Press Release

Capital markets remains resilient despite the threat posed by Covid-19

Nairobi, 29 April 2021… Despite the threat posed by the Covid-19 pandemic, capital markets remained resilient with the Kenyan economy expected to weather the Covid-19 storm to register a 6.4 percent growth rate.

Speaking during the media briefing for the Capital Markets Soundness Report for Quarter One 2021, the Capital Markets Authority (CMA) Chief Executive Officer, Mr. Wyckliffe Shamiah, noted the projected economic growth is expected to support a steady recovery of the capital markets.

Mr. Shamiah said; ‘’there is focused implementation of the Post Covid-19 Capital Markets Recovery Strategy to harness the unique advantage of the capital market especially in playing a facilitative role in promoting uptake of capital market products and additional listings’’.

Mr. Shamiah also disclosed CMA would be engaging the National Treasury & Planning for consideration of guidelines for issuance of County Bonds to support County Bond programmes on the back of a growing interest from counties such as Laikipia to leverage the capital market to finance key projects.

Despite the optimism, Covid-19 still posed risks around socio-economic disruption and its likely dampening of capital markets activity and the sustainability of regulated entities in a period of sustained erosion of their incomes.

On the domestic front, market infrastructure remained resilient with the Nairobi Securities Exchange (NSE) transitioning to a new brokers network in February 2021 and integrating its bond system with Refinitiv’s Fixed Income Call Outs Application. These solutions enhanced the robustness of the trading infrastructure building on the resilience of the local capital markets given the advances in network security, efficiency and stability.

Regionally, peer jurisdictions prioritized uptake of capital markets products, rollout of new policy and regulatory frameworks and fostering innovation in the capital markets amongst other measures. Globally, capital markets remained robust with a number of jurisdictions undertaking regulatory revisions designed to steer domestic markets to recovery amidst the challenging environment posed by Covid-19.

The Centum Investment Company’s issuance of a Kshs3 billion medium term note together with Acorn Investment Management Limited listing two of its REITs (D-REIT and I-REIT) on the NSE Unquoted Securities Platform worth Kshs7.5 billion served to signal growing issuer confidence in leveraging the capital markets to mobilise long-term funding.



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 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 and 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.

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