Lake Victoria, the largest African lake, is shared by Kenya, Uganda and Tanzania. Its fisheries are a source of livelihoods for a large population of the lake's basin through fishing, trade and associated activities. It also contributes to the economies of the three countries through fish exports. The declining trend of fish harvests and fish stock biomass, attributed mainly to increasing fishing effort and illegal fishing, threatens the sustainability of the lake's fisheries. The regional trade in immature fish backed by high-level corruption has exacerbated the decline. This study, conducted in the three Lake Victoria riparian countries through literature review, field visits and interviews showed a need for a new approach for monitoring, control and surveillance (MCS) that is inclusive and tenable, in the effort to eliminate illegal fishing and trade to achieve sustainable management of the lake's fisheries. Views of various stakeholders, including policy makers, managers, fishing communities, traders, researchers and the fish processing industry were sought through interviews. A costs and benefits analysis of a proposed transparent and credible public-private partnership (PPP) fisheries management system showed a realistic return on investments (ROI) that interested all the stakeholders interviewed. The introduction and establishment of national and regional taskforces funded and managed by the stakeholders was recommended. A policy development for a funding mechanism based on agreed levy per weight of harvested or processed fish to support establishment of a credible PPP management paradigm was recommended and overwhelmingly supported by the stakeholders interviewed.