CMA Undertakes Capital Market Master Plan Review with FSD Africa Support

The Capital Markets Authority (CMA) of Kenya, an independent government financial regulatory agency, announced that it has onboarded a consultant with the support of Financial Sector Deepening Africa (FSD Africa) to review the Capital Market Master Plan (CMMP, 2014-2023), which provides the long-term strategic direction for the Kenyan capital markets.

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 Kenya Vision 2030 aspirations.

Mr. Wyckliffe Shamiah, Chief Executive of CMA, explained that although a 54 percent completion rate of the CMMP deliverables has been achieved over the last six years, significant challenges have been experienced including the massive disruptions precipitated by the unforeseen global Covid-19 pandemic.

Mr. Shamiah said; “the Covid-19 pandemic brought about significant disruptions to the economy leading to the development of a Short-Term Post Covid-19 Recovery Strategy for capital markets to support Kenya's economic recovery. The review of the CMMP is expected to inform review of the CMA Strategic Plan (2018-2023) to align both documents with the prevailing market conditions and expectations of the stakeholders."

Dr Evans Osano, Director, Capital Markets at FSD Africa said, “review of the Capital Market Master Plan is timely as it provides an excellent opportunity to re-align capital market development in Kenya to a post-Covid world where economic resilience is paramount.  Development of long-term funding avenues is critical to fund sustainable and green projects, tighten alignment with the Nairobi International Financial Centre and provide much-needed capital for growth."