Nairobi June 20, 2017… The Association of Chartered Certified Accountants (ACCA) and the Capital Markets Authority (CMA) have today signed a further Memorandum of Understanding (MOU) to undertake joint financial literacy initiatives for an additional period of two years. The main objective of the MOU is to enhance financial literacy in Kenya through programmes targeting various stakeholders and builds on the previous joint initiatives under an earlier MOU.
Speaking during the signing ceremony, the CMA Director for Regulatory, Policy, and Strategy, Mr Luke Ombara, said the partnership is underpinned by the realisation that financial literacy is a fundamental intervention under Kenya’s Vision 2030 Economic Pillar, which seeks to deepen capital markets.
The joint financial literacy initiatives will target the media to promote excellence in financial reporting, recognizing that the media play a pivotal role in deepening financial literacy in Kenya. The partnership will also work with investment clubs, youth groups and involve packaging of joint publications and research on financial markets.
Mr Ombara added that the partnership will also leverage technology through joint web-based media outreach on financial initiatives through platforms such as Facebook, Blogs and Twitter.
Dr. Alex Mswaka, Head of Marketing for Sub-Sahara Africa, Markets (ACCA) said, “The MOU we are signing with CMA today is also part of our commitment to an all-inclusive approach involving working closely with all stakeholders – the government, the regulator, the market players among others – to promote the growth, efficiency and fairness of the financial sector in general. We recognize that no single stakeholder has the resources or the capacity to develop this sector alone.”
BACKROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY
The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence.
BACKGOUND INFORMATION ON THE ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS (ACCA)
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. It offers business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 178,000 members and 455,000 students in 181 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 95 offices and centres and more than 7,110 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here: www.accaglobal.com