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CMA and KEPSA sign MoU to support market deepening and uptake of capital market products

Nairobi, 02 July 2021….The Capital Markets Authority (CMA) has signed a Memorandum of Understanding (MoU) with the Kenya Private Sector Alliance (KEPSA) to support market deepening and leveraging capital market products to catalyse growth in line with the Big 4 Agenda and Sustainable Development Goals.

Through the MoU, CMA and KEPSA will seek avenues for private and public sector finance and investment necessary to support Kenya’s economic growth and complement development funding gaps. The two institutions seek to collaborate in the development of policy and regulatory interventions to create a conducive business environment that will support a robust, resilient, and inclusive financial sector through the growth of the capital markets.

The CMA Chief Executive, Mr. Wyckliffe Shamiah observed; ‘This partnership is expected to promote Small and Medium-Sized Enterprises’ (SMEs) utilization of the capital markets to raise long-term capital in appreciation of the critical role of SMEs in the economy, and especially in facilitating economic recovery from the effects of the Covid-19 pandemic. One of the strategies adopted by CMA to support SMEs tap into the capital markets is a review and possible revision of the existing eligibility and disclosure requirements under the Capital Markets (Securities)(Public Offers Listing and Disclosures) Regulations 2002 regulatory framework to make it more responsive to emerging and evolving market needs.’

‘With many of our Kenyan businesses adversely affected by the Covid-19 pandemic, this partnership will go a long way in ensuring that many of them discover their way to recovery. This MoU compliments our series of trainings that we have been conducting on businesses, especially in accessing financing. Our MSMEs will now be able to access the capital market products, hence easing their burden of getting credible financing for their operations’, said Ms. Carole Kariuki Karuga, the KEPSA Chief Executive Officer.

KEPSA and CMA will develop a joint workplan to support the activities under the partnership. Some of the planned activities include:- joint quarterly fora to engage KEPSA members on capital market products, and joint publications and research on financial markets to create financial quick reference materials to be distributed to critical stakeholders such as the youth, investment clubs and professionals.



The Capital Markets Authority (CMA) 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. For more information, please contact Antony Mwangi, Manager Corporate Affairs & International Relations on This email address is being protected from spambots. You need JavaScript enabled to view it.


The Kenya Private Sector Alliance (KEPSA) is the apex body of the private sector in Kenya. KEPSA brings together local and foreign business associations, chambers of commerce, professional bodies, corporates, multinational companies, start-ups, Micro, Small and Medium Enterprises (MSMEs) from all sectors of the economy in the country, representing over 1, 000,000 million businesses under one umbrella, to enable them to speak in one voice when engaging the Government, development partners and other stakeholders on cross-cutting policy issues affecting private sector development. It also implements programs that ensure the growth of businesses and the social-economic development of the country.

KEPSA supports businesses with opportunities for training, networking, financial linkages, mentorships & coaching, access to markets, value chains and investment opportunities while working closely with many partners from across the world.

KEPSA serves as a federation of over 80 Associations and professional bodies and serves as the focal point of the East Africa Business Council (EABC) which is the apex body of businesses in East Africa.

For more information visit or contact This email address is being protected from spambots. You need JavaScript enabled to view it.