CMA Grants First Primary Dealer Licence to StanChart

In a landmark move to deepen Uganda’s financial markets, the Capital Markets Authority (CMA) has granted the first-ever Primary Dealer licence to Standard Chartered Bank Uganda.

The announcement was made during an official event presided over by CMA Chief Executive Officer, Josephine Ossiya Okui, on Thursday, 27th March 2025, at the Uganda Business Facilitation Center, Kololo.

“This is not just another licence — it’s a direct outcome of our ongoing commitment to compliance, capacity building, and strategic market transformation,” said Josephine Ossiya Okui, CEO of CMA. “At the heart of this transformation is innovation and inclusion. We are bringing together players to address long-standing challenges, with a firm focus on building efficient and transparent markets.”

Ossiya noted that the authority’s efforts are part of a broader mission to position Uganda as a competitive financial hub in the region, noting that this marks a major milestone in the journey toward building a more inclusive, transparent, and efficient financial market.

“We believe in embracing innovation and enabling diverse income streams. And I want to reiterate our support, especially for young women in markets — their participation is critical in driving this transformation forward.”

She emphasised the importance of expertise and trust in shaping Uganda’s capital markets. “To achieve a resilient market, we need strong track records and collaborative action. CMA is committed to ensuring all eligible market participants are licensed in a transparent and inclusive process.”

The newly granted licence allows Standard Chartered Bank Uganda to operate as a Primary Dealer, a strategic position that involves supporting government securities auctions, market-making in the secondary market, and contributing to the development of Uganda’s domestic debt market.

Oscar S. Muwanga, Head of Markets at Standard Chartered Bank Uganda, expressed the bank’s gratitude and commitment to the new role.

“We are honoured to be the first institution to receive this licence,” Muwanga said. “This appointment is a clear sign of trust in our ability to support the government’s financing needs prudently and efficiently.”

He added, “Standard Chartered is committed to ensuring transparency, good market practice, and financial inclusion. Every citizen should have access to well-functioning financial services, and we will work closely with the CMA to uphold these principles.”

Muwanga also acknowledged the importance of ongoing collaboration between regulators and financial institutions to foster the growth of domestic financial markets. “We look forward to continuing this journey with the CMA and other stakeholders. Together, we can unlock the full potential of Uganda’s capital markets.”

The introduction of the Primary Dealer framework is expected to increase liquidity, boost investor confidence, and enhance price discovery in the government securities market, a crucial step toward economic resilience and financial sector growth.