President William Ruto on Monday, September 11 presided over the launch of the Central Securities Depository Dhow (DhowCSD) at the Central of Kenya (CBK), Nairobi.
The infrastructure allows traders in government securities in local, regional and international financial markets to transact electronically.
Domiciled at the CBK, the system facilitates centralised custody of the securities and the secure updating of the status of transactions relating to them.
President Ruto noted that the new system will deliver convenience, efficiency, speed without compromising 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 development of DhowCSD cements the Government’s Plan to eliminate barriers to trade,” said President Ruto.
The President assured that the Government is keen on facilitating Kenyans to participate meaningfully in the building of the country. He said the deliberate access to opportunities will create wealth and improve people’s lives.
Ruto added that theDhowCSD platform will deepen the domestic capital market, and promote savings and investments.
“It will also foster the growth and stability of our financial market.”
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.” Ruto stated.
He was accompanied by Cabinet Secretaries Njuguna Ndung’u and Moses Kuria and CBK Governor Kamau Thugge.
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.
