The Central Depository and Settlement Corporation (CDSC) has announced that it has appointed Family Bank Limited as a Central Depository Agent (CDA) and as a settlement bank.
The bank, as a CDA, will now be able to enlist new clients and maintain Central Depository and Settlement (CDS) accounts by leveraging on its existing client base to grow its network. As a Settlement bank, Family Bank will provide fund settlement services to their CDA business unit as well as other Central Depository Agents with respect to trades done at the Nairobi Securities Exchange (NSE).
The CDSC has been undertaking a campaign to grow its CDA network and digital channels, which has also seen the recent appointment of HF and Credit Bank as CDAs. There has also been the roll-out of the CDSC API and Chatbot services earlier this year.
The lender’s appointment as a settlement bank brings the total number to 11 in a list that includes other major local banks. Some of the banks include; 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.
The Central Depository & Settlement Corporation Limited (CDSC) provides automated clearing, delivery and settlement facilities in respect of transactions carried out at Nairobi Securities Exchange (NSE). They also hold listed and non listed securities including other documents of title on behalf of investors.