Banking & Financial ServicesEast AfricaThe Big Story

Uganda Climbs to 3rd Position in Africa’s Financial Markets Rankings, Takes Lead across East Africa Uganda overtakes Nigeria to rank third in Africa’s financial markets, driven by balanced gains across all six pillars and renewed momentum to deepen capital markets and mobilise long term savings.

A photo collage of Uganda's Finance Minister Matia Kasaija, Finance Ministry Permanent Secretary and Secretary to the Treasury, Ramathan Ggoobi, Bank of Uganda Governor, Michael Atingi-Ego, and Absa Bank Uganda Managing Director, David Wandera.

Uganda has moved up to third position in Africa’s financial markets rankings, overtaking Nigeria and consolidating its position as the leading financial market in East Africa. According to the Absa Africa Financial Markets Index 2025, Uganda now ranks behind only South Africa and Mauritius on the continent, marking a significant shift in Africa’s financial markets hierarchy and underscoring the impact of sustained, multi-year reform across all six pillars of market development. This upward movement reflects a long reform trajectory that has prioritised institutional credibility, market openness, and resilience over scale. Uganda’s composite score of 66 places it ahead of Nigeria,…

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About the Author

Paul Murungi is a Ugandan Business Journalist with extensive financial journalism training from institutions in South Africa, London (UK), Ghana, Tanzania, and Uganda. His coverage focuses on groundbreaking stories across the East African region with a focus on ICT, Energy, Oil and Gas, Mining, Companies, Capital and Financial markets, and the General Economy.

His body of work has contributed to policy change in private and public companies.

Paul has so far won five continental awards at the Sanlam Group Awards for Excellence in Financial Journalism in Johannesburg, South Africa, and several Uganda national journalism awards for his articles on business and technology at the ACME Awards.

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