- Nairobi Securities Exchange, Others Sign MoU
ELITE, London Stock Exchange Group’s business support and capital-raising programme, has signed a Memorandum of Understanding with Nairobi Securities Exchange and FSD Africa to explore the launch of ELITE in Kenya.
The MoU was signed by the Chief Executive Officer, Nairobi Securities Exchange, Geoffrey Odundo; the CEO, FSD Africa, Mark Napier, and the interim-CEO and Chief Finance Officer, LSEG, David Warren.
According to a statement from the LSEG, it outlines the organisations’ commitment to identifying and engaging key local stakeholders and ascertaining the target population of Kenyan businesses. The results will help shape the ELITE offering in Kenya and the broader East African region.
In March, the LSEG’s Africa Advisory Group meeting took place in Nairobi, further strengthening business ties between the UK and Kenya.
The statement said the signing also built on ELITE’s expansion across Africa.
ELITE was first launched in Africa in Morocco in 2016 in partnership with Casablanca Stock Exchange and has since continued to expand. In March this year, the first group of ELITE companies from across the West African Economic and Monetary Union joined the programme, following a collaboration agreement in 2017 between the West African Regional Stock Exchange, Casablanca Stock Exchange and ELITE.
The CEO, ELITE, Luca Peyrano, said the signing was testament to Kenya’s commitment to supporting its fastest-growing companies and the strength of the economic partnership between the UK and Kenya being celebrated during the Commonwealth week.
“High growth dynamic businesses are key to innovation, job creation and economic development. With 58 African companies already on the programme, ELITE is uniquely placed to work in partnership with Kenya towards creating a vibrant entrepreneurial ecosystem in which the fastest growing companies can thrive.”
The Chairman, Nairobi Securities Exchange, Samuel Kimani, was quoted as saying, “We are delighted to be part of this programme that will enable select Kenyan companies to scale up their businesses, access a network of industry experts and a community of investors, preparing them for their next phase of growth.
“The signing of this memorandum showcases our pledge to provide an opportunity for Kenyan SME’s to grow within an environment designed specifically to meet their needs.”
The CEO, FSD Africa, Mark Napier, said, “FSD Africa is pleased to be able to facilitate this innovative tie-up between London Stock Exchange and the Nairobi Securities Exchange.
