Press Release

CMA joins Global Financial Innovation Network

Nairobi, 04 February, 2019… In its quest to support the transformation of the capital markets in Kenya through nurturing innovation, the Capital Markets Authority (CMA) has joined the Global Financial Innovation Network (GFIN), an international network of 29 financial services regulators and related organisations, committed to supporting financial innovation.

GFIN seeks to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. This includes a pilot for firms wishing to test innovative products, services or business models across more than one jurisdiction. It also aims to create a new framework for co-operation between financial services regulators on innovation-related topics, gaining insights and sharing different experiences, lessons and approaches.

The CMA Chief Executive, Mr Paul Muthaura, while confirming the new development, observed this adds impetus to the efforts to support innovation in the capital markets, noting the important role of financial technology (Fintech) as a key enabler of performance excellence under the 10-year Kenya Capital Market Masterplan, 2014-2023. Mr Muthaura added that CMA has been at the forefront of implementing initiatives to stimulate and support the responsible growth of FinTech and innovation within Kenya’s capital markets. In line with its facilitative role, CMA consistently seeks to provide a conducive regulatory environment for the deployment of new and innovative Fintech and business models that have the potential to deepen capital markets in Kenya.

Mr Muthaura said, ‘’to this end, the Authority’s Regulatory Sandbox, expected to be launched by March 2019, is intended to accelerate our understanding of relevant emerging technologies and support evidence-based approaches to regulation that advance the goals of investor protection and capital markets deepening, in line with the objectives of the Capital Market Master Plan’’.

In line with the goal of open and proactive inter-regulatory engagement, Mr Muthaura, observed CMA has already entered MOUs with two members of GFIN; the Australian Securities and Investments Commission and the Financial Services Regulatory Authority of Abu Dhabi Global Market.

Mr Muthaura noted that CMA, being cognizant of the fundamental role of Fintech within the financial services sector, aligned its 2018-2023 Strategic Plan to respond to the changing technological landscape by setting one of its key objectives as leveraging technology to drive the capital markets value chain.



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, Head of Corporate Communications on This email address is being protected from spambots. You need JavaScript enabled to view it.


Full list of GFIN Members


Organisation Jurisdiction
Australian Securities & Investments Commission (ASIC) Australia
Central Bank of Bahrain (CBB) Bahrain
Autorité des marchés financiers (AMF) Québec, Canada
Guernsey Financial Services Commission (GFSC) Guernsey
Hong Kong Monetary Authority (HKMA) Hong Kong
Hong Kong Securities and Futures Commission (HKSFC) Hong Kong
Astana Financial Services Authority (AFSA) Kazakhstan
Monetary Authority of Singapore (MAS) Singapore
Dubai Financial Services Authority (DFSA) UAE
Financial Conduct Authority (FCA)                     United Kingdom
Consumer Financial Protection Bureau (CFPB) United States


Organisation Jurisdiction
Bermuda Monetary Authority (BMA) Bermuda
Alberta Securities Commission (ASC) Alberta, Canada
British Columbia Securities Commission (BCSC) British Columbia, Canada
Ontario Securities Commission (OSC) Ontario, Canada
Centrale Bank van Curaçao and Sint Maarten Curaçao and Sint Maarten
Central Bank of Eswatini Eswatini (Swaziland)
Magyar Nemzeti Bank (Central Bank of Hungary) Hungary
Isle of Man Financial Services Authority (IOMFSA) Isle of Man
Israel Securities Authority (ISA) Israel
Jersey Financial Services Commission (JFSC) Jersey
Capital Markets Authority (CMA, Kenya) Kenya
Bank of Lithuania (BL) Lithuania
South African Reserve Bank (SARB) South Africa
Abu Dhabi Global Market (ADGM) UAE


Organisation Country
Qianhai Financial Authority China
Consultative Group to Assist the Poor (CGAP) Global
International Monetary Fund (IMF) Global
World Bank Group Global

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