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Nairobi, Kenya — The Nairobi Securities Exchange (NSE), a key player in African financial markets, has joined the Hedera Council to advance efforts in tokenizing securities using the Hedera network. This move, announced on October 30th, aligns with the NSE's ongoing commitment to digital transformation as it marks its 70th anniversary. As Kenya's foremost securities exchange, the NSE offers top-tier trading opportunities for both local and international markets keen on tapping into Africa's economic momentum
By becoming the 32nd member of the Hedera Council, the NSE aims to fast-track the introduction of digital assets and tokenized securities. Hedera's technology is renowned for its security, transparency, and scalability, which the NSE plans to leverage to enhance its exchange offerings.
This partnership allows the NSE to run a node on the Hedera network and participate equally in the governance of Hedera's infrastructure and services, joining a prestigious group of global organizations.
Frank Mwiti, CEO of the NSE, expressed enthusiasm about the partnership, noting, "Joining the Hedera Council aligns with our strategic focus on delivering top-notch market infrastructure through diverse and collaborative financial innovations. Tokenization is a game-changer for industries in Africa, and the NSE is poised to lead this transformative journey using Hedera's robust network. Together with other Council members, we aim to push for widespread tokenization adoption across Africa and position the NSE as a global front-runner in this evolving space."
The NSE is integral to Kenya's economic development, fostering investments and enabling cost-efficient capital access for businesses. As of the first nine months of 2024, the NSE was recognized by the Morgan Stanley Capital International (MSCI) as Africa's top-performing market, reflecting strong investor trust.
Bill Miller, Co-Chair of the Hedera Membership Committee, highlighted the NSE's connection to the African market, stating, "The Nairobi Securities Exchange contributes unique expertise and networks within Sub-Saharan Africa, a region ripe for digital asset adoption supported by Hedera's technology. With a market cap of approximately $12.65 billion, daily trades surpassing $100 million, and listings from 63 companies across 11 sectors, the NSE provides a substantial platform for Hedera to support global financial markets."
