Where we work

Where we work

Alongside our partners, we design and deliver programmes that span more than 28 countries across sub-Saharan Africa. As a regional development agency, we manage a combination of ambitious multi-country programmes and focused, local interventions.

Our programmes are designed to help build fair and thriving economies, where funding for basic services is assured, where businesses are able to grow and create jobs, and where people have the freedom to manage their own lives.

FSD Africa

…although a 54% 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.

CMA Chief Executive, Mr. Wyckliffe Shamiah

Some of the key achievements include; an enabling policy, legal and fiscal environment to facilitate the introduction of new products and services such as Real Estate Investment Trusts (REITs), Asset-Backed Securities (ABS), Derivatives markets, Online Forex Trading, Commodities Markets, Green Bonds; measures to maintain financial market stability by strengthening corporate governance; and otherinvestor protection instruments through gazettement of the Corporate Governance Code and Stewardship Code among others.

Other key achievements include setting up a Financial Law Review Panel; admission of Nairobi to the Global Financial Centre Index ranking of financial centres published by the Z/Yen Group; a new Central Depository System with the capability of inter-depository linkages; and Kenya being dropped from the Financial Action Task Force grey list based on substantial progress on legislative and institutional structures to combat Anti Money Laundering and Counter-Terrorism Financing.

Some of the key challenges highlighted as having slowed down the progress include historical issues like the collapse of Discount Securities and Nyaga Stockbrokers which impacted investor confidence negatively; the collapse of Chase Bank and Imperial Bank with unresolved issues around their corporate bonds hurt issuer and investor confidence in the corporate bond market in Kenya. Low uptake of various capital markets products such as Exchange Traded Funds (ETFs), REITs, ABS and limited listings on Nairobi Securities Exchange has also hampered vibrancy of the securities market in Kenya.

Evans Osano

Dr Evans Osano, Director, Capital Markets at FSD Africa said:

“The 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.”


Partners: CMA KENYA