At its 29th meeting, on Friday, 21 July, in Nairobi, the east African Securities Exchanges Association (EASEA) instructed its technical committee to accelerate the implementation of The common infrastructure of the capital markets.
The idea is to allow investors to be able to intervene in any of the financial markets of the region through a single platform. The four markets (Rwanda, Kenya, Tanzania, Uganda) want to attract more investors, said Geoffrey Odundo, CEO of the Nairobi Securities Exchange (NSE).
“An integrated market is critical for attracting foreign investors and increasing liquidity of the region’s market, and as a member of the association, CDSC therefore remains committed towards achieving this key milestone,” added the Central Depository and Settlement Corporation’s (CDSC) head of ICT, James Gikonyo.
Speaking at the event, Pierre Celestin Rwabukumba, the Rwanda Stock Exchange (RSE) chief executive officer (CEO), said robust and integrated markets are key to achieve the goals of the East African region’s economic development.
ASEA was established in 2010 with the primary objective of promoting the growth and development of capital markets in the East African Community and on the African continent, generally. It also seeks to foster mutual assistance and cooperation, including the sharing of information among member states.
The EASEA secretariat has adopted key strategic initiatives as they look to develop a five-year strategic plan. These initiatives are aimed at increasing the product offering of each market; building the capacity of market intermediaries, as well as ensuring continuous public education and awareness campaigns, and supporting integration of market infrastructure.