Central Bank of Kenya’s Dhowcsd Wins Prestigious Global Award.

The Central Bank of Kenya’s DhowCSD platform has been named the winner of Central Banking’s Payments and Market Infrastructure Initiative Award. The award recognizes the critical role DhowCSD has played in improving the financial markets infrastructure in Kenya.

The DhowCSD enables retail investors to effortlessly open and manage CSD accounts right from their own devices, eliminating the need for in-person visits to the CBK. Investors can participate in government securities, including trading them on the secondary market, from anywhere in the world. The process of trading securities is paperless, convenient, simple, efficient, and secure.

Furthermore, the platform plays a pivotal role in revitalizing interbank money markets by reinstating the functionality of the horizontal repo market. Using this platform, banks can exchange collateral such as Treasury bills and bonds for overnight lending among peers, thereby enhancing liquidity within the banking sector.

The CBK’s DhowCSD platform started working on July 31, 2023. President William Ruto officially launched it on September 11, 2023. Since its launch, the number of investors has increased by 63 percent.

In particular, the judges noted that ‘when the Central Bank of Kenya decided to develop a new central securities depository (CSD), it was determined to make the system fully electronic and as accessible to as many Kenyans as possible.

Governor Dr. Kamau Thugge said: ‘‘The Central Bank of Kenya (CBK) is honoured to receive Central Banking’s Payments and Market Infrastructure Initiative Award for the implementation of the DhowCSD. This achievement marks the culmination of a significant journey that CBK has undertaken in developing a new, agile, and transformative financial market infrastructure.’’ CBK governor Kamau Thugge said.

‘‘The DhowCSD serves to facilitate the trading of Kenya Government securities locally and across the border, while facilitating the integration of Kenya with international financial markets. We are grateful to the Central Banking Awards Committee for acknowledging the outstanding efforts our team has dedicated into developing this revolutionary, cutting-edge solution.’’ He added.

Central Banking Publications is a financial publisher specializing in public policy and financial markets, with emphasis on central banks, international financial institutions and financial market infrastructure and regulation.

It is a leading provider of online news for and about international capital market developments. Headquartered in London, Central Banking recognizes outstanding performance and achievements of individuals and organizations within the central banking community with annual awards.

Do you have any story or press releases  you want to share? Send tips to editor@envestreetfinancial.com

Follow us on TwitterFacebook, or LinkedIn to ensure you don’t miss out on any

Share This Post

Like This Post

0

Related Posts

    Leave a Comment

    Your email address will not be published. Required fields are marked *

    Thanks for submitting your comment!