The Nairobi Securities Exchange (NSE), a leading African Exchange, has officially joined the Hedera Council to accelerate tokenization initiatives using the Hedera network. Celebrating its 70th anniversary this year, the NSE is Kenya’s principal securities Exchange, offering a world-class trading facility for local and international investors and issuers seeking exposure to Africa’s economic growth.
The admission to the Council will provide the NSE the ability to accelerate the launch of digital assets and tokenized securities on its Exchange leveraging Hedera’s secure, transparent, and scalable technology.
The admission makes the NSE the 32nd member of the Hedera Council, a diverse group of globally recognized organizations that operate and govern the decentralized Hedera network. The NSE joins other Council members in running a node on the Hedera network and holding equal voting power in the governance of Hedera’s software and services.
Frank Mwiti, CEO of the NSE, said: “We are delighted to join the Hedera Council that will empower the NSE to accelerate the launch and uptake of digital assets and the tokenization of securities to trade on the NSE. This initiative is in line with our new strategic priority of offering a world-class market infrastructure anchored on diverse and innovative financial products leveraging on partnerships and collaborations. Tokenization has the potential to transform industries across Africa and the NSE is committed to driving this innovation through the Hedera network, which is valued for its unmatched performance, security, and compliance standards. The NSE looks forward to collaborating closely with other Council members to drive widespread adoption of tokenization across the continent and establish the NSE as an industry leader in the space on the global stage.”
The NSE plays a vital role in the growth of Kenya’s economy by promoting savings and investments while helping local and international companies access cost-effective capital. In the first nine months of 2024, the NSE was ranked as the best performing market in Africa according to the Morgan Stanley Capital International (MSCI) ranking, a testament to the confidence investors have in the NSE.
Bill Miller, Co-Chair of the Membership Committee for Hedera, said: “The Nairobi Securities Exchange brings unparalleled expertise and deep connections within the African market. As one of Sub-Saharan Africa’s largest economies, Kenya presents a significant opportunity for driving the adoption of digital assets and Hedera’s technology. The NSE’s diverse reach provides an excellent foundation for Hedera to underpin global capital markets with a market capitalization of approximately $12.65 billion, daily transaction volumes exceeding $100 million, and 63 listed companies and securities across 11 sectors.”