11 Nov 2021

Update on Capital Markets Master Plan (CMMP)

On the 10th of November, 2021 market players convened virtually to refresh themselves on some of the key deliverables and aspirations contained within the Capital Markets Master Plan (CMMP). The meeting was held via zoom and almost all different segments of the Capital Markets were ably represented during the meeting.

Ms. Mutumboi Mundia (Director Market Supervision and Development (SEC))

The Capital Markets Master Plan (CMMP) is a ten-year long term strategy for capital markets development. Following various stakeholder meetings held with market players that culminated into the development of the Market Assessment Report (MAR) and a successful consensus workshop was held to discuss the MAR findings leading to the final draft copy of the CMMP. The draft is currently undergoing scrutiny by joint CMMP steering committee and other key stakeholders.

The CMMP remains critical roadmap that provides needed direction to our capital markets. During the meeting we had the privilege of letting Ms Mutumboi Mundia – Director of Market Supervision and Development at the Securities and Exchange Commission (SEC) provide a detailed presentation of some of the consolidated points that are currently being reviewed by various key ministries. The consolidated view is complete reflection of most of the submissions that market players provided over the period of the consultative meetings.

She highlighted five (5) development areas that are key to crystallising the broad ambitions of the Capital Markets in Zambia. These five (5) include

i. Enhancing the government bond market;

ii. Enhancing other traditional security markets;

iii. Development of new and innovative products/markets;

iv. Enhancing capacity building across the capital markets;

v. Enhancing the capital market regulatory environment.

Following the presentation the market players expressed additional views on possible exceptions/omissions as highlighted below.

  1. Pangaea – highlighted the need to have focus on the commodity exchange as a strategic area for the market to grow beyond where it is right now.
  2. Kukula Capital – Also made mention of the need to lock in fiscal incentives which remain key enablers to capital market growth.
  3. Impact Capital Partners Ltd – Mr Nundwe also advanced the need to utilize the National Advisory Board for Impact Investments as a source of additional input to the document to align with the new developments within the impact investments space.

You can watch the recording of the meeting using the credentials below:

https://us02web.zoom.us/rec/share/xlEGmSx1GN0JrjrsA1PQRgsrY4m1U_6LxjdK9Va-Kp2rKHmsGoaLYZvOZEA2wnH7.Z32jONNZ07-IXVfe

Passcode: #jMef7!B


Further, you may also wish to read the summarized consolidated presentation of the CMMP by downloading it here.

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