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The Nairobian

Boost for local firms as Nairobi bourse joins UK flagship scheme

Enterprise

By Brian Ngugi | Sep 24, 2024

The Nairobi Securities Exchange (NSE) has announced a new partnership with the UK government’s programme MOBILIST.

The partnership aims to facilitate the listing of new investment products in the Kenyan market, increase private sector capital for development and climate projects, and drive economic growth bourse officials said.

MOBILIST is part of the UK Government’s investment partnerships initiative, providing investment and technical assistance to businesses contributing to the United Nations Sustainable Development Goals (SDGs).

The programme helps these businesses overcome barriers to listing on stock exchanges and has existing partnerships with other emerging market exchanges, including the Nigerian Exchange and the Johannesburg Stock Exchange (JSE). It will consider applications from eligible Kenyan firms. The deal was announced yesterday at an event in Nairobi attended by the UK Trade Commissioner for Africa John Humphrey, marking the beginning of his three-day visit to Kenya.

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NSE CEO Frank Mwiti expressed enthusiasm for the partnership, highlighting its alignment with NSE’s strategic focus on mobilising capital for sectors with significant needs, particularly in sustainable development.

“We aim to connect capital to investment-grade opportunities in Kenya for sustained economic growth,” he said. MOBILIST Programme Lead at the UK Foreign, Commonwealth and Development Office (FCDO) Ross Ferguson emphasised the untapped potential of public markets in Kenya and other African economies.

“MOBILIST is proud to partner with the NSE to build a local capital market that gives African firms access to the capital they need to grow,” he said.

Humphrey’s visit follows recent trips to Egypt and Ethiopia and focuses on long-term investment projects that support the UK-Kenya Strategic Partnership.

This five-year agreement seeks to unlock mutual economic benefits while avoiding unsustainable debt for Kenya. During his visit, Mr Humphrey will meet with Cabinet Secretary for Investments,

Trade and Industry, Salim Mvurya, to advance flagship UK-Kenya climate projects aligned with President Ruto’s Africa Green Industrialisation Initiative.

He will also launch the British Business Breakfast Club to address the challenges faced by British and Kenyan enterprises.