MSCI Frontier Markets Index has included NCBA Group, which is among the three largest additions to the Index in the November 2026 review, alongside Oman Arab Bank (Oman) and BRAC Bank (Bangladesh).
As per this latest MSCI Review, Kenya now has 7 firms on the main Frontier Markets Index and include Safaricom, Equity Group, EABL, KCB Group, Co-operative Bank of Kenya, Standard Chartered Bank and NCBA.
Kenyan listed companies on the MSCI Frontier Markets Small Cap Index include BAT Kenya, KenGen, Kenya Power, DTB Group, Carbacid, Bamburi Cement, Jubilee Holdings, CIC Insurance, HF Group and Williamson Tea-selected on liquidity and financial stability.
The MSCI Frontier Markets Index captures large and mid cap representation across Frontier Markets countries. The index covers about 85% of the free float-adjusted market capitalization in each country.
MSCI announced 12 additions and 10 deletions, with changes taking effect after market close on November 30th 2026.
MSCI Review Highlights
MSCI Global Standard Indexes: Thirteen securities will be added to and 100 securities will be deleted from the MSCI ACWI Index. The two additions to the MSCI World Index measured by the full company market capitalization will be Moderna(USA) and Aritzia(Canada). The three additions to the MSCI Emerging Markets Index measured by full company market capitalization will be Zhongi Innolight H(China), Life Insurance Corporation of India and Nan Ya Printed Circuit Board Corporation(Taiwan).
MSCI Global Small Cap Indexes: There will be 171 additions to and 243 deletions from the MSCI ACWI Small Cap Index.
MSCI GIMI: There will be 113 additions to and 272 delections from the MSCI ACWI IMI
MSCI Global All Cap Indexes: There will be 14o additions to and 100 deletions from the MSCI World All Cap Index.
MSCI Frontier Markets Indexes: There will be 12 additions to and 10 delections from the MSCI Frontier Markets Index. The three largest additions to the MSCI Frontier Markets Index measured by full company market capitalization will be Oman Arab Bank( Oman) BRAC Bank( Bangladesh) and NCBA Group( Kenya). There will be 100 additions to and 21 deletions from the MSCI Frontier Markets Index.
These changes, along with other changes, across MSCI Equity Indexes including the MSCI US Equity Indexes, MSCI US REIT Index, MSCI China A Onshore Indexes and MSCI China All Shares Indexes are available on MSCI’s index Review webpage.
Why MSCI Index inclusion matters to Kenyan listed firms
The MSCI Frontier Markets Index is the benchmark that global funds, ETFs and pension funds tracking frontier markets use to decide what to buy. If you are not in it, you are invisible to most of this pool.
For the 7 Kenyan firms on the main MSCI Frontier Markets Index, their inclusion means automatic passive inflows, price discovery and liquidity, lower cost of capital, Quality signal that the firm meets global standards. These firms are essentially in the shop window that the US$ 50 billion plus frontier fund industry looks through.
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