Kenya’s main financial regulator for financial markets, the Capital Markets Authority (CMA) has signed a Memorandum of Understanding (MOU) with Britain’s Chartered Institute for Securities & Investment (CISI). The two entities will forge a partnership to share knowledge and expertise to enhance Kenya’s growing economic sector, as the CISI works on introducing international certification standards in the capital markets industry.
The CISI’s dominant role in the UK financial education sector continues as it increases the number of international partnerships. Kenya’s ambition of Nairobi being recognised as a regional financial hub is strengthened through the latest partnership. Professionals in the country will be able to increase the level of understanding they have for financial markets products.
The CMA Acting Chief Executive, Mr. Paul Muthaura, spoke about the collaboration, he said: “The MOU will pave the way for the introduction of a certification programme that will ensure that practitioners in the capital markets industry have the requisite skills, operate with high standards and apply best practice as Kenya takes its position as the hub for the African capital markets.”
Kenya is one of East Africa’s fastest growing markets and has been on the positive side of activity in its stock market. The country’s stock exchange has traded on the stock market with emphatic volumes. Furthermore, the country has been spearheading its financial literacy programme to increase the number of private investors.
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Mr. Muthaura added, ‘”For Kenya to be competitive and attract international funds flows, key staff in capital market intermediaries need to adopt international certification standards to support the introduction of more diversified products in the market, as well as to ensure that engagement with investors is consistent and to the highest possible standards.”
The CISI’s material will be closely coordinated with the CMA’s own financial education programmes, aimed at creating a highly skilled talent pool which is aligned to the Capital Market Master Plan, a ten-year blue print for the Kenyan capital markets industry, and the country’s ambition to become a regional and International Financial Centre.
Simon Culhane, Chartered FCSI, CEO of CISI, commented about his firm’s new partnership in a statement: “We are very pleased to work with CMA to enhance and promote professionalism and professional standards in the capital markets industry in Kenya which will extend to the EAC region.”
The new courses will be funded by FSD Africa, FSD Africa is a programme that promotes financial sector development across sub-Saharan Africa, and is based in Nairobi. Among its many aims, one of its key objectives is the reduction of poverty. The FSD has been co-operating with regional exchanges and financial authorities.
Mark Napier, Director of FSD Africa, said: “We are delighted to be able to assist with the introduction of this certification programme which is an important step forward for Kenya and the wider EAC region in boosting the professionalism of its capital markets and enhancing their attractiveness as a place for investors to do business.’’