Regional Experts Meet to Advance Cross-Border Trading of Government Securities in the Region

​East African Community Headquarters, Arusha, Tanzania, 24^th April, 2026: Regional experts from EAC Partner States met in Kigali, Rwanda, from 20th to 24th April, 2026, to advance the implementation of cross-border trading of government securities within the region.

The meeting brought together representatives from key stakeholder institutions, including Ministries of Finance, Central Banks, Capital Markets Authorities, Securities Exchanges, and the EAC Secretariat.

In his opening remarks, Dr. Moise Bigirimana, Executive Director, Financial Sector Conduct and Development, National Bank of Rwanda (BNR), noted that the cross-border trading initiative remains a key pillar in advancing regional financial integration and deepening EAC capital markets.

"A coordinated regional approach is essential for the successful implementation of cross-border trading of government securities," said Dr. Bigirimana. "I urge Partner States to fully implement the Council Directives within their national legal and regulatory frameworks. Institutions should also align their internal processes to support cross-border trading, while the Regional Technical Working Group should continue to serve as a platform for peer learning and knowledge sharing," he added.

The regional experts had previously met to identify key pillars necessary to support cross-border trading of government securities. These pillars included the development of appropriate market infrastructure and the adoption of a regional trading model. The Kigali meeting assessed whether existing EAC Council Directives on Securities Markets adequately support these earlier proposals.

Speaking during the meeting, the Chairperson, Mr. Dickson Ssembuya, Director of Research and Market Development, Capital Markets Authority, Uganda, emphasised the importance of strengthening regional capital market integration and aligning EAC securities markets with global standards.

"The free movement of capital, as provided for under the EAC Common Market Protocol, remains one of the most important commitments made by Partner States to citizens and investors," said Mr. Ssembuya. "As we advance regional integration, it is essential that our discussions are guided by international best practices. Many of the challenges we face in integrating our securities markets are not unique to the EAC, and we can learn valuable lessons from other regional blocs that have successfully implemented similar reforms," he said.

The EAC Council Directives on Securities Markets, gazetted in Partner States between 2015 and 2017, were introduced to harmonise rules and procedures across EAC securities markets. However, given the passage of time, there is a need to review the directives to reflect market developments, technological advancements, and international best practices.

Harmonisation of rules and regulations through Council Directives is critical to facilitating the free movement of goods, services, and capital within the region, as provided for under the Protocol on the Establishment of the East African Community Common Market.

During the meeting, the Regional Technical and Legal Working Group undertook a comprehensive review of several key Council Directives critical to the development of integrated regional securities markets. These included directives relating to Admission to Trading on a Secondary Exchange; Public Offers (Debt) in the Securities Market; Regional Listings in the Securities Market; Central Securities Depositories (CSDs); and Securities Exchanges.

The review generated recommendations aimed at improving legal clarity, strengthening regulatory alignment, harmonising market practices, and accelerating the integration of EAC capital markets.

As next steps, the Technical Working Group will submit its observations and recommendations to the EAC Monetary Affairs Committee (MAC), the Committee on Fiscal Affairs (CFA), and the Capital Markets, Insurance and Pensions Committee (CMIPC) for consideration.

Once amendments to the Council Directives are approved, the EAC Secretariat will work closely with Partner States to support their implementation, with the ultimate goal of enabling efficient cross-border trading of government securities across the region.

For more information, please contact:

Corporate Communications and Public Affairs Department
EAC Secretariat
Arusha, Tanzania
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Website: www.eac.int

About the East African Community:

The East African Community (EAC) is a regional intergovernmental organization comprising the Democratic Republic of Congo, the Federal Republic of Somalia, the Republic of Burundi, the Republic of Kenya, the Republic of Rwanda, the Republic of South Sudan, the Republic of Uganda and the United Republic of Tanzania. The EAC aims to expand and deepen economic, political, social, and cultural integration to improve the quality of life of the people of East Africa through increased competitiveness, value-added production, trade, and investment.