Kenya has a more developed financial services sector than its neighbours. The Nairobi Securities Exchange (NSE) is ranked 4th in Africa in terms of market capitalisation. The Kenyan banking system is supervised by the Central Bank of Kenya (CBK). As of late July 2004, the system consisted of 43 commercial banks (down from 48 in 2001) and several non-bank financial institutions including mortgage companies, four savings and loan associations, and several core foreign-exchange bureaus.