The Government is keen on facilitating Kenyans to participate meaningfully in the building of the country after the launch of DhowCSD.
President William Ruto said the deliberate access to opportunities will create wealth and improve people’s lives.
He made the remarks on Monday at the Central Bank of Kenya (CBK), Nairobi, during the launch of the Central Securities Depository Dhow (DhowCSD).
The infrastructure allows traders in government securities in local, regional and international financial markets to transact electronically. Domiciled at CBK, the system facilitates centralised custody of the securities and the secure updating of the status of transactions relating to them.
“The development of DhowCSD cements the Government’s Plan to eliminate barriers to trade,” said President Ruto.
He argued that the platform will deepen the domestic capital market, and promote savings and investments. “It will also foster the growth and stability of our financial market.”
He was accompanied by Cabinet Secretaries Njuguna Ndung’u, Moses Kuria and CBK Governor Kamau Thugge.
President Ruto noted that the new system will deliver convenience, efficiency, speed, without compromising on security. He explained that investors will no longer have to physically present themselves at CBK to undergo the manual process of opening a CDS account.
The CSD investor portal and mobile app has opened up access to the securities market to everyone, regardless of status.
Like the Hustler Fund, automation of services through digital platforms is aligned with the Government’s commitment to expanding opportunities for Kenyans. “We believe this will drive our economy from the bottom-up.” Prof Ndung’u said the launch of DhowCSD is a diversity milestone that will enrich the market.
On his part, the CBK Governor pointed out that the system will boost operational efficiency in the domestic market and enhance liquidity distribution.