The Central Depository and Settlement Corporation Limited (CDSC) has appointed Family Bank as a Central Depository Agent (CDA).
By utilising its current clientele to expand its network, the bank, as a CDA, will now be able to attract new customers and keep CDS accounts. Family Bank will serve as a settlement bank for the Nairobi Securities Exchange (NSE), offering money settlement services to other Central Depository Agents as well as their CDA business unit.
The biggest economy in the East African Community, Kenya, is home to Family Bank Limited, also known as Family Bank. The Central Bank of Kenya, the country’s main bank and the national financial regulator has granted it a licence.
In relation to transactions made on the Nairobi Securities Exchange, CDSC offers automated clearing, delivery, and settlement facilities. On behalf of investors, they also hold non-listed and listed securities as well as other legal documents.
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HF and Credit Bank were recently appointed as CDAs as part of the CDSC’s push to expand its CDA network and digital platforms. As of earlier this year, the CDSC API and Chatbot services were also made available.
Family Bank will serve as a settlement bank for the Nairobi Securities Exchange, offering money settlement services to other Central Depository Agents as well as their CDA business unit. By utilising its current clientele to expand its network, the bank, as a CDA, will now be able to attract new customers and keep CDS accounts.
In a list that also includes other significant local banks, the lender’s appointment as a settlement bank takes the overall number to 11. Bank of Africa, ABSA Bank, Equatorial Commercial Bank, Equity Bank, I&M Bank, KCB Bank, NBK, NCBA Bank, Prime Bank, SBM Bank, Stanbic Bank, Standard Chartered Bank, and Transnational Bank are a few of the banks mentioned.
