Capital Markets

Headlined by two equities boards and liquid options for bonds both in primary and secondary trading, Kenya’s capital markets stand out for their maturity in comparison to most African markets, although other asset classes are in the early stages of development. The Capital Markets Master Plan (2014-23) outlines a growth programme for the short to medium term, while separately the Nairobi Securities Exchange (NSE) has demutualised and is implementing a strategy that includes self-listing, in keeping with a worldwide trend as bourses seek to evolve to suit changing global market conditions. The year 2014 could prove a pivotal one for the NSE and for Kenya’s capital markets overall. A period of discussion and planning is now poised to end, with the master plan commencing its phased implementation and the NSE completing its plan for demutualisation and listing.

This chapter contains interviews with Peter Mwangi, CEO, Nairobi Securities Exchange (NSE); Paul Muthaura, CEO, Capital Markets Authority (CMA); and a viewpoint from James Mworia, CEO, Centum Investment Company.