• CAPITAL MARKETS UNIVERSITY CHALLENGE 2018

    CAPITAL MARKETS UNIVERSITY CHALLENGE 2018

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    A proactive regulator of competitive and robust capital markets

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    Developing Kenya's capital markets to be an investment destination of choice through facilitative regulation and innovation.

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    Promoting investor education, awareness and interest in the capital markets

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    Strengthening institutional capacity to effectively and efficiently deliver on its mandate

Nairobi 26 September 2018… The Capital Markets Authority (CMA) and the Kenya Bankers Association (KBA) have today signed a Memorandum of Understanding (MOU) that sets the stage for closer collaboration between the two organizations in the areas of research, data sharing, analysis, and stakeholder engagement.

In the MOU that was signed during KBA’s 7th Annual Banking Research Conference, CMA and KBA seek to reinforce the ability of the financial sector to be a key driver of economic development and transformation through research and innovation. The two organizations also committed to champion industry development through advocacy and promoting investor education and awareness.

The low uptake of capital markets products and services will also be addressed through synergies designed to explore how the banking industry, being a major participant in the capital markets, can address both issuer and product dynamics, as well as, identify financing solutions for alternative infrastructure.

The CMA Chief Executive, Mr. Paul Muthaura observed: “The signing of the MOU with KBA is aligned to the CMA Strategic Plan, 2018-2023, under its objective on Enhancing Strategic Influence. This encapsulates several key initiatives, including the need to engage with stakeholders to ensure deepening of the market and to build strategic alliances with domestic and international partners. The Strategic Plan seeks to position the Authority to facilitate the delivery of the Big Four Agenda with a focus on identifying capital markets solutions to Food Security, Affordable Housing, Accessible Healthcare, and Manufacturing.”

Mr. Muthaura added: “KBA has been a consistent and committed partner in the development of the capital markets through its initiation of the Kenya Green Bond Program and active participation in the Bond Market Steering Committee, Capital Markets Master Plan (CMMP) Steering Committee, and CMMP Industry Working Groups. KBA also contributes to the Capital Markets Quarterly Soundness Reports and Budget Policy Proposal stakeholder engagements. This MOU is a natural progression to further support closer coordination and cooperation with the Association as a key strategic partner,’’ he said.

The KBA Chief Executive, Dr. Habil Olaka, said that in keeping with the MOU, the banking industry and CMA will embrace a collaborative approach on research and policy outputs in a bid to ensure stakeholder involvement prior to development of policy and regulation frameworks.

“We are very pleased to be partnering with the Capital Markets Authority which leads in Africa in terms of capital market development and innovation,” said Dr. Olaka. “For years KBA has been the preeminent source of banking industry research and the Association has led discourse on policy matters, through this partnership we will be able to leverage our expertise and resources to contribute to broader financial sector growth, anchored on the development of our capital markets.”

Dr. Olaka added: “This collaboration will explore opportunities for stimulating activity in the banking industry and capital markets through Fintech innovation as we seek to deepen financial inclusion and ultimately further sustainable economic development,” he said.

The organizations will also strive to steer ahead initiatives within the bond market including strengthening netting and collateralized transaction frameworks, green financing and operationalizing bond market infrastructure and products.

ENDS

About the Kenya Bankers Association

KBA was founded on 16th July 1962. Today, KBA is the financial sector's leading advocacy group and banking industry umbrella body that represents total assets in excess of USD 40 billion. KBA has evolved and broadened its function to include advocacy on behalf of the banking industry, and championing financial sector development through strategic projects such as the launch of the industry's first P2P digital payments platform PesaLink. In line with the Government's policy on public-private partnerships, KBA and Central Bank of Kenya have implemented key projects such as modernization of the National Payments System through the Automated Clearing House, implementing the Real Time Gross Settlement System (RTGS), and the Kenya Credit Information Sharing Initiative. The KBA members are comprised of commercial banks and deposit taking microfinance banks. For more information, visit www.kba.co.ke. Media Contact: This email address is being protected from spambots. You need JavaScript enabled to view it.

Background 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. 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 Capital Markets Authority Head of Corporate Communications, Antony Mwangi on This email address is being protected from spambots. You need JavaScript enabled to view it..

Contacts

Capital Markets Authority

Antony Mwangi, MPRSK

Head of Corporate Communications

Cellphone: 0722 825227

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Kenya Bankers Association

Nuru Mugambi

Director of Communications and Public Affairs

Cellphone: 0717023318

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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