The Kenya National Chamber of Commerce and Industry (KNCCI) have signed a Memorandum of Understanding (MoU) with the Capital Markets Authority (CMA) to support market deepening and leveraging capital market products to catalyze growth in the sector.  KNCCI and CMA have agreed to set out areas of collaboration for purposes of carrying out joint activities and supporting each other in carrying out their mandates.

CMA functions include raising long-term funds for businesses, facilitating investment opportunities for individuals and institutions, and ensuring liquidity by trading securities like stocks and bonds. These functions promote economic growth and financial stability.

Both KNCCI and CMA share a mutual desire to promote the growth and development of both the Micro, Small, Medium and Large enterprises.

The KNCCI team was led by the Chamber President included  Mr Kihara Njuguna (Company secretary), County and SMEs (Steven Osedo), Trade Development (Maureen Macharia)and Ruth Ouma (Partnerships).

The CMA team of senior managers were led by the CEO Mr Wyckliffe Shamiah.

The Chamber President in his remarks “Our partnership and collaborative efforts are essential in navigating the challenges of the country’s economy and by fostering stronger partnerships, both entities will ensure sustainable growth and resilience for the businesses ultimately driving transformative change in the economy of the country”*

According to CMA CEO Wyckliffe Shamiah, the right combination of information, advice and support, SMEs can navigate the challenges, identify the right forms of equity capital raising and drive growth to support the economic development as envisaged”.

KNCCI and the CMA will work on several joint activities, including organizing forums to engage KNCCI members on capital market products, joint engagements and research on financial markets locally and internationally.

The main objective of the MoU is to facilitate joint awareness sensitizations with a view to increase business community demand as well as supply side in the capital markets.  Hence, the collaboration will create public awareness to increase the number of local and international uptake of CMA products by businesses.

This MOU shall cover among others:

  1. Facilitating joint awareness initiatives, leveraging KNCCI’s nationwide outreach of 47 counties to promote the growth and development of both the Micro, Small, Medium and Larger enterprises and the capital markets industry.
  2. Utilizing KNCCI’s affiliation with international chambers of commerce and its MoUs with over 177 chambers globally to expand the reach of awareness initiatives on capital markets.
  3. Collaborating on trade fairs, expos, and investment forums nationally and globally to showcase Capital Markets Authority’s services and offerings.
  4. Enhancing SME networks, partnerships, and collaborations through joint initiatives between KNCCI and Capital Markets Authority.
  5. Developing programs and activities through partnership with KNCCI to address interests and enhance the benefits of Capital Markets Authority to its members.
  6. Embarking on a collaborative outreach program targeting industry stakeholders and the business community;
  7. Actively exchange relevant information/ideas/knowledge through trainings, seminars, education, attachments, secondments etc. to improve the human capacity in both institutions.