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Press Release


CMA launches revised Capital Market Master Plan in the wake of COVID-19

Nairobi 15 December 2021…The Capital Markets Authority (CMA) has completed the review of the Capital Market Master Plan (CMMP, 2014-2023), with the support of FSD Africa. The blueprint was developed in close collaboration with capital markets industry stakeholders with the aim of mobilizing savings and stimulating investments to the levels necessary to realize the Vision 2030 aspirations. 

CMA Chief Executive Officer, Mr. Wyckliffe Shamiah observed: “The CMMP was reviewed to realign it to emerging priorities following COVID-19 economic disruptions, changes in local and global environment and disruptions occasioned by technological developments in the capital markets. The additional elements are designed to ensure it achieves maximum developmental impact to transform Kenya into the heart of African capital markets’’.

Mr. Shamiah explained that the impact of the full implementation of the revised Master Plan will be increased capital mobilization towards the real economy through the strengthening of regulatory frameworks and enabling the roll out of alternative products.

Some of the key changes in the revised Master Plan are: clarification of the complementary roles of CMA-Kenya and the Nairobi International Financial Centre Authority (NIFCA) in the promotion and regulation of the capital markets; guidelines for how the Authority and other financial sector regulators can work in harmony with NIFCA to align their regulatory frameworks to international best practice to be attractive to foreign investors.

Other changes include: measures to catalyze activity in private equity and debt capital by making the asset class more accessible to asset managers, retirement schemes and the general investor base for the benefit of investors and the businesses; and leveraging Environment, Social and Governance principles to attract green capital, with emphasis on the development of a green taxonomy for Kenya beyond climate finance to natural capital / conservation.

Mr. Shamiah added  that some of the new focus areas for implementation include; access to investment  for retail and institutional  investors leveraging mobile  and other on-line technology; and significant increase in utilization of capital markets and listings by Small and Medium Enterprises (SMEs) through  introduction of tailored corporate governance requirements for family-owned businesses, streamlining market segment listing requirements and increasing awareness of the benefits of listings to potential issuers.

Other priority areas that have been re-emphasized in the revised CMMP are increased equity and debt market liquidity through the roll out of capital markets liquidity tools such as market making, short selling, margin trading, securities lending and borrowing, and over the counter (OTC) transactions.

Ms. Jane Marriott, the British High Commissioner to Kenya, said: “We were delighted President Uhuru Kenyatta launched the Nairobi International Financial Centre on his visit to London in July 2021, a key part of our Strategic Partnership. This review of the Capital Market Master Plan, supported by the UK Government, will help cement Kenya’s position as a financial services hub in the region, and bring in much-needed green finance to help Kenya build back from COVID-19, and tackle climate change.”  

Mr. Mark Napier, Chief Executive Officer at FSD Africa said: “A refresh of the Kenya Capital Market Master Plan is timely as it enables market stakeholders to re-align their efforts towards capital market development with a focus on economic resilience and sustainable growth. The Master Plan also anchors the role of the Nairobi International Financial Centre in capital market promotion and development as well as green finance and regulatory reform initiatives that are critical to support economic growth in Kenya and within the region’’.

As part of the regional Africa Regulatory Support Programme, FSD Africa provided technical assistance for the revision of the Kenya CMMP.  FSD Africa has also provided technical assistance for other institutional capacity strengthening initiatives such as the ongoing review of the regulatory framework for collective investment schemes and alternative investment funds in Kenya and strengthening of CMA’s risk-based supervision tools.





















About Vision 2030

Vision 2030 is Kenya’s long-term development blueprint launched on 10 June 2008 by President Mwai Kibaki. It sets out how, by 2030, Kenya will be transformed into “a newly-industrialising, middle income country providing a high quality of life to all its citizens in a clean and secure environment”.  For more details visit the Vision 2030 website here.


About 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. The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and protecting investors’ interest. For more information, please contact Antony Mwangi, Manager, Corporate Affairs and International Relations on This email address is being protected from spambots. You need JavaScript enabled to view it.

About FSD Africa

FSD Africa is a specialist development agency working to reduce poverty by strengthening financial markets across sub-Saharan Africa. Based in Nairobi, FSD Africa’s team of financial sector experts work alongside governments, business leaders, regulators and policymakers to design and build ambitious programmes that make financial markets work better for everyone. Established in 2012, FSD Africa is incorporated as a non-profit company limited by guarantee in Kenya. It is funded by UK aid from the UK government.  For more information, please contact Angellah Khamala, Manager, Content and Communications on This email address is being protected from spambots. You need JavaScript enabled to view it.


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