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Development of the Second Kenya Capital Markets Master Plan
Deadline: 19-Mar-26 @ 12:00pm (EAT)
The Capital Markets Authority, Kenya (“CMA”) in partnership with FSD Africa, invites proposals from qualified consultancy firms (“the Consultant”) to support the development of the Second Capital Markets Master Plan (CMMP 2.0) for Kenya’s capital markets (“the Services”). The assignment will provide technical and strategic support to design a modern, actionable, and evidence-based roadmap that will guide capital markets development over the next decade.
The Services will involve (among other things):
Extensive consultation with policymakers, regulators, market intermediaries, issuers, investors, and other stakeholders.
Development of a comprehensive 10-year CMMP 2.0 that is practical, forward-looking, and aligned with national priorities and international best practice.
Preparation of a sequenced and costed implementation framework and resource mobilisation strategy.
Design of a comprehensive monitoring, evaluation, and risk management framework.
Development of a capacity-building and knowledge-transfer plan to support long-term execution.


Created in 2012, FSD Africa is a £30 million financial sector development programme or ‘FSD’ based in Nairobi. It is funded by UK aid from the UK Government. FSD Africa aims to reduce poverty across sub-Saharan Africa by building financial markets that are efficient, robust and inclusive.
FSD Africa is a market facilitator or catalyst. It applies a combination of resources, expertise and research to address financial market failures and deliver a lasting impact. FSD Africa has a mandate to work across sub-Saharan Africa on issues that relate to both ‘financial inclusion’ and ‘finance for growth.’
FSD Africa is also a regional platform. It fosters collaboration, best practice transfer, economies of scale and coherence between development agencies, donors, financial institutions, practitioners and government entities with a role in financial market development in sub-Saharan Africa.
All FSD Africa opportunities are posted under FCDO
Entails initiatives that promote entrepreneurship, strengthen competitive markets, and expand domestic and international trade opportunities.
Covers financial, banking, insurance, investment, and audit services related to the management, transfer, and oversight of financial resources.