The Chartered Institute for Securities & Investment opens its first African office in Kenya
Nairobi 23 August 2018… As part of its strategy of growing its footprint, the Chartered Institute for Securities & Investment (CISI) has opened its first office in Africa in Nairobi. This will be the 8th office by CISI outside of the UK. The others are in in Singapore, Spain, Sri Lanka, United Arab Emirates, India, Ireland and Philippines.
The Institute has had an active presence in Kenya since the signing of a MoU with the Capital Markets Authority (CMA) in 2014. Since then CISI’s exams have formed an integral part of the Securities Industry Certification Programme in Kenya. To date over 2,500 candidates have sat the CISI exams in Kenya which is a testament to the continued growth and the ever increasing potential of the capital markets in Kenya.
Speaking while meeting the CISI Nairobi Representative, Mr.Kimacia Gitau, in the presence of the CISI Director of Global Business Development Mr. Kevin Moore, the CMA Chief Executive, Mr. Paul Muthaura noted that “in addition to the commitment demonstrated by capital markets practitioners towards increased professional standards by sitting the exams in their numbers, it was heartening that Kenya has one of the highest pass rates for the Kenya Introduction to Securities and Investments module (ISII Kenya) at 83 percent against a global average of 59 percent.”
Mr. Muthaura observed that ‘’Kenya aspires to be increasingly competitive with respect to attracting international funds flows into and as a conduit to the rest of Africa. Choosing Kenya as the first country in Africa to open a full-fledged CISI office is a strong validation of Kenya’s gateway position as we edge closer to achieving the goal of making Nairobi an International Financial Centre as envisioned in Kenya’s Vision 2030. Through the improved support for the uptake of the global standard programs of CISI in Kenya, this can only serve to further increase the knowledge, skills and behavior of practitioners to catalyze market growth over the coming years”.
On his part, CISI Director of Global Business Development, Mr. Kevin More, said:”CISI is proud to partner with CMA and to help establish the Kenyan capital markets as a centre of excellence as well as a gateway for regional and international capital flows”.
Kimacia Gitau said: “I am excited to be working with the CISI, with the aim of actively promoting the benefits of holding CISI exams, building a membership network and community in Kenya and, in the East African community. We are currently working with the CMA on a continuing professional development (CPD) programme to support our qualified professionals”.
CISI is a 45,000-strong global professional body with members in 104 countries, which represents those working in or looking to progress their career in wealth management, capital markets and financial planning. CISI has been working in Africa since 2012 offering exams and membership across the continent, with regulatory approval for its exams in 10 countries.
Notes to Editors:
Chartered Institute for Securities & Investment
Based in the City of London CISI is the professional body of choice for practitioners within the securities and investment industry. With representative offices in financial centres including Dublin, Singapore, Dubai, Mumbai and Colombo CISI has a range of globally recognized qualifications and supports individuals through membership from the student level to individual charter status, the pinnacle of professionalism. It works to ensure that products and services are up to date, relevant, and that they meet the needs of the ever changing financial services industry. Last year, over 40,000 CISI examinations were sat in 80 countries around the world.
Capital Markets Authority
The Capital Markets Authority 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 an 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 & 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.