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Capital Markets Infrastructure adding value to East Africans

Posted in Financial

The Capital Markets Infrastructure (CMI) is a technology platform designed to link the Capital Markets of the East African Partner States.

The Financial Sector Development Regionalization Project 1 (FSDRP1) is currently implementing the CMI initiative. The development objective of the Project is the establishment of a solid foundation for the financial sector integration in the EAC region.

The CMI aims at simplifying the process of trading across the borders of the East African Community’s Partner States. Investors have a larger number of instruments including Equities and Bonds from all Partner States within reach. Likewise companies seeking capital are able to reach a wider audience of the regions Capital Markets.

Efficiencies brought about by automation include the use of an Automated Trading System (ATS), a computer program specially designed for trading at an exchange. The CMI provides an ATS for those Capital Markets that did not have one prior to the initiative, such as the Rwanda and Burundi Capital Markets, hence bringing the region up to the same standard.

Likewise it is possible to link the Capital Markets Infrastructure with Capital Markets that already have trading systems like the Uganda and Tanzania Capital Markets. In this case users of the CMI are able to participate in those markets without having to physically be in that country.

Automation provides risk management during trading using Straight-Through Processing (STP). STP enables the trade process for capital market and payment transactions to be conducted electronically without the need for manual intervention. Ease of administration, reporting and surveillance are other benefits the automation provides.

 

Partners:

1. Uganda Securities Exchange
UAP Nakawa Business Park,
Block A, Fourth Floor. North Wing.
Telephone: 0312 370815, 0312 370817,0312 370818

2. Dar es Salaam Stock Exchange,
14th Floor, Golden Jubilee Towers,
Ohio Street. P. O. Box 70081,
Dar es Salaam, Tanzania Tel: 255 22 2123983, 2128522

3. Rwanda Stock Exchange limited
Kigali City Tower Building 1st Floor,
Avenue du Commerce P.O Box 3268 Kigali Rwanda

4. National Bank of Rwanda
KN6 Av 4, P.O Box 531
Kigali – Rwanda

5. Bank of the Republic of Burundi
1 Avenue of the Government
BP 705 Bujumbura

6. Infotech Private Ltd

 

East African Capital Markets Participation

To participate in the East African Capital Markets, contact a Market Participant in your domestic market:

Republic of Burundi

Republic of Burundi

1. Melisa IRAKOZE
Head Treasury and Management Control
Banque Commerciale du Burundi (BANCOBU)
Bujumbura- BURUNDI
Tel: +25771546909
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

2. Guy Herve NITUNGA
Treasury dealer
Treasury department
Banque Commerciale du Burundi (BANCOBU)
Bujumbura- BURUNDI
Tel: +25779381387
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

3. Christe Celeste GATERETSE
Treasury officer
Treasury and Management Control
Banque Commerciale du Burundi (BANCOBU)
Bujumbura- BURUNDI
Tel: +25776716730
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

4. Eddy IRAMBONA
Head of Treasury
Banque de Gestion et de Financement (BGF)
Bujumbura- BURUNDI
Tel: +25779812198
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

5. Denis NIMBONA
Officer
Treasury Department
Banque de Gestion et de Financement (BGF)
Bujumbura- BURUNDI
Tel: +2576963261
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

6. Jean Bosco NIYONGABO Chief of Treasury
Department of Finance
Banque Communataire et Agricole du Burundi (BCAB)
Bujumbura- BURUNDI
Tel: +25779907753 / +25722287828
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

7. Davis Arnaud NTWARI
Head of Departmnet
Information Technology
Banque Communataire et Agricole du Burundi (BCAB)
Bujumbura- BURUNDI
Tel: +25779469117 / +25722287817
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.;

8. Nelly NISABWE
Treasury Back Office Manager
Operations
KCB Burundi (KCB)
Avenue Ngendandumwe, No 14.
Bujumbura- BURUNDI
Tel: +25775213213
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

9. Evard NYUNDO
Treasury Dealer
Treasury Front office
KCB Burundi (KCB)
Kibenga Avenue du Large No 1.
Bujumbura- BURUNDI
Tel: +25779469117 / +25722287817
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

10. Prosper NYENIMPUNDU
Head of Department
Treasury
CRDB Bank Burundi (CRDB)
Bujumbura- BURUNDI
Tel: +25775670670
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

11. Jean Darcy IRAKIZA
Head of Department
Treasury and Trade
Finalease Bank Burundi (FINBANK)
Av. Karinzi No13, Kigobe
Bujumbura- BURUNDI
Tel: +25775670670
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

12. Quirin RUMURI
Application Administrator
IT Department
Finalease Bank Burundi (FINBANK)
Av. Karinzi No13, Kigobe
Bujumbura- BURUNDI
Tel: +25772444555 l +25775779601
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

13. Christa Gretta KAZE
Country Director
Treasury
ECOBANK Burundi (ECOBANK)
6 Rue de la Seiene
Bujumbura- BURUNDI
Tel: +25775310333
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.

14. Cynthia IRACANYE
Treasury Dealer
Finance Department
INTER Bank Burundi (INTERBANK)
Av de l’ Industrie No 15 , B.P 2970
Bujumbura- BURUNDI
Tel: +25722269613 / +25772481828
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

15. Steve NDUWIMANA
Treasury Dealer
Operations Department
Diamond Trust Bank Burundi (DTB)
10, Chausse Prince Louis, Rwagasore
Bujumbura- BURUNDI
Tel: +25779702794 / +257 22259988
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

16. Claudette NDIKUMANA
Treasury Dealer
Finance Department
Banque de Credit de Bujumbura (BCB)
Av Patrice LUMUMBA BR 300
Bujumbura- BURUNDI
Tel: +25779952022
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

17. Anita IRAKIZA
Head of Department
Treasury Department
Banque Burundaise pour le Commerce et l'Investissement (BBCI)
Chaussee du Peuple Murundi
Bujumbura- BURUNDI
Tel: +2577905286 / +25761698368
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

18. Leila KANEZA
Analyst
ENG Investment Advisory
Avenue du Euphorbes No7
Bujumbura- BURUNDI
Tel: +25779756235
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

BANK OF THE REPUBLIC OF BURUNDI

1. Pierre Damien MPAWENIMANA
Head of Department
Burundi Securities Exchange Secretariat
Bank of the Republic of Burundi
Avenue No1 Du Government
P.O Box 705
Bujumbura- BURUNDI
Tel: +25779285848/ + 257 68123535
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

2. Dr. Arsene MUGENZI
Director
Capital Markets Regulatory Department
Bank of the Republic of Burundi
Avenue No1 Du Government
P.O Box 705
Bujumbura- BURUNDI
Tel: +25769185145/ + 257 22 20 404 8
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

3. Laure MUTONI
Financial Analyst Officer
Securities Exchange Secretariat
Bank of the Republic of Burundi
Avenue No1 Du Government
P.O Box 705
Bujumbura – BURUNDI
Tel: +257 22204447 / +257 7 1188181
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.

4. Milly Celeste NKUNZIMANA
Financial Analyst Officer
Securities Exchange Secretariat
Bank of the Republic of Burundi
Avenue No1 Du Government
P.O Box 705
Bujumbura – BURUNDI
Tel: +257 7 5575777
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

5. Celestin NSANZUMUKIZA
Officer
Capital Market’s Regulatory
Bank of the Republic of Burundi
Avenue No1 Du Government
P.O Box 705
Bujumbura – BURUNDI
Tel:+257 69728078
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

6. Nepomuscene NITUNGA
Officer
Capital Market’s Regulatory
Bank of the Republic of Burundi
Avenue No1 Du Government
P.O Box 705
Bujumbura – BURUNDI
Tel: +257 79391005
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

7. Jean-Marie MAJEMBERE
Officer
Monetary Markets
Bank of the Republic of Burundi
Avenue No1 Du Government
P.O Box 705
Bujumbura – BURUNDI
Tel: +257 79159668
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

8. Gasore GILDAS
Officer
Capital Markets Regulatory
Bank of the Republic of Burundi
Avenue No1 Du Government
P.O Box 705
Bujumbura – BURUNDI
Tel: +257 22204447/+25779930582
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

9. Bruce Ndabirabe
CSD Depository Officer
Information Technology
Bank of the Republic of Burundi
Avenue No1 Du Government
P.O Box 705
Bujumbura – BURUNDI
Tel: +257 79942894
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

10. James SHUKRANI
Network Administrator
Information Technology
Bank of the Republic of Burundi
Avenue No1 Du Government
P.O Box 705
Bujumbura – BURUNDI
Tel: +257 79664721
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

11. Robert Chege MATHU
Technical Advisor
Capital Market’s
Bank of the Republic of Burundi
Avenue No1 Du Government
P.O Box 705
Bujumbura – BURUNDI
Tel: +257 69217027
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

MEACA YOUTH, SPORTS, AND CULTURE

1. Salome Ndayijaba
Director General
Infrastructures and Economic Affairs
MEACA Youth Sports and Culture
Bujumbura – BURUNDI
Tel: +257 79974497
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

2. Jolis NIZIGIYIMANA
Finance and Fiscal and Monetary affairs
MEACA Youth Sports & Culture
Bujumbura – BURUNDI
Tel: +257 69359305
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.

Republic of Rwanda

Republic of Rwanda

1. Dianne SENEZA
Trader / Operations
Custody
I&M Bank
Kigali – RWANDA
Tel: +250787683863
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

2. Sandrine UMUTONI
Research market assistant
BK Capital ltd
Kigali – RWANDA
Tel: +250781298547
Email: : This email address is being protected from spambots. You need JavaScript enabled to view it.

3. Olivier MUNEZA
Chief Executive Officer
Mo Capital ltd
KCT, 1st Floor
Kigali – RWANDA
Tel: +250788750569
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

4. Samuel HABIYAREMYE
Operations
Mo Capital ltd
KCT, 1st Floor
Kigali – RWANDA
Tel: +250788750569
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

5. Sandra MUKAHIRWA
Trader, Sales and Trading
Faida Securities Rwanda
Kigali – RWANDA
Tel: +250783541000
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

6. Jean Paul TWAGIRAYEZU
Trader / Operations
CDH Capital ltd
Kigali – RWANDA
Tel: +250788296967
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

7. Jessica MWISENEZA
Operations officer
African Alliance
KN 41st, Kiyovu –Nya Rugenge
Kigali – RWANDA
Tel: +250 786546888
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

8. Ellie MUGABE
Institutional Sales Trader
SBG Securities Rwanda
KCT 1st Floor
Kigali – RWANDA
Tel: +250788609166
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

9. Sabrina NISHIMWE
Sales and trading officer
Baraka Capital ltd
Kigali – RWANDA
Tel: +250788381310 / +250789289284439
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

10. Laurent RUDASINGWA
Operations / Custody
KCB Rwanda
Kigali – RWANDA
Tel: +250782892574
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

CAPITAL MARKETS AUTHORITY

1. Jerome NDAYAMBAJE
Manager ICT
CMA Rwanda
RSSB Building, Tower II / Peage
KN3 RD, African Union Boulevard,
P.O Box 6136
Kigali – RWANDA
Tel: +250 788674626
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

2. Robert TWAGIRA
 Head Operations and IT
Rwanda Stock Exchange
KCT, 1st floor,
KN81 ST
Kigali – RWANDA
Tel: +250 788271717
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

3. David MITALI
Operations officer
Rwanda Stock Exchange
KCT, 1st floor,
KN81 ST Kigali – RWANDA
Tel: +250 788770131
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

4. Grace TWAGIRA
Clients Relations officer
Rwanda Stock Exchange
KCT, 1st floor,
KN81 ST
Kigali – RWANDA
Tel: +250 788582730
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

5. Appoline IRADIKUNDA
IT officer
Rwanda Stock Exchange
KCT, 1st floor,
KN81 ST
Kigali – RWANDA
Tel: +250 788582730
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

6. Jean Baptiste BIHOYIKI
IT Officer
Rwanda Stock Exchange
KCT, 1st floor,
KN81 ST
Kigali – RWANDA
Tel: +250 788628132
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

7. Lionel MUDANDI
Financial Analyst
Rwanda Stock Exchange
KCT, 1st floor,
KN81 ST
Kigali – RWANDA
Tel: +250 788628132
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

NATIONAL BANK OF RWANDA (BNR)

1. Jimmy NKESHIMANA
Manager ATS and CSD
National Bank of Rwanda
KN6 Av4
P.O Box 531
Kigali – Rwanda
Tel: +250788303535
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

2. Pascal KYUZUZO
Network IT Officer
National Bank of Rwanda
KN6 Av4
P.O Box 531
Kigali – Rwanda
Tel: +250 788465019 Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

3. Marius NYIRIMBIBI
Database Administrator
National Bank of Rwanda
KN6 Av4
P.O Box 531
Kigali – Rwanda
Tel: +250 788535700
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

MINISTRY OF FOREIGN AFFAIRS AND INTERNATIONAL COOPERATION

1. Emmanuel KAMUGISHA
Ministry of Foreign Affairs and International Cooperation
Republic of Rwanda
P.O Box 179,
Kigali, RWANDA.
E-mail:
This email address is being protected from spambots. You need JavaScript enabled to view it.

Republic of Uganda

Republic of Uganda

1. Arthur William Juuko
Manager Investor Services,
CIB – OPS – Investor Services,
Stanbic Bank Uganda,
Plot 17 Pilkington road
Kampala, Uganda
Tel: +256 772753253
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

2. Christine Nkundizana - Muramuzi
Manager Investor Services,
Equity Stock Brokers (U) Ltd
Orient Plaza Plot 6/6A
Kampala, Uganda
Tel: +256 783098362
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

3. Pauline Kansiime
Manager Custodial Services,
Housing Finance Bank
Plot 4 Wampewo Avenue - Kololo
Kampala, Uganda
Tel: +256 788291601
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

4. Penkline Tugineamatsiko
Stock Dealer,
Business Development,
UAP Old Mutual Financial Services ltd
Block A, Nakawa Business Park
2nd Floor
Kampala, Uganda
Tel: +256 783173364
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

5. Collin Batungi Mukunde
Custodian,
Custody Operations,
Bank of Africa,
P.O.BOX 2750
Kampala, Uganda
Tel: +256 700261175
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

6. Enid Busingye
Dealer,
Global Markets,
Standard Bank Group Securities
Crested Tower’s 4th Floor
P.O.BOX 7131
Kampala, Uganda
Tel: +256 783100686
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

7. Kimuli Musaazi Nicholas
Dealer Equities
Global Markets,
Standard Bank Group Securities
Crested Tower’s 4th Floor
P.O.BOX 7131
Kampala, Uganda
Tel: +256 772429256
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

SECURITIES CENTRAL DEPOSITORY (SCD)

1. Bob Musinguzi
Manager
Securities Central Depository
4th Floor, Block A,
UAP Nakawa Business Park
Plot 3-5 New Port-Bell Road,
Kampala, Uganda
Tel: +256312370815
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

UGANDA SECURITIES EXCHANGE (USE)

1. Mwima Andrew
Manager Trading
Uganda Securities Exchange
4th Floor, Block A,
UAP Nakawa Business Park
Plot 3-5 New Port-Bell Road,
Kampala, Uganda
Tel: +256312370815
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

2. Ongom Dennis
Manager Information Systems
Uganda Securities Exchange
4th Floor, Block A,
UAP Nakawa Business Park
Plot 3-5 New Port-Bell Road,
Kampala, Uganda
Tel: +256312370815
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

3. Salma Asha Nakiboneka
Business Development Manager
Uganda Securities Exchange
4th Floor, Block A,
UAP Nakawa Business Park
Plot 3-5 New Port-Bell Road,
Kampala, Uganda
Tel: +256774560681
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

4. Antony Nasasira
Legal & Surveillance officer
Uganda Securities Exchange
4th Floor, Block A,
UAP Nakawa Business Park
Plot 3-5 New Port-Bell Road,
Kampala, Uganda
Tel: +256789177044
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

MINISTRY OF EAST AFRICAN AFFAIRS (MEAC)

1. Annette Namara Kengazi
Assistant Commissioner,
Economic Affairs
Plot 67/75 Yusuf Lule Road,
Kingdom Kampala,
2nd Floor
Kampala – UGANDA
Tel: +256759454386
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

2. George Lwevoola
Principal Information Technology officer
Social Affairs Department
Kingdom Kampala,
2nd Floor
Kampala – UGANDA
Tel: +256776744645
Email: This email address is being protected from spambots. You need JavaScript enabled to view it. / This email address is being protected from spambots. You need JavaScript enabled to view it.

United Republic of Tanzania

United Republic of Tanzania

1. Calvin Kirumbi
Smart Stock Brokers ltd
P.O Box 105678
Dar es Salaam – United Republic of Tanzania
Tel: +255627666196
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.

2. Lukwaro Semboja
Archo Ltd
P.O Box 38694, 70 DSM
Dar es Salaam – United Republic of Tanzania
Tel: +255683101087
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

3. Mnanka Winani
Trading Operations
Optima Corporate Finance Ltd
P.O Box 4441, DSM
Dar es Salaam – United Republic of Tanzania
Tel: +255 788 468 604
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

4. Maurice Siegfried Kuwite
Head Marketing Offices
Victory Financial Services Ltd
P.O Box 8706
Dar es Salaam – United Republic of Tanzania Tel: + 255 788 284540
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

5. Anold Rogath Massenge
Trading and Operations Officer
Tanzania Securities Ltd.
P.O. BOX 9821
Dar es Salaam – United Republic of Tanzania Tel: +255 652 584052
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

6. Baltazary Frimin Tarimo
Securities Services
Treasury Department
NMB Bank PLC
P.O Box 9213
Dar es Salaam – United Republic of Tanzania
Tel: +255 718 913121
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

7. George G. Sawe
Head of Trading
TIB Rasilimali
Dar es Salaam – United Republic of Tanzania
Tel: +255 753 283884
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

8. Imani Joshua Muhingo
Advisory Services and Compliance
Advisory Department
Orbit Securities Co. Ltd
P.O Box 70254
Dar es Salaam – United Republic of Tanzania
Tel: +255 767 307085
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

9. Rosemary Raphael
Team Leader Custody Services
Stanbic Bank Tanzania
P.O Box 72647
Dar es Salaam – United Republic of Tanzania
Tel: +255 652019092
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

10.Annandumi Paul Meena
Debt & Equity Securities Compliance Manager
Treasury & Capital Markets
CRDB Bank Plc
P.O Box 268
Dar es Salaam – United Republic of Tanzania
Tel:+255 755194901
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

11. Raymond H Ndaikeje
Principal Custodial Service’s officer
Treasury & Capital Markets
Azania Bank
P.O Box 32089
Dar es Salaam – United Republic of Tanzania
Tel: +255 735950450/ +255 22412025/6/7
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

12. Ahmed Rabii Nganya
Manager Advisory & Capital Markets
Vertex International Securities Ltd.
P.O.BOX 13412
Dar es Salaam – United Republic of Tanzania
Tel: +255 759175349
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

13. Godluck Samwel
Technology & Trading
Zan Securities Limited
P.O Box 5366
Dar es Salaam – United Republic of Tanzania
Tel: +255 779959611
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

14. Nkunde A Shoo
Compliance and dealer
CORE Securities LTD
P.O Box 76800
Dar es Salaam – United Republic of Tanzania
Tel: +255 755 201517
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

15. Patrick Steven James
Debt & Equities Securities Trader
Solomon StockBrokers Ltd
P.O Box 77049
Dar es Salaam – United Republic of Tanzania
Tel: +255 712 658869
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

16. Christine Kessy
EA Capital
P.O Box 20650
Dar es Salaam – United Republic of Tanzania
Tel: +255 769 253511
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

CAPITAL MARKETS AND SECURITIES AUTHORITY (CMSA)

1. Mariam Omari Mtunguja
Financial Analyst
Market Supervision
Capital Markets and Securities Authority
P.O Box 75713
Dar es Salaam – United Republic of Tanzania
Tel: +255 22 114959 / 61 Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

2. Godfrey Laurent
Planning Officer
Capital Markets and Securities Authority
P.O Box 75713
Dar es Salaam – United Republic of Tanzania
Tel: +255 752 778515
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

3. Simon Alex Monko
Senior ICT Officer
ICT Department
Capital Markets and Securities Authority
P.O Box 75713
Dar es Salaam – United Republic of Tanzania
Tel: +255 22 114959 / 61
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

BANK OF TANZANIA (BOT)

1. Mohamed Papa Kailwa
Assistant Manager
Financial Markets
Bank of Tanzania
P.O Box 2939
Dar es Salaam – United Republic of Tanzania
Tel: +255 755 344873
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

CENTRAL SECURITIES DEPOSITORY AND REGISTRY SERVICES LTD (CSDR)

1. Aziz Jamil Msuya
Central Securities Depository Operations Officer
Central Securities Operations
Central Securities Depository and Registry Services Ltd.
P.O Box 70081
Dar es Salaam – United Republic of Tanzania
Tel: +255 742 149985
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

DARESALAAM STOCK EXCHANGE PLC (DSE)

1. Emmanuel Nyalali
Manager Special Projects
CEO’s officer
Dare salaam Stock Exchange
Dar es Salaam – United Republic of Tanzania
Tel: +255 786 345487 Email: This email address is being protected from spambots. You need JavaScript enabled to view it.;

2. Sara Donald Mrema
Manager Surveillance and Market Control
Trading Department
Dare salaam Stock Exchange
Dar es Salaam – United Republic of Tanzania
Tel: +255 786 345487
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3. Brighton Ross Kinemo
Senior Officer Trading and Market Operations
Dare salaam Stock Exchange
Dar es Salaam – United Republic of Tanzania
Tel: +255 746 606059
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4. Benjamin Baker Abdullah
Hardware and Network Administrator
ICT Department
Dare salaam Stock Exchange
Dar es Salaam – United Republic of Tanzania
Tel: +255 715 354735
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5. Mecklaud Edson
Chief Internal Auditor – DSE Group
Internal Audit Department
Dare salaam Stock Exchange
Dar es Salaam – United Republic of Tanzania
Tel: +255 715 569781 / +255 759 569781 Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

6. Happiness Mushi
Senior Officer Risk and Compliance
Dare salaam Stock Exchange
Dar es Salaam – United Republic of Tanzania
Tel: +255 719 948821
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EAC Secretariat

EAC Secretariat

1. Edgar Muganwa
Consultant IT Specialist
Statistics and Harmonization Project
East African Community Secretariat
P.O Box 1096
Arusha – TANZANIA
Tel: +255 785901663
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Frequently asked Questions

Q: What is a Capital Market?

Q: What is a Capital Market?

It’s a market like any other, but specifically one created for buying and selling of equity debt instruments.

Q: What is an Exchange?

Q: What is an Exchange?

An exchange is the place where debt and equity instruments are traded.

Q: How many Exchanges do we have in East Africa?

Q: How many Exchanges do we have in East Africa?

Currently there are four exchanges and one being established; 1. Nairobi Securities Exchange
2. Dar es Salaam Stock Exchange
3. Uganda Securities Exchange
4. Rwanda Stock Exchange
5. Burundi Stock Exchange (being established)

Q: Which markets are currently available via the Capital Markets Infrastructure?

Q: Which markets are currently available via the Capital Markets Infrastructure?

1. Dar es Salaam Stock Exchange 2. Rwanda Stock Exchange and; 3. Uganda Securities Exchange are currently linked to the CMI. There are future plans to link the markets of Kenya (the largest by capitalization in the region) and Burundi once it is established.

Q: What is a Central Securities Depository (CSD)?

Q: What is a Central Securities Depository (CSD)?

A CSD is an institution charged with the safe custody of financial instruments. For the purpose of the CMI, the depository systems hosted at the institution will be referred to as the CSD.

Q: How many Central Securities Depositories do we have in East Africa?

Q: How many Central Securities Depositories do we have in East Africa?

There are eight (8) Central Securities Depositories in the EAC region: Kenya, Uganda and Tanzania have two (2) CSD’s each, while Rwanda has one (1) and Burundi is currently establishing one.

Q: What is the Capital Markets Infrastructure (CMI)?

Q: What is the Capital Markets Infrastructure (CMI)?

The Capital Markets Infrastructure (CMI) is a technology platform linking the Capital Markets of the East African Community (EAC).

Q: Why do we need to link the markets of the EAC?

Q: Why do we need to link the markets of the EAC?

In the run-up to achieving a single currency, the EAC Partner States aim to harmonize monetary and fiscal policies; harmonize financial, payment and settlement systems. Linking the Capital Markets of East Africa is a key milestone towards achieving these objectives.

Q: How does it work?

Q: How does it work?

The CMI connects the Exchanges and Central Securities Depositories of East African countries. It enables participation in the Capital Markets regardless of physical location. To achieve this, the CMI is comprised of three (3) subsystems; 1. The Smart Order Router (SOR) 2. Central Depository Systems Interface (CDSI) and; 3. A secure messaging layer over which communication happens based on FIX and SWIFT.

Q: Where will the Capital Markets Infrastructure be accessible from?

Q: Where will the Capital Markets Infrastructure be accessible from?

The CMI is accessible online, therefore the location is not important, just a good Internet connection. What is beneficial is that all East African Markets are accessible in a single view.

Q: When will the Capital Markets Infrastructure be available?

Q: When will the Capital Markets Infrastructure be available?

The CMI is currently live, access is granted to all licensed participants within the East African Region.

 

 

 

Rational for Regionalisation of Capital Markets

Posted in Financial

The capital markets of the East African Community, even when combined, remain small by comparison with other African markets.

The key objective in regionalisation of EAC capital markets is to make them more attractive both to issuers and to investors and, as a result, to expand those markets. The creation of a single EAC capital market would offer domestic investors greater choice and domestic issuers greater potential to raise larger amounts of capital from a wider range of investors, enabling the economy and employment to expand.

The development of a single efficient and reliable EAC capital market infrastructure is also expected to not only improve capacity to complete transactions for issuers and investors; but also offer improved reliability and economies of scale and thus greater cost-efficiency.

The combination of a wider and deeper market and improved transaction efficiency and reliability should also result in the ability to attract a higher level of foreign portfolio investment than has previously been the case.

There is no shortage of demand from institutions or individuals, either domestic or international, who wish to invest in East Africa. As an illustration of this, at the end of 2007, it is estimated the total funds under management by insurance and pension funds in the three original EAC Partner States was US$ 15.7 billion compared with the estimated total market value of the float1 of securities in all three markets, including government bonds, of less than US$ 10 billion.

This excludes the value of both unit trusts and other investment funds, which are developing in all three original Partner States2, and of investments by private individuals or investment clubs3. The inflows to both public and private pension funds from contributions made by members and their employers are swelling this value regularly. Clearly the value of these institutional portfolios is not all available for investment in capital markets, but there is certainly both capacity and desire to increase this.

 

Domestic Demand

Added to domestic demand, there is an awakening foreign interest in sub-Saharan Africa as a destination for investment. While this may be temporarily reduced owing to the recent climate of uncertainty in world markets generally, it will, revive when conditions become more settled.

Therefore,the greatest constraints on further development of market depth and breadth, which would be enhanced by the integration of EAC markets, lies in the availability of investments, both bonds and equities. A key objective of integration, therefore, must be to encourage more issuance of securities of all types by enhancing the ability of issuers in all Partner States to access the deeper pool of capital available in the EAC market as an integrated whole. It is noteworthy that when markets’ size and liquidity increases, the incidence of new IPOs also increases.

This would be particularly valuable to issuers in the smaller markets, notably the new members in whose countries capital markets are in their infancy. The combined market capitalisation of the three original EAC Partner States would place an integrated EAC market 4th in size in sub-Saharan Africa, ranking after only South Africa, Zimbabwe and Mauritius as opposed to 7th (Kenya), 14th (Tanzania) and 16th (Uganda) if the markets remain separate.

The EAC has set out a strategy and plan to achieve an EAC capital markets regime which permits capital to flow and participates to operate freely across EAC borders and which becomes increasingly attractive to foreign as well as regional investors.

The result of the proposed regionalisation process would be that:

  • Market intermediaries should be able to offer their services and deliver them in each of the EAC countries;
  • EAC investors should be able to invest in any security throughout the EAC through a single point of access;
  • EAC issuers should be able to seek investors in any part of the EAC ; and
  • Transfer of funds and securities across EAC borders would be quick, easy, secure and cost effective

__________________________________

1 Float describes the value of securities available to be traded in the secondary market, and excludes holdings of controlling shareholders and governments.

2 Neither Rwanda nor Burundi have initiated collective investment schemes yet

3 The latter are popular in Uganda and Kenya and are being encouraged by government and the banks

Trading Bonds in East Africa

Posted in Financial

The bond markets in the EAC Partner States, Kenya, Tanzania, Uganda and Rwanda are small and thin. There are few listings in the primary market and the turnover in the secondary market is insignificant. There are several reasons behind this and many of the more significant ones are not related to the model for trading, clearing and settling of bonds, but instead related to lack of some fundamental business drivers which is the foundation of any market.

The following issues are considered to be preventing development of the bond markets:

  • Highly liquid banks creating a disincentive to issue bonds

Banks in East Africa, bearing a dominant position in the financial market, have little or no incentive to encourage corporations to issue bonds. Neither do they see any need to develop a more widely distributed investor segments. Current business with deposits from the retail segment, building over-liquidity that can be lent directly to the corporate segment is profitable. Increased competition in this segment will most likely over time force the players to increase the service level towards both issuers and investors.
 

  • Corporations not prepared to meet information disclosure requirements

The number of corporations with the financial and organisational procedures in place to disclose appropriate and required information to the market on a regular basis is limited. The situation is better in Kenya but coming from a barter economy, the steps to fulfil the requirements set up by professional investors and executed through legislation and rules by market organisers are many. The ease with which funding can be raised through bank borrowing does not create the incentives to go to the market.

 

  • Investor concentration, lacking institutional inventors (pension funds/mutual funds)

The institutional investor segment needs to be developed in especially Tanzania and Uganda where there also is a potential to further develop the pension system. Without a diversified investor segment, with diverting risk and placement preferences, all participants in the market will apply a “follow the herd” behaviour. The prevailing investor behaviour among professional investors is to buy and hold the security which is creating a vicious circle for the secondary market of any security.

 

  • Understanding of fixed income markets

The knowledge of fixed income instrument and markets are limited and fragmented among market participants, which is hampering the development. The banks, trading government securities have an advantage over the brokerage firms. However some brokers in Kenya have chosen to take a special interest in fixed income markets and by that achieved a position in the segment. Similar initiatives would be beneficial for the development of the bonds markets in Uganda and Tanzania as well.

Capital Markets - An Overview

Posted in Financial

Historical Background

The capital markets in the East African Community (EAC) date back to the 1950’s with the establishment of the Nairobi Stock Exchange (NSE) in 1954 in the then East African British Protectorate. The NSE was the stock exchange for the entire East African British Protectorate with listed companies from the present day Uganda, Kenya and Tanzania.

With the collapse of the EAC in 1977, the NSE remained a Kenyan outfit with all the non-Kenyan companies delisted and nationalised in their respective countries of Uganda and Tanzania. It was not until the 1990’s that Uganda and Tanzania established their own national stock exchanges; the Uganda Securities Exchange (USE) and the Dar es Saalam Stock Exchange (DSE) respectively.

Rwanda the other EAC Partner State, was later to follow with the Rwanda Stock Exchange (RSE) in 2011.

Burundi is the only EAC Partner State yet to establish a capital market but plans are already underway to develop a capital markets development framework that will pave the way for the establishment of a capital market in Burundi.

 

Snap Shot of the EAC Capital Markets

The EAC has four operational stock exchanges; the NSE, RSE, DSE, USE in Kenya, Rwanda, Tanzania and Uganda respectively. A total of 110 companies are listed on the four exchanges; 62 on the NSE, 9 on the RSE, 21 on the DSE and 18 on the USE. by the end of 2011, the four EAC stock exchanges commanded a combined equity market capitalisation of US$ 22 Billion for which NSE accounted for 55% with a market capitalisation of US$ 12 Billion.

In relation to the significance in their respective economies, the NSE equity market was most significant, accounting for 36% of Kenya’s Gross Domestic Product (GDP)

 

Market Infrastructure

There is a total of four (4) trading platforms in the EAC capital markets trading in both equity and fixed income securities; the NSE in Kenya, RSE in Rwanda, DSE in Tanzania, and USE in Uganda. The NSE and DSE are both automated while the USE and RSE are still manual using the open-outcry trading system. Unlike the other three Partner States, Uganda also has an Over-the- Counter-Market (OTC) for government bonds though the same bonds are also listed on the USE.

With respect to clearance and settlement of securities, all the four capital markets in the EAC have Central Securities Depositories (CSD).

In Uganda and Kenya there are two CSDs one for equities and bonds listed on the exchanges and one for government bonds. In the other two markets of Tanzania and Rwanda there is one CSD that clears and settles all securities government bonds and equities as well as corporate bonds listed on the exchanges. In terms of the trading and settlement cycle, all the markets have a T+3 settlement cycle with the exception of Rwanda that recently moved to a T+2 settlement cycle.

 

Legal and Regulatory Structure

All the four capital markets have similar laws governing the capital markets with few divergences arising out of mainly differences in the level of market development. The legal and regulatory framework in the EAC capital markets provides for trade in equity, fixed income securities, collective investment schemes as well as fund management services.

Kenya, Uganda and Tanzania are members of the International Organisation of Securities Commissions (IOSCO), the international body that sets standards and best practices in securities regulation. Kenya and Tanzania are already Appendix A signatories of the IOSCO Multi-Lateral Memorandum of Understanding (MMoU) on information sharing and cooperation amongst securities regulators while Uganda is still in Appendix B but working towards progressing to Appendix A. The three EAC Partner States; Kenya, Tanzania and Uganda have also undertaken a full self-assessment of their laws against the IOSCO principles of securities regulation and are currently in the process of amending their laws to fully comply to these principles. Rwanda though not yet a member of IOSCO, has developed its laws in compliance with the IOSCO principles and plans to lodge an application to become a member of IOSCO as well as Appendix A signatories of the IOSCO MMoU.

 

Regional Integration

Issues related to EAC capital markets integration are addressed by the EAC capital markets sub-committee under the Capital Markets Insurance and Pensions Committee (CMIPC). Nevertheless the EAC securities regulators and market participants have each formed regional associations to progress issues of capital markets integration; the East African Securities Regulatory Authorities (EASRA) for securities regulators and the East African Stock Exchanges Association (EASEA) for market participants. The work of EASRA and EASEA feeds into the overall EAC regional integration agenda through the CMIPC. The most outstanding achievement in terms of EAC capital markets integration so far has been the cross listing initiative that has made it possible for seven, five and three companies to cross list from the NSE to the USE, DSE and RSE respectively. A road map for the integration of the EAC capital markets has also been developed to guide the integration process in the EAC capital markets industry in light of the EAC Common Market Protocol and in preparation for the proposed East African Monetary Union.

Regional Banking - An Overview

Posted in Financial

The overall objective of the EAC Financial Sector Development and Regionalization Project (FSDRP) is the establishment of a single market in financial services. In this regard, the main objective of the EAC policies regarding the banking sector is to attain a single market in banking services as a means to promote sustainable economic growth in the Partner States and higher levels of financial inclusion.

 

Banking Sector

The banking sector is playing a major role in propelling regional financial integration in the EAC region by adopting a regional business model motivated by a range of factors including client-demand and opportunities perceived along the regional trade corridors.

 

Commercial Banking

The commercial banking industry in Kenya is the fourth largest in Sub Saharan Africa after South Africa, Nigeria and Mauritius with 43 commercial banks and 2 mortgage finance institutions. The Tanzania Banking system has 26 commercial banks whereas there are 21 commercial banks in Uganda. The Rwanda banking system has 8 commercial banks, 1 development bank and 1 mortgage bank. The Burundi banking industry is comprised of 7 commercial banks, 1 development bank and 1 housing fund.

 

Cross-Border Expansion

Cross-border expansion of banking in the region started in the 2000’s with Kenyan banks setting up in other EAC Partner States. As at the end of 2012, Kenyan banks had set up a substantial branch network with 251 branches in the EAC (and also 31 branches in South Sudan). A total of 11 multinational and Kenyan owned banks are performing with cross-border banking business in the EAC.

Five (5) Kenyan banks with branches within the region include Kenya Commercial Bank (KCB), Equity Bank, Fina Bank, Commercial Bank of Africa. Interest from banks domiciled in other EAC Partner States in cross border expansion is increasing with CRDB Tanzania setting up a branch in Burundi in 2012.

 

Bankers’ Associations

In all EAC countries, the commercial banks established national umbrella bodies, known as Bankers’ Associations to promote member banks’ interests and endeavour a reputable and professional banking sector.

From the perspective of EAC regionalization, an efficient and stable banking sector is a prerequisite for achieving sustainable growth in EAC countries where the majority of financial intermediation takes place through commercial banks.

With this regard, moving towards legal and regulatory harmonisation against the international standards known as the Basel Core Principles (BCPs) is critical to achieve an effective functioning of a single market in banking services.

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East African Community
EAC Close
Afrika Mashariki Road
P.O. Box 1096
Arusha
United Republic of Tanzania

Tel: +255 (0)27 216 2100
Fax: +255 (0)27 216 2190
Email: eac@eachq.org

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