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Wycliffe Shamiah Appointed as CMA Chief Executive in Kenya

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Wycliffe Shamiah has been appointed and confirmed as the Chief Executive Officer of the Capital Markets Authority (CMA). Shamiah has been in an acting capacity since the beginning of the year following the end of Paul Muthaura’s tenure.

According to CMA board chair, James Ndegwa, the cabinet secretary National Treasury and Planning approved Shamiah’s appointment. Shamiah has risen through the ranks at the regulator in a career spanning 23 years. Prior to his appointment, Shamiah was Director of market operations since 2011 and a representative of the Authority to the Financial Stability Board Regional Consultative Committee for Sub Saharan Africa.

He has held different positions in different departments, having joined as a research officer, promoted to senior research officer before being appointed senior financial analyst cum internal auditor. He was then promoted to the position of Assistant Manager, Compliance in 2001 before taking on the responsibilities of officer in charge of compliance from 2003 to 2005. He was then appointed Manager, Market Supervision in 2009 and became the pioneer Director of Market Operations in 2011.

He will be tasked with implementing the Strategic Plan 2018-2023, supporting regulations, and maintaining CMA’s reputation as a high performing public sector institution. Under Shamiah’s leadership, the authority has piloted the Securities Lending and Borrowing platform, allowed listed firms to hold virtual AGMs, and increased participants to the CMA sandbox such as Belrium Kenya and Pyypl Group Limited.

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NC Interview | African Startups Ecosystems

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Startups in Africa have become a phenomenon. The COVID-19 Lockdown encouraged many businesses to move online with the new normal of doing business virtually.

In the second quarter of 2020, African startups have raised more than $500 million according to Maxime Bayen of GreenTec Capital.

News Central had an exclusive chat with an investor and startup founder, Gulbet Kiros.

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Business Edge | Africa Continental Free Trade Agreement (AfCFTA)

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Today on Business Edge, Tolulope Adeleru Balogun discusses the Africa Continental Free Trade Agreement (AfCFTA) with Andrew Mold, Chief, Regional Integration and AfCFTA, Sub-Regional Office for Eastern Africa, United Nations Economic Commission for Africa.

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Central Bank of Kenya Maintains Rate At 7%

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The Central Bank of Kenya (CBK) has left its benchmark rate unchanged at 7% for the fifth time this year. This came at the end of its Monetary Policy Committee meeting. The current rate, the bank says, is having the intended effect on the economy from its initial implementation in March.

Central Bank Governor, Patrick Njoroge noted that Inflation has remained within the target range of 2.5% and 7.5% and is expected to stay within the range in the near term, “supported by lower food prices and muted demand pressures.”

Economic indicators show a recovery in Kenya’s economy in the second half of 2020. Exports have increased by 2.8% in the January to October period, compared to the same period in 2019.

Foreign exchange reserves have slightly declined and currently stand at $7,952 million, equivalent to 4.89 months of import cover. Despite the decline, CBK says that the forex reserves “continue to provide adequate cover and a buffer against short-term shocks in the foreign exchange market.”

According to the monetary policy committee, Kenyan banks have strong liquidity and adequate capital and the sector has shown resilience in these harsh economic times.

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