President William Ruto has officially launched the Central Securities Depository Dhow (DhowCSD) that allows investors to transact electronically,
The development of the Central Securities Depository Dhow cements the Government’s Plan to eliminate barriers to trade. It offers a rare window of opportunity to millions of ordinary Kenyans to participate and meaningfully contribute to the building of the country.
“The electronic infrastructure will deepen the domestic capital market, promote savings and investments besides fostering the growth and stability of our financial markets,” Ruto noted.
Since the platform went live in July, 6,366 new accounts have been opened with 250 accounts being opened daily. This is a departure from 100 accounts opened per month with the old system.
The new platform allows retail investors to participate in securities auctions, view auction results and payment details, check upcoming corporate actions, access updated portfolio statements and initiate secondary market and pledge instructions.
The platform has been in development for three years, and it allows investors to open bond trading accounts directly with the CBK. This streamlined approach means investors can place bids for their preferred securities during auctions directly from their mobile devices.
CBK Requirements for Signing Up on DhowCSD
In order to sign up for this Investor Portal App (Mobile App), one is required to have a smart phone so as to be able to access the App and enable them invest in the various products of Government Securities.
One must also be at least 18 years old and a registered, active Mobile Subscriber locally. The monetary authority reserves the right to verify with the local Mobile Network Operators (MNOs) the authenticity and status of one’s Mobile number.
The Monetary Authority will have the authority to request the Mobile Network Operators (MNOs) for an investor’s personal information held by the Mobile Network Operators and the Mobile Money Account service including one’s phone number, name, date of birth, ID or Passport number and such other information that will enable CBK to identify one and comply with the regulatory “Know Your Customer” requirements.