CMA lines up more reforms as State targets retail traders
Enterprise
By
Graham Kajilwa
| Feb 11, 2026
The Capital Markets Authority (CMA) is set for more reforms with a keen interest in private businesses as the government seeks to make the Nairobi Securities Exchange (NSE) more accessible to a majority of Kenyans.
President William Ruto on Tuesday said his administration is coming up with more incentives for private businesses to list on NSE alongside government agencies in order to reduce the crowding-out effect they cause in the credit market when raising capital. He said motions are already before the Cabinet Secretary for Treasury John Mbadi, for perusal and possible adoption.
The President, who was speaking during the launch of Ziidi Trader, a Safaricom-backed share trading platform, said earlier reforms championed by his administration have seen market capitalisation improve from Sh1.2 trillion in 2022 to the current Sh3 trillion.
Subsequently, the NSE was rated the best exchange in Africa in 2024 and second best in 2025.
READ MORE
Government plans stricter laws to clean up tea sector
Tourism earnings hit record Sh500 billion as arrivals near 8m
Kakamega youth, women eye avocado export cash after skills training
Portable kitchen: Designer taps into space-saving trend
Kenya urged to pilot AI regulatory Sandbox in bid to lead Africa's digital future
MPs pledge site visist as KTDA gives progress on hydro power project
Why Gen Zs are not sending money to parents
The true impact of Iran-US war on the Kenyan economy
KPA steps up plans for expansion of Kisumu Port
Infrastructure, trust key to cities success as Nairobi, Rome stagnate
“We are yet to finalise the reforms that will assist these capital markets to get to its optimal potential,” he said. “There are some interventions that we will be discussing with the CMA. Mbadi and his team will go through the motions so that we can finally get every Kenyan on board and participate in the economy of our country.”
Some of the reforms that the government has been upbeat about, listing them as the reasons behind the NSE boon, include the strategic reduction of the Central Bank Rate (CBR) to a single digit from a high of 13 per cent, which made investors shift their money to the capital markets and introduction of single-share trading.
President Ruto said due to these reforms, even local investors have regained confidence in the capital markets that was previously dominated by foreigners to the tune of 80 per cent on some counters.
“We will shortly be looking at what other incentives we can put in place for private companies to also list on NSE so that we democratise wealth and reduce the burden of borrowing,” he said. “Private sector companies, instead of borrowing from banks for expansion, should be able to come to NSE.”