Sh150m kitty to boost capital markets training

An international agency has launched a Sh150 million kitty to fund a professional programme for players in the capital markets industry.

Financial Sector Deepening Africa (FSD Africa) Thursday announced the new funding, which is expected to support training for staff of the Capital Markets Authority (CMA) and various training institutions.

“We are delighted to provide assistance for this certification programme, which is an important step towards boosting professionalism in capital markets,’’ said Julias Alego, the director of professional education at FSD Africa.

The funding will be spent on the development of a curriculum and examinations for the International Introduction to Securities and Investment (Kenya) (IISI-K) certification, which will be awarded by the Chartered Institute for Securities & Investment (CISI).

CMA, the industry regulator, said the international certification standards for practitioners would enhance skills in the industry. The technical assistance programme will also strengthen CMA’s institutional capacity and broadly support the development of the capital markets.

“The certification programme will ensure practitioners in the capital markets industry have the requisite skills and apply best practises as Kenya takes its position as the hub for the African capital markets,” said CMA Acting Chief Executive Paul Muthaura.

He also reckoned that the enhanced human capacity would improve Kenya’s competitiveness in attracting international investments.

“The adoption of international certification standards will support the introduction of more diversified investment products in the market, as well as ensure engagement with investors is consistent and meets the highest possible professional and ethical standards,” Mr Muthaura added.

“We are very pleased to work with CMA to enhance and promote professionalism and professional standards in the capital markets industry in Kenya,” said Kevin Moore, CISI’s director of global business development.

CISI has established a computer-based testing centre in Nairobi, and subsidised the costs of registration and undertaking Stage One exams to support market uptake.

CMA issued a circular to all market licensees on in November last year informing them of the market certification and competency standards, pursuant to the industry regulations.