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IBAINEX Investment, Banking and Insurance Expo
Date Published: Friday June 20, 2008
Kenya’s burgeoning financial sector was put on show last weekend at the Investments Banking and Insurance Expo (IBAINEX) at the Sarit Centre.
The three day exhibition which was sponsored by the Capital Markets Authority (CMA) was geared at educating investors and policy holders about the diverse financial products currently in the market.
CMA Chief Executive Officer Stella Kilonzo said at the opening ceremony that the timing of the expo was appropriate given the recent positive developments in the capital markets.
“Financial systems play a key role and will continue to do so if we are to realize the medium term plans of Vision 2030,” said Kilonzo.
“I encourage visitors to the expo to take advantage of the products on offer if they are to sustain financial security,” she added.
Kilonzo, who was flanked by Treasury’s Financial Secretary Mutua Kilaka and the rest of the CMA board also mentioned some of the developments the regulatory body will be commencing to ensure greater accountability and liquidity in the sector.
They include the formulation of ‘Over the Counter’ markets which will provide non-listed companies with cash, liaising with foreign venture capital firms to facilitate their registration in Kenya and providing them with a 10 year tax holiday and the running of programmes to highlight risk sensitization.
In a keynote address read on his behalf by Secretary Kilaka, Treasury’s Permanent Secretary Joseph Kinyua highlighted the importance of the financial sector as an engine of economic empowerment and growth.
“Banking and insurance are critical in a free-market economy like Kenya as they encourage investments and savings amongst the population,” said Kinyua.
He also commended players in both industries for the growth they had accomplished over the past five years and for adopting information technology as an avenue for distributing their products across the country.
“We are witnessing an integration of both services creating a one stop shop for banking, assurance as well as wealth management,” said Kinyua.
The PS pointed out that this trend needs to continue if 90 percent of Kenya’s population is to have access to financial services and that his ministry will also implement a regulatory framework for the sector.
Visitors who thronged the trade fair were treated to information on investing in the stock market, unit trusts, portfolio management, business financing, personal loans and various types of insurance.
Kenya Commercial Bank, Resolution Health, Old Mutual, Chase Bank, Dyer & Blair and UAP Insurance were some of the companies at the expo set on enticing would be clients with their products.
Other companies included Winton Investment Services Limited, Safaricom, Africa Investment Bank, Suntra Investments and Jubilee Insurance.
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