1.3: Enhance consumer education and literacy
The Financial Sector Regulators partnered with KICD to infuse financial literacy in the curriculum design. The new curriculum is being piloted in the 47 counties. In addition, a community service learning programme was developed in March 2017 that will incorporate more aspects of financial literacy and entrepreneurship.
In September 2017, the Authority engaged a consultant to conduct an impact assessment and opportunities study on investor education which was completed in June 2018. The consultant generated the report and is awaiting final adoption to inform a white paper on Consumer Financial Education Policy and Strategy expected in December 2018.
A certification program has been implemented since April 2016 for the market facilitated by Chartered Institute of Securities and Investments (CISI).
In January this year, the Authority in collaboration with CISI had an award ceremony to recognize top performers from the exams offered in Kenya within the context of initiating the implementation of a Continuous Professional Development program for industry professionals. The CPD Modules are almost fully developed for market practitioners in collaboration with CISI. Upon completion of the modules, the market will be sensitized with a view to introduce the program within the 2018/2019 financial year.The Authority undertook a Capital Markets investor behavioral and situational analysis study through a consultant who has since generated a report. The recommendations from the report have been used to develop the strategy for investor education activities undertaken by the Authority hence optimizing CMA’s efforts in this regard. A white paper, following the adoption of the report, is still under development.
The Authority has continued to implement its Investor Education and Public Awareness strategy through road shows, media, open days and county workshops.Total number of forums - 220Open days and exhibitions - 25Road shows- 10Counties engaged - 20 University Challenges - 2