• The portal is an infrastructure which is transforming Kenya's financial markets through enhanced operational efficiency.
• The choice of the word 'dhow' was deliberate to signify the role the CSD will be playing in the financial and capital markets.
Image: PCS
President William Ruto on Monday launched the DhowCSD at the Central Bank of Kenya.
It is a Central Securities Depository infrastructure that delivers world-class levels of registry, custodial and settlement services for both primary and secondary market operations.
The President said the DhowCSD cements the government’s plan to eliminate barriers to trade and offer a rare window of opportunity to millions of ordinary Kenyans to participate and meaningfully contribute to nation-building.
"The electronic infrastructure will deepen the domestic capital market, promote savings and investments besides fostering the growth and stability of our financial markets," he added.
CBK said the portal is a systemically important infrastructure which is transforming Kenya's financial markets through enhanced operational efficiency and expansion of digital access, market deepening for broader financial inclusion and improved monetary policy operations.
"DhowCSD went live on Monday, July 31, 2023, and during the period since the launch, more than 7,000 new accounts have been created, compared to the total of 44,000 that existed prior to the go-live," CBK said in a statement.
It explained that the choice of the word 'dhow' was deliberate to signify the role the CSD will be playing in the financial and capital markets.
'Dhow' refers to the traditional wooden boat, which was used to facilitate the transportation of merchandise along the coasts of East Africa, Eastern Arabia and South Asia.
"The name, therefore, fits the new Central Securities Depository in the sense that the CSD serves to facilitate, not just the trading of Kenya Government securities locally and across the border, but also facilitates the integration of Kenya with international financial markets," CBK said.
The bank further explained that 'dau' is the Swahili word for dhow.
In essence, 'Mshika Dau' means a stakeholder or participant, which resonates with investors who will be beneficiaries of CSD operations.
"Mshika Dau also has an element of stewardship or being entrusted with something important, which also resonates well with the role of the CBK's wider mandate on Monetary Policy," CBK added.
Among those present during the launch included Cabinet Secretaries Njuguna Ndung’u (Treasury) and Moses Kuria (Trade), CBK Governor Kamau Thugge and PS National Treasury Chris Kiptoo.
Users may access Dhow CSD on the CBK website at https://www.centralbank.go.ke/dhowed, or download the app on the Google Play Store or on the Apple App Store.
"Any of these methods offer the full functionality of the Dhow CSD portal," CBK said.