Kenyan President William Ruto on Monday launched the Central Securities Depository dubbed DhowCSD to make it easier for Kenyans to invest in government securities.
The CSD investor portal and mobile app allow traders in government securities in local, regional and international financial markets to transact electronically. DhowCSD facilitates centralised custody of the securities and the secure updating of the status of transactions relating to them.
Speaking at the Central Bank of Kenya during the launch, said the system will facilitate Kenyans to participate meaningfully in the building of the country, deepen the domestic capital market, and promote savings and investments.
“The development of DhowCSD cements the Government’s Plan to eliminate barriers to trade. It will also foster the growth and stability of our financial market.”
President Ruto noted that the new system will deliver convenience, efficiency, and 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.
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.