Regional Unity is Paramount for Agility
A strong recurring message from the Conference was that fragmented markets can no longer compete effectively on the global stage. Hence, regional integration is crucial for building resilient, liquid, and competitive capital markets.
Mr. Sseremba underscored this point, declaring: “Integration is no longer optional; it is imperative.” He called for a regional response characterised by agility, collaboration, and technological innovation, reminding delegates that “capital markets are not just about finance; they are about the future.”
Collaboration is the Key
The spirit of collaboration was further cemented by a major initiative announced at the conference: the official launch of the East Africa Exchanges (EAE) 20 Share Index. This new regional benchmark will track the collective performance of the top 20 listed companies across the EAC. This development is expected to:
Enhance market visibility and investor confidence.
Boost cross-border investment flows and deepen integration.
Position East Africa as a unified and attractive investment destination globally.
This was augmented by Mr. Patrick Ayota, the NSSF Managing Director, who said;
“Our market is big, but a lot of potential remains untapped. What people need is safety, convenience, and empowerment. The U.S. created incentives that made people want to save, such as tax benefits, yet here, before you even save with NSSF, your money is taxed.”
Mr. Ayota added that we need to rethink how we incentivise savings and investments, noting, “Have we thought about tokenising the Kampala–Jinja Expressway? The goal is not to copy but to customise global innovations to suit our market.” He concluded by noting that infrastructure, like highways, is becoming a new way of accessing capital beyond traditional financing methods.”
The EACMC 2025 has clearly set the agenda for the next decade, transforming East Africa’s capital markets into digitally enabled, regionally integrated, and sustainably focused platforms ready to drive the region’s next phase of economic development.