CMA Accused Of Favouring Section Of Money Market Players

cma accused of favouring section of money markets players
Capital Markets Authority (CMA).[PHOTO/ COURTESY]

Cytonn Investments CEO Edwin Dande has questioned the fairness of the Kenyan capital market.

In a Facebook post, Dande said that the Capital Markets Authority’s (CMA) management has been showing bias to market players running money market funds, favouring a section while oppressing others.

According to Dande, CMA has been favouring “old men” from a certain region of the country, white/brown Kenyans and foreign corporates.

“Take all the money market funds in this market. Write them in one column, call it column 1. Then write the name of the one person or corporate who is the promoter of that brand… The Sponsor, call it column 2. Finally, now describe this Sponsor, in whatever manner… How old are they? Where are they from? What is their persona?, call it column 3,” he wrote.

Read: Cytonn Sues Top CMA Management for Defamation

“When you do this assignment, you will discover that column 3  has 3 main personas: a gray haired old man, usually from one region in Kenya, a brown or white skinned old man, or a foreign corporate.”

According to Dande, those who do not fit the three personas do not get a seat on the proverbial table.

“And when you don’t have a seat on the table, you have to agitate your way to the table. And when you agitate, you are seen as a noise maker,” he added.

Dande, who is credited for Cytonn’s growth into one of Kenya’s biggest investment firms in a span of seven years, has been pushing for reforms in the money market in a bid to spur rapid growth.

Read Also: High Court Sets Aside CMA Directives Demanding Change Of Name For Cytonn

In his previous social media posts and court cases, Dande is of the opinion that the regulator as currently constituted is a hindrance to the growth of financial services sector.

According to Dande, unless CMA is reformed, there will be no funding for President Uhuru Kenyatta’s housing agenda.

Going by the latest data, bank deposits under CBK have reached Sh4 trillion, pension funds under RBA are at Sh1.4 trillion, saccos under Sasra at Sh600 billion, but the unit trusts under CMA remain at a paltry Sh100 billion because the market is closed out to most Kenyan entrepreneurs.

Currently, there are over 20 money market funds in Kenya, most of which are owned by banks and big corporates, including CIC Money Market Fund, Sanlam, Zimele, Genghis Capital, Co-op, Britam, ICEA, Equity Bank, UAP Old Mutual, Nabo Africa and NCBA.

Others include Alphafrica Kash, Madison, Dry Associates, Apollo, Dyer and Blair, African Alliance Kenya Shilling Fund , Diaspora Money Market Fund, Adam Money Market Fund, Cytonn and Amana.

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Written by Eva Nyambura

Content creator at | Passionate about telling the untold story. Lover of life, music and technology. Simplicity is KEY


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