The Nairobi Securities Exchange (NSE) 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 trading facilities 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. The admission makes the NSE the 32nd member of the Hedera Council, a diverse group of 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. 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 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.
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.”
The NSE is a founder member of the African Securities Exchanges Association (ASEA) and the East African Securities Exchanges Association (EASEA). It is a full member of the World Federation of Exchanges (WFE), the Association of Futures Markets (AFM) and also a partner Exchange in the United Nations Sustainable Stock Exchanges Initiative (SSE). NSE operates under the regulatory jurisdiction of the Capital Markets Authority of Kenya.
Image by Nina Stock from Pixabay
Read other stories: Financial Stability Board Highlights Potential and Risks of Tokenisation in New Report