The Central Bank of Kenya’s (CBK) DhowCSD platform that allows Kenyans to trade in government bonds 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 market infrastructure in Kenya.
In particular, the judges noted that the platform by the Central Bank of Kenya enhanced the accessibility of the investment opportunities to as many Kenyans as possible.
“When DhowCSD started in 2023, it not only improved government securities operations for wholesale market counterparties and supported monetary policy operations but also simplified access to the government bond market for all Kenyans including its sizeable diaspora via a mobile phone app or e-portal,” the judges stated.
CBK governor
Reacting to the award, Dr. Kamau Thugge welcomed the recognition and appreciated the commitment of the bank’s staff towards the implementation and success of the platform.
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“CBK is honored to receive Central Banking’s Payments and Market Infrastructure Initiative Award for the implementation of the DhowCSD,” Dr. Kamau Thugge stated.
“This achievement marks the culmination of a significant journey that CBK has undertaken in developing a new, agile, and transformative financial market infrastructure.”
DhowCSD serves to facilitate the trading of Kenya Government securities locally and across the border.
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It also facilitates 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,” Thugge added.
DhowCSD platform
DhowCSD is a web platform and a mobile App that allows retail investors in Kenya and abroad to invest in Government Securities easily and conveniently.
CBK’s DhowCSD platform went live on July 31, 2023, and was officially launched by H.E. President William Ruto, PhD, C.G.H. on September 11, 2023.
DhowCSD has revolutionized the government securities market in substantial ways.
It enables ordinary individual investors to open and operate CSD accounts from the comfort of their devices and allows investors to operate without having to undertake a physical visit to the Central Bank of Kenya.
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Additionally, 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. Since the launch of DhowCSD in September, the number of investors has grown by 63 percent. This is a remarkable endorsement of the platform by its primary users,” Thugge stated.
