Safaricom Investment Co-operative on 31st October joined Ibuka, the Nairobi Securities Exchange’s (NSE) premium incubation and acceleration programme for high growth companies in Kenya.
Safaricom Investment Co-operative joined the Accelerator Board of the programme following a rigorous evaluation and vetting process making it the 18th company to join Ibuka since its launch in December 2018.
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Safaricom Investment Co-operative is a leading co-operative society established in 2009 to pursue various investment opportunities across various economic sectors for its members. It boasts a growing membership of 4,800 drawn from current and former staff of Safaricom PLC and the general public.
“The admission of Safaricom Investment Co-operative onto the NSE Ibuka programme is a testament of the firm’s commitment to seek ways to enhance its growth and development as it seeks to launch its next phase of expansion across the region,” said Mr Geoffrey Odundo, NSE Chief Executive, speaking during the admission ceremony.
He said co-operative societies play a pivotal role in the accumulation of capital for investment through the mobilization of savings.
The NSE has placed special focus on supporting business growth through a well-structured program tailored to enable companies to establish their appropriate equity value, enabling them raise capital through listing or access other funding options offered by the market in line with their strategic goals and priorities.
Mr Humphrey Njeru, Chief Executive Officer of Safaricom Co-operative Investment said, “As an enterprise, we are deliberate in enhancing our corporate governance structures to match the level expected from listed firms on the NSE.”
Access to capital markets
Mr Njeru said in the long term the exchange would provide the necessary platform to allow members of the co-operative movement to trade their shares and create the much-needed liquidity to members.
The NSE Ibuka Programme is aimed at growing the visibility, brand recognition and business opportunities for hosted companies. Additionally, the programme assists in inculcating improved corporatization, develop capabilities to access capital markets as well as provide a roadmap to long term corporate sustainability.
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