By Karim Were
KAMPALA, Uganda — The Capital Markets Authority (CMA) has launched celebrations to mark 30 years of developing, promoting and regulating Uganda’s capital markets, highlighting the sector’s growth while setting out an ambitious agenda to expand investment participation and mobilise long-term capital for the country’s economic transformation.
The anniversary celebrations were officially launched on September 1 at the Uganda Media Centre under the theme, *CMA@30: Reimagining Uganda’s Capital Markets for a Sustainable Future.”
The launch brought together government officials, former and current CMA leaders, market participants, private-sector representatives, development partners and members of the media.
The celebrations will culminate in the Capital Markets Symposium and Awards scheduled for October 8, 2026, at the Kampala Serena Hotel.
#Three decades of market development
Established in 1996, the CMA was created to develop, promote and regulate an orderly, fair and efficient capital markets industry in Uganda.
Over the past three decades, the Authority has built the regulatory and institutional framework supporting Uganda’s capital markets, including the licensing and supervision of market intermediaries, investor protection and efforts to mobilise long-term financing.
CMA Chief Executive Officer Josephine Okui Ossiya said the sector had recorded significant growth, reflected in the expansion of investment funds, market capitalisation and investor participation.
According to the Authority, segregated fund assets have grown to more than **Shs6 trillion**, while domestic market capitalisation on the Uganda Securities Exchange has surpassed **Shs15 trillion**.
Assets under management in Collective Investment Schemes have reached **Shs7.06 trillion**, while total funds mobilised through Uganda’s capital markets stand at **Shs23.4 trillion**, according to figures presented at the anniversary launch.
The Authority also reported that public understanding of capital markets had risen to **60.8 percent**, with more than **220,000 Ugandans holding funded Collective Investment Scheme accounts** and over **235,000 investors maintaining Securities Central Depository accounts**.
CMA currently regulates more than **160 licensed market participants**, according to the Authority.
#Push for one million investment accounts
Ms Okui said expanding participation would be among CMA’s major priorities in the coming years.
The Authority is targeting one million funded Collective Investment Scheme accounts within the next five years, a goal intended to broaden access to investment opportunities among ordinary Ugandans.
“We want to see funded Collective Investment Scheme accounts grow to one million within five years,” Okui said.
She said the target represented a broader ambition to change how Ugandans participate in the financial system.
CMA also wants to encourage more Ugandans to invest in shares while supporting more public and private companies to list on securities exchanges.
The focus reflects growing interest in expanding investment opportunities beyond traditional savings and bank deposits, particularly as Uganda seeks to mobilise more domestic capital for long-term development.
#Capital markets and Uganda’s growth agenda
Finance Minister Henry Musasizi said Uganda’s economic transformation agenda could not be financed through the national Budget alone.
He said the Government’s Fourth National Development Plan and Tenfold Growth Strategy envision a larger and more industrialised economy supported by agro-industrialisation, tourism, minerals, oil and gas, science and technology and private-sector growth.
According to the minister, achieving those ambitions will require long-term capital capable of financing projects over many years.
“Where a bank can lend for three or five years, a capital market can mobilise capital for a generation,” Musasizi said.
He pointed to instruments such as infrastructure bonds, project bonds, real estate investment trusts, green and sustainability-linked bonds and public share offerings as potential tools for financing Uganda’s development.
The minister said the expansion of industrial parks, agro-processing zones and infrastructure would require greater participation by pension funds, insurance companies, diaspora investors and ordinary Ugandans.
He added that capital markets could play an increasingly important role in mobilising domestic resources for investments in transport, energy and digital infrastructure.
#Accessibility, trust and sustainability
State Minister for Finance (General Duties) Cissy Mulondo said the future development of Uganda’s capital markets would depend on improving accessibility, strengthening investor confidence and ensuring sustainability.
She said capital-market participation should be made more accessible to Ugandans across the country through simpler investment products and digital channels.
Mulondo also emphasised the importance of strengthening supervision, disclosure and enforcement to maintain investor confidence.
“Accessibility, trust and sustainability” should remain central to the development of the sector, she said.
Her remarks highlighted the continuing challenge of ensuring that capital-market opportunities extend beyond major financial centres and reach investors in different regions.
#Honouring CMA’s institutional journey
The anniversary launch also recognised the three individuals who have served as CMA chief executive officers since the Authority was established.
Japheth Katto, the founding chief executive officer, reflected on the pioneering period and the work involved in establishing Uganda’s capital-market institutions.
Keith Kalyegira, the Authority’s second chief executive officer, represented a period of institutional consolidation and continued market development.
Okui, the current chief executive officer, outlined CMA’s ongoing efforts to expand participation, deepen financial literacy and position the capital markets for a more inclusive future.
CMA Board representatives also highlighted innovation and sustainable finance among the priorities for the coming decade.
The Authority said it intends to embrace financial technology, digital onboarding and new investment instruments while maintaining regulatory systems aimed at protecting investors.
There are also plans to deepen participation beyond Kampala and reach communities across the country, including Ugandans living abroad.
#Financial literacy campaign
A major component of the CMA@30 programme will focus on financial literacy and investor education.
The Authority plans university engagements, youth campaigns, regional outreach programmes and activities targeting organised groups such as SACCOs, investment clubs and schools.
One of the planned public-awareness initiatives is an **“Explain Capital Markets to Your Grandmother”** campaign, designed to simplify capital-market concepts using plain and relatable language.
The campaign will also use digital platforms, including YouTube, TikTok and Instagram, in an effort to reach younger audiences.
Other activities will include market-intermediary outreach programmes in downtown Kampala and Kikuubo, multilingual radio messaging and nationwide investor education initiatives.
CMA also plans to work with the Uganda Financial Literacy Association and other partners to expand public engagement.
Farmers are also expected to be reached through financial-literacy initiatives linked to the **Seeds of Gold** programme.
#Wide partnership
The CMA@30 celebrations have attracted support from a broad range of institutions across Uganda’s financial and private sectors.
Partners include financial institutions, regulators, market infrastructure organisations, investors and private-sector companies.
The institutions involved include Stanbic Bank Uganda, the Uganda Securities Exchange, Old Mutual Uganda, the Bank of Uganda, MTN Uganda, Centenary Bank, KCB Bank, Quality Chemicals, the Deposit Protection Fund, the National Social Security Fund, Roofings, Financial Sector Deepening Uganda, the Insurance Regulatory Authority, Standard Chartered Bank, the Presidential CEO Forum, SanlamAllianz, Agape Wealth Management, Housing Finance Bank, Nation Media Group and Vision Group.
CMA said the partnerships reflected the wider ecosystem that has contributed to the development of Uganda’s capital markets.
#Looking ahead
As the Authority marks three decades since its establishment, officials said the anniversary was intended not only as a celebration of past achievements but also as an opportunity to rethink the role of capital markets in Uganda’s future.
The Authority said it would continue focusing on investor protection, financial literacy, retail participation and the development of new financing instruments.
The push comes as Uganda seeks to mobilise greater domestic and international investment to support industrialisation, infrastructure development and private-sector expansion.
With an ambitious target of reaching one million funded Collective Investment Scheme accounts within five years, CMA is now placing greater emphasis on bringing ordinary citizens into the investment market.
For Uganda, the next phase of capital-market development will depend not only on the growth of financial institutions and listed companies but also on whether more citizens can access, understand and confidently participate in investment opportunities.
As CMA enters its fourth decade, its message is clear: Uganda’s economic ambitions will require stronger domestic financing, deeper investor participation and a capital market capable of supporting development projects that extend far beyond the limits of annual government budgets.
**Source:🇺🇬 Be Blessed
