Kenya’s Capital Markets Authority (CMA) has once again been recognised as the ‘Most Innovative Capital Markets Regulator in Africa 2018’ by the International Finance Magazine.
The award comes after the authority launched its new Strategic Plan (2018-2023) where the utilisation of technology is one of its strategic objectives.
One of the innovative steps the Authority has taken is its plan to establish a regulatory sandbox which will help fintechs to create innovative products that do not pose any risk to consumers.
CMA’s chief executive Paul Muthaura said: “The Authority is pleased to receive this recognition for the third consecutive year since 2016. This validation is a testament to the Authority’s commitment to supporting innovation as a catalyst for the transformative growth of the capital markets.”
The regulator has also been lauded for carrying out effective investigations and enforcement actions while allowing whistleblowers to expose capital market crimes anonymously. The Authority also recently introduced an incentive for whistleblowers in an effort to help people reveal crimes.
The CMA has also been recognised for consistently “articulating policy concerns unique to emerging markets and developing economies in various global standard-setting bodies such as the International Organization of Securities Commissions (IOSCO).” Mr Muthaura has been on the IOSCO board since September 2014.