March 11, 2019
Our Chief Guest, Hon. Nelson Gaichuhie- Chief Administrative Secretary for National Treasury and Planning, esteemed clients and shareholders, business partners, fund management and other industry leaders, respected regulators, the Cytonn Board Members, management and staff, ladies and gentlemen, all protocols observed, good morning.
It is a pleasure to join Cytonn this morning at the launch of Cytonn Asset Managers Ltd., it is noteworthy that Cytonn has, until now, primarily operated in the private markets and real estate arena, where it specializes in delivering high yielding investments to high net worth investors. However, from today Cytonn shall also be delivering the same high yielding investments to the ordinary Kenyan. I understand that as of today, the Cytonn Money Market Fund is already the highest yielding Money Market Fund.
As a client, I felt it was my obligation to come out and support a brand that I am also invested in and has been good to me. Cytonn offers the best yield in the market by simply borrowing directly from individuals and paying them the same 16% to 18% they would pay banks. We are the home of financial innovation, with inventions like M-Pesa and M-Akiba, we should support a lot more financial innovation for the benefit of the consumer.
As the Chairman of the Higher Education Loans Board, we also have an interest in increasing the pool of funds that can go towards financing education. In addition to the government funds, it would be helpful for the private markets to come up with a capital markets product where investors can buy bonds backed by education loans. This will enable us to channel funds not just from the government but also from the capital markets towards educating the next generation of Kenyan leaders. It is a well-known fact that private education loans in more developed countries supplement, not replace, government education loans. The capital markets sector is best equipped to develop and structure these loans so that our students have additional sources of education finance.
There are many other government initiatives that actively require private sector engagement. Given that Cytonn is a major player in the real estate sector, I hope that it will be part of the affordable housing pillar of the President’s Big Four Agenda by mobilizing capital from both local and the global community towards financing affordable housing, which is in high demand.
Congratulations to Cytonn for this significant initiative.
It is now my pleasure to invite our Chief Guest, and also a good friend of mine, Hon. Nelson Gaichuhie - Chief Administrative Secretary for National Treasury and Planning to now make his remarks.
God bless you and God bless our country Kenya, and let us remember and keep in our prayers, those who lost their precious lives and their loved ones in the tragic plane crash.
Thank you very much.